The global location-based entertainment market size is expected to reach USD 21.42 billion by 2028 according to a new study by Polaris Market Research. The report “Location-based Entertainment Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software), By End-Use (Amusement Parks, Arcade Studios, 4D Films), By Technology (2 Dimensional [2D], 3 Dimensional [3D], Cloud Merged Reality [CMR]), By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Location-based entertainment embodies entertainment in particular locations like pools, theme parks, waterparks, and family entertainment centers. The site-based entertainment typically includes generating a physical space that is armed with props, tools, and others that are required for generating a truly immersive experience. The speedy emergence of the gaming and entertainment industry accompanying the growing spending on games and video content predominating among the millennial populace is estimated to push the market growth of location-based entertainment systems.
The global location-based entertainment market has been influenced on the pretext of the progressive covid-19 crisis. Limitations of the number of international travelers on the behest of travel restrictions and lockdowns put by governmental officials will be a setback for the market. At the same time, the progression in technologies like AR and VR are anticipated to ease out learning, thus encouraging online education. Further, the usage of such an entertainment system assists in lessening unnecessary travel, thereby increasing market growth.
The Location-Based Entertainment Market: Growth Leading Factors
The growth of the markets is being fuelled by prominent factors like increasing adoption of VR and growth in demand for video games and video content. There is a boom in the video gaming market, getting it into the mainstream. It is conquering the world, leaving music and movie theatres behind. A growing population is not playing for social interaction and fun but also to engage and contrast skills and performance. New customers are attracted, and more business is generated.
Moreover, various retail sectors, such as malls, hypermarkets, retail stores, cinemas, etc., have accepted the LBE to offer a convenient purchasing experience that would propel the market demand for location-based entertainment. Additionally, elements like growth in investment by prominent key players in strategic initiatives and technology to grow the business is also pushing the overall market growth. Moreover, the unfolding of 360 degrees of VR technology may bring about opportunities that are beneficial for developing the global location-based entertainment market.
Industry Major Market Players
Huawei Technologies Co.
Samsung Electronics Co.
Sony Interactive Entertainment LLC
The VOID LLC
Walt Disney World
An additional list of key players can be available on request: https://www.polarismarketresearch.com/industry-analysis/location-based-entertainment-market/request-for-customization
Important Questions Being Answered By the Market Report
What is the current market size?
How will the market change throughout the forecast, and what will be the market size from 2021-2028?
What are the drivers and restraints associated with the market, and how will these factors influence the dynamics over the anticipated period?
What are the growth areas within the market space, and where should players concentrate on acquiring maximum ROI?
What is the sub-categorization of the market, and which are the dominant segments?
To ensure sustainability, what are the strategies adopted by the market players?
Location-based Entertainment Market Report Scope
Market size value in 2020
USD 3.08 billion
Revenue forecast in 2028
USD 21.42 billion
2016 – 2019
2021 – 2028
Revenue in USD million and CAGR from 2021 to 2028
By of Component, By End-use, By Technology, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Google LLC, HQSOFTWARE, HTC Corporation, Huawei Technologies Co., Ltd., IMAX Corporation, Microsoft Corporation and others
Browse detail report with in-depth TOC @ https://www.polarismarketresearch.com/industry-analysis/location-based-entertainment-market
Global Location-Based Entertainment: Key Segmentation
Dependent on components, the hardware segment is anticipated to bear a significant share in the market attributing to the continued innovations in VR/AR-based gadgets, such as headsets, haptic suits, and other simulation devices. Also, the software segment is anticipated to witness the fastest CAGR during the forecast period. Based on end-use, the market is segmented into amusement parks, arcade studios, and 4D films, where, the amusement parks segment is expected to flourish at an accelerating rate. As per the technology, the 3-dimensional segment is anticipated to develop remarkably because of the spreading popularity of 3D animation, the growth in the viewership of 3D movies, and the increasing demand for 3D modelling and 3D mapping in the entertainment industry.
Geographic Overview: Location-Based Entertainment Market
Based on the region, North America is anticipated to constitute a prominent market share fundamentally because of the addition in the number of amusement parks, expanding entertainment industry, and massive demand for 3D and 4D films amongst consumers as well as location-based VR across the entertainment and media and gaming industry. Asia Pacific region is growing at a neck-breaking speed due to the factors of increasing outdoor leisure activities coupled with the presence of providers of VR hardware and software.
The market is principally segmented based on component, end-use, technology, and region
Location-based entertainment market: By component outlook
Location-based entertainment market: By end-use outlook
Location-based entertainment market: By technology outlook
2 Dimensional (2D)
3 Dimensional (3D)
Cloud Merged Reality (CMR)
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to our customers.
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