Chicago, May 31, 2024 (GLOBE NEWSWIRE) -- The Location Based Entertainment Market is estimated at USD 3.5 billion in 2023 and is projected to reach USD 11.8 billion by 2028, at a CAGR of 27.3% from 2023 to 2028, according to a new report by MarketsandMarkets™.
The demand for advanced technologies like augmented reality (AR), virtual reality (VR), mixed reality (MR), etc. to drive the growth of the location based entertainment market.
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Location Based Entertainment Market Dynamics:
Drivers:
- Advancements in VR gaming with location based entertainment.
- Advancements in VR and AR technologies
- Integration of artificial intelligence (AI) and machine learning (ML) technologies
- Rising demand for social and shared experiences
Restraints:
- Limited scalability of location based entertainment business.
- High upfront cost
Opportunities:
- Increase in live events and performances.
- Rising popularity of wearables such as fitness trackers and smartwatches
List of Key Players in Location Based Entertainment Market:
- Google (US)
- Meta (US)
- Microsoft (US)
- Nvidia (US)
- Unity Technologies (US)
- Sony Interactive Entertainment (US)
- Samsung (South Korea)
- Barco Electronic Systems (Belgium)
- Panasonic (Japan)
- Huawei Technologies (China)
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Location based entertainment pertains to a category of entertainment that transpires in a designated physical space or setting, such as amusement parks, galleries, game arcades, and other entertainment facilities. LBE experiences usually involve active participation and immersion, incorporating cutting-edge technologies such as virtual reality (VR), augmented reality (AR), mixed reality (MR), and other sensory effects to augment the overall experience.
Based on technology, the augmented reality segment is expected to grow with the highest CAGR during the forecast period.
Augmented Reality (AR) technology has become a popular choice in location based entertainment due to its ability to create immersive and interactive experiences for users. In location based entertainment settings, users typically wear AR headsets or use mobile devices to overlay virtual elements onto the real world environment. This results in a dynamic and unique experience that captivates users. AR technology can be utilized in several ways in location based entertainment settings, such as interactive gaming, enhancing museum and exhibition experiences, creating interactive tours, and offering engaging training and educational experiences.
Based on offerings, the hardware segment to hold the largest market size during the forecast period.
The various offerings of location based entertainment work together to create immersive and engaging experiences for visitors. Hardware technology plays a crucial role in creating engaging and immersive experiences in location based entertainment. By using hardware such as VR/AR headsets, motion platforms, interactive screens, projection mapping, and high-quality audio equipment, location based entertainment operators can create unique and unforgettable experiences for visitors. Overall, these hardware technologies can enhance the immersive and interactive nature of location based entertainment experiences, making them more appealing to visitors and increasing revenue for location based entertainment operators.
Based on venue, the amusement parks segment to hold the largest market size during the forecast period.
Location based entertainment and amusement parks are closely related, as amusement parks are a popular form of location based entertainment. Amusement parks are important in location based entertainment as they offer visitors immersive and engaging experiences through a range of entertainment options, including rides, games, and attractions. Amusement parks often have a central theme or story, providing a cohesive environment for visitors to enjoy. As technology continues to advance, amusement parks are expected to continue providing visitors with innovative and engaging experiences.
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Based on region, Asia Pacific is expected to grow with the highest CAGR during the forecast period.
The location based entertainment market in Asia Pacific is considered to record the highest CAGR due to many factors, such as progressive and dynamic adoption of new technologies, rising standard of livings and increasing spend of consumers on leisure and entertainment activities, increasing tourism industry, rising disposable income, etc. The countries in Asia Pacific have been extremely focused on developing advanced technologies for location based entertainment solutions. The location-based entertainment market in Asia Pacific is a growing industry with a wide range of opportunities for international and regional players and is driven by rising disposable income, changing consumer preferences, and technological advancements. The governments in the region are also focusing on this market, thus being a significant contributor to the investments required for these advanced technologies like AR, VR and MR.
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