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location-based vr entertainment (lbe) market
The location-based VR entertainment (LBE) market is expected to grow at a CAGR of 28.3% from 2023 to 2033, from an estimated value of US$ 3.21 billion in 2022 to US$ 49.3 billion by the end of 2033.
Location-based entertainment, often referred to as“out-of-home entertainment” and“interactive multiplayer entertainment centres,” does just what it seems like it will do: it takes users away from their homes and places them in a special setting where they may enjoy entertainment. The rapidly growing virtual reality market is having a huge impact on contemporary living.
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The location-based virtual reality entertainment (LBE) market is a growing sector in the entertainment industry, offering consumers immersive virtual reality experiences in physical locations, such as arcades, malls, and theme parks. LBE typically involves the use of specialized VR equipment, such as head-mounted displays, haptic suits, and motion-tracking systems, to create highly realistic and interactive experiences.
The LBE market includes a range of companies, from large entertainment and technology firms to smaller startups. Some of the key players in the market include The VOID, Dreamscape, Zero Latency, Hologate, and Sandbox VR. These companies offer a variety of VR experiences, such as gaming, simulations, and social experiences, in a variety of settings.
The LBE market is being driven by a number of factors, including the growing popularity of virtual reality technology, the desire for new and exciting entertainment experiences, and the need for physical venues to attract customers. In addition, the COVID-19 pandemic has created new opportunities for LBE companies, as consumers look for safe and socially-distanced forms of entertainment.
the LBE market is a rapidly growing sector of the entertainment industry, with significant growth potential in the years ahead. As virtual reality technology continues to advance and more LBE venues open around the world, the demand for immersive and interactive entertainment experiences is likely to continue to rise.
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Competitive Landscape
Major location-based VR entertainment companies are focusing on the development of their solutions in video games and theme parks.
In July 2021, the world's first 5G VR multipurpose headset and another computer-generated simulation stage were unveiled by XRSpace. It has a sensor tracker, a sturdy optical framework, and a 5G, 4G, or Wi-Fi network. It is designed to be used with hand following as the primary control approach.
In February 2021, SpringboardVR, an identifiable VR setting the executive's programming provider, was acquired by Vertigo Games, a multi-stage virtual reality distributor. The design and development team at SpringboardVR will continue to operate under the present game with the assistance and resources of the Vertigo Games team.
Key Players:
HTC Vive (HTC Corporation
Oculus VR (Meta)
Hologate
Survios Inc.
The Void LLC
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Key Segments of LBE Industry Research
By Component:
Hardware Head-Mount Displays Sensors Head-Up Displays Cameras Others
Software Services
By Technology:
2D 3D Cloud-Merged Reality
By End User:
Amusement Parks Theme Parks Arcade Studios 4D Films Others
By Region:
North America Latin America Europe East Asia South Asia Pacific Middle East and Africa
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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