Westford USA, March 20, 2023 (GLOBE NEWSWIRE) -- The location-based entertainment market is experiencing a significant growth surge, with the Asia Pacific region emerging as a major player. The North American market also sees tight competition as consumers increasingly prefer amusement parks, arcade studios, 4D films, and other leisure activities. The regional growth in this market can be attributed to various factors, including the rapid urbanization of cities, the rise in disposable incomes, and an increase in international tourism. One of the driving forces behind the market's growth is the adoption of immersive video content, video games, and other entertainment content at these sites. In addition, the increase in international tourism has also had a positive impact on the market.
According to research conducted by SkyQuest, the amusement park industry is poised to grow at a CAGR of 4.85% and exceed USD 67.84 billion. This suggests a favorable outlook for the location-based entertainment market in the near future. This projection indicates a positive trend for the industry, potentially benefiting investors and consumers alike.
Browse in-depth TOC on "Location-Based Entertainment Market"
- Pages - 276
- Tables - 89
- Figures - 66
Location-based entertainment (LBE) occurs in a physical space, as opposed to digital entertainment, that can be accessed from anywhere. It can encompass a variety of experiences, such as theme parks, immersive theater, virtual reality experiences, and escape rooms. LBE is becoming an increasingly popular form of entertainment as people seek out new and unique experiences.
Prominent Players in Location-Based Entertainment Market
- HTC Corporation
- Acetifici Italiani Modena
- HQSoftware
- Walt Disney World
- IMAX Corporation
- The VOID LLC
- VRstudios
- Springboard VR
- Samsung Electronics Co., Ltd.
- Vicon Industries, Inc.
- BidOn Games Studio
- Huawei Technologies Co., Ltd.
- Neurogaming Ltd.
- Sony Interactive Entertainment LLC.
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Hardware Segment to Attain Higher Growth Rate as It is an Essential Component of LBE Experiences
The location-based entertainment market has witnessed significant growth in recent years, with the hardware segment capturing a significant revenue share in 2021. This trend is expected to continue in the coming years, with projections indicating sustained growth between 2022 and 2028. The hardware segment of the market includes a wide range of products, such as virtual reality headsets, motion tracking systems, haptic feedback devices, and specialized controllers. These products are essential to creating immersive and interactive experiences that transport users to new worlds and uniquely engage their senses.
The location-based entertainment market has witnessed significant growth in recent years, and the Asia Pacific region has emerged as the leading contributor. In 2021, the region accounted for the largest market share, and it is expected to continue to dominate the market through 2028. The Asia Pacific region has also been quick to adopt new technologies and innovations, leading to several new location-based entertainment experiences. For example, virtual reality (VR) and augmented reality (AR) experiences have become increasingly popular in the region, with many companies developing cutting-edge VR and AR technologies to provide immersive experiences for customers.
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Amusement Park Segment Drive Higher Traction as It Offers a Wide Variety of Attractions and Experiences that Appeal to a Broad Audience
According to market research data, the amusement park segment was the leading player in the location-based entertainment market in 2021, with a significant market share. Furthermore, this segment is expected to maintain its dominant position from 2022 to 2028. The popularity of amusement parks can be attributed to the range of exciting and engaging experiences they offer visitors. From thrilling rides to interactive shows and games, amusement parks provide a complete entertainment package for people of all ages. Moreover, with the increasing demand for family-friendly entertainment options, amusement parks have become a preferred destination for people looking for fun and adventure.
The market has witnessed significant growth in recent years, with North America emerging as the fastest-growing region in 2021. According to recent research conducted by SkyQuest, the number of Amusement Parks businesses in the United States has grown to over 885 in 2023, marking a 16.5% increase from the previous year. This suggests that the location-based entertainment market in the region is experiencing a positive outlook. In addition, the market has seen significant innovations in recent years, with key players investing heavily in developing new technologies and experiences.
The location-based entertainment market has become increasingly popular in recent years. SkyQuest's latest research report shows numerous opportunities for newcomers and established brands to thrive in this industry. The research report offers valuable insights into the market's current trends, making it an essential resource for anyone seeking to establish a presence in this sector. The report also highlights the importance of exploring new geographical regions to expand a brand's customer base and increase revenue.
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Key Developments in the Location-Based Entertainment Market
- Virtual reality (VR) entertainment group, having completed the sell-off of its assets worth $25 million, is now looking towards acquiring new assets to strengthen its foothold in the industry. The company has sought new opportunities to expand its portfolio and enhance its customer offerings. The sale of the assets has provided the company with the necessary financial resources to pursue new opportunities and make strategic acquisitions.
- LAI Games, a leading manufacturer of arcade and amusement games, has announced the launch of its direct-to-consumer business. With this move, the company can expand its reach and offer its products directly to customers through its website. The decision to launch a direct-to-consumer business comes as a response to the growing demand for at-home entertainment due to the pandemic. As people usually spend more time at home, they seek ways to stay entertained and engaged.
- Spree Interactive, a leading virtual reality (VR) entertainment solutions provider, has unveiled its latest creation at the DEAL trade show: the Spree VR Playground. This innovative new experience offers a unique combination of physical activity and immersive digital gameplay, creating a thrilling and engaging experience for visitors of all ages. The Spree VR Playground is a large, open space with various interactive game stations, each featuring its VR headset and motion-tracking technology.
Key Questions Answered in Location-Based Entertainment Market Report
- How have drivers and obstacles impacted global market expansion, and what progress has been shaped as a result?
- What factors have contributed to the global market's past performance, and what growth opportunities are expected in the future?
- Who are the key players in the current industry landscape, and how competitive is the market?
- What emerging trends currently influence the market, and how will they impact future growth and innovation?
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