(MENAFN- PR Newswire) CHICAGO, May 25, 2023 /PRNewswire/ --
The development of immersive technologies like VR and AR, which enable customised and interactive experiences, is predicted to be the key factor driving the location-based entertainment business in the future. The market's expansion is probably going to be influenced by hybrid experiences that combine real-world and virtual components as well as improved social interactions.
The location based entertainment market size is projected to grow from USD 3.5 billion in 2023 to USD 11.8 billion by 2028, at a CAGR of 27.3% during the forecast period, according to a new report by MarketsandMarketsTM. With the growing advancements in virtual reality (VR) and augmented reality (AR) technologies, VR gaming, the increasing demand for social and shared experiences and integration of artificial intelligence (AI) and machine learning (ML) technologies has led to growth of the Location Based Entertainment Market.
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200 - Tables
55 - Figures
250 - Pages
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Scope of the Report
Market size available for years
Value (USD) Million/Billion
Technology, Offering, Venue and Region
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
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), HQ Software (Estonia), HTC Vive (Taiwan), Niantic Inc. (US), Vicon Motion Systems (UK), Optitrack (US), Springboard VR (US), 4Experience (Poland), Hologate (Germany), Ultraleap (UK), Magic Leap (US), Shape Immersive (Canada), Camon (Argentina), KatVR (US), Virtuix (US), Pico XR (US).
By technology, the augmented reality segment is expected to have the largest market share during the forecast period.
AR technology has the potential to revolutionize location based entertainment experiences by providing users with a level of immersion and interactivity that is not feasible in traditional entertainment. To create an augmented reality (AR) experience in a location based entertainment setting, several technical components are necessary. These include an AR headset or mobile device equipped with a camera, sensors, and a display to view the AR content, AR software that uses 3D modeling, animation, and computer vision algorithms to detect and track real-world objects and content that is rendered and overlaid onto the real-world environment in real-time. As AR technology advances, we can expect even more innovative uses of it in location based entertainment settings.
By offerings, the hardware segment is expected to grow with the highest CAGR during the forecast period.
By investing in high-quality hardware, location based entertainment operators can create experiences that are both memorable and profitable. Using hardware like VR/AR headsets, it can transport visitors to virtual worlds, while motion platforms can simulate realistic movement sensations, such as a rollercoaster ride or a flight. Interactive screens can create engaging displays that respond to visitor movements and gestures, while projection mapping can transform physical spaces into interactive environments. Additionally, high-quality audio equipment can provide visitors with a 360-degree sound experience, making them feel like they are part of the action.
By venue, the arcades segment is expected to grow with the highest CAGR during the forecast period.
Arcades are a form of location based entertainment that has been popular for decades and typically offer a range of electronic games and machines. The Arcades are an example of location based entertainment, where visitors can enjoy a variety of electronic games that often incorporate technology, including motion controls, augmented reality, and virtual reality. One of the unique features of arcades as location based entertainment is their focus on social interaction. As technology continues to develop, we can expect to see even more innovative uses of location based entertainment software and hardware in arcades and other location based entertainment settings.
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Based on region, the North America segment is expected to have the largest market share during the forecast period.
The location-based entertainment industry in North America is experiencing strong growth and includes various sectors such as amusement parks, family entertainment centers, arcades, and virtual reality experiences. North America has witnessed progressive and dynamic adoption of new and immersive technologies like augmented reality (AR), virtual reality (VR) and mixed reality (MR). As VR and AR technologies continue to improve and become more affordable, more location based entertainment operators are likely to adopt them, which will help to drive growth in the market. The industry is expected to continue growing in the coming years, with more investment in new technologies and attractions to capture consumer interest and offer innovative experiences.
Top Key Companies in Location Based Entertainment Market:
The major players in the Location Based Entertainment Market are 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), HQ Software (Estonia), HTC Vive (Taiwan), Niantic Inc. (US), Vicon Motion Systems (UK), Optitrack (US), Springboard VR (US), 4Experience (Poland), Hologate (Germany), Ultraleap (UK), Magic Leap (US), Shape Immersive (Canada), Camon (Argentina), KatVR (US), Virtuix (US), Pico XR (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the Location Based Entertainment Market.
In April 2023, Sony Interactive Entertainment to acquire Firewalk Studios. Firewalk will collaborate alongside world-class development teams, including Bungie and Haven Interactive Studios, to define a new generation of live service experiences for PlayStation gamers. In April 2023, Samsung Electronics Co has announced that it has partnered with Qualcomm and Google to build an ecosystem for extended reality (XR). In November 2022, Huawei launched Vision Glass, its first smart viewing glasses. It can project a digital screen of a 120-inch giant display, bringing an ultra-immersive cinematic viewing experience. In September 2022, Nvidia launched GeForce RTX 40 Series GPUs are powered by the ultra-efficient Nvidia Ada Lovelace architecture and deliver a quantum leap in both performance and AI-powered graphics. In October 2021, Unity technologies introduced Unity Metacast, an innovative new platform that will lead the real-time 3D (RT3D) evolution for professional sports. Unity Metacast is a RT3D sports platform for creating and delivering interactive content, direct to the user. In February 2021, Microsoft partnered with AT&T, to bring iconic characters to life with custom neutral voice at a store in Dallas, where a life-size, high-definition Bugs Bunny greets customers by name and tells he needs help to find several golden carrots hidden throughout the store.
Location Based Entertainment Advantages:
LBE offers a sociable and immersive experience that can't be matched at home or with other conventional kinds of entertainment. LBE venues, such as virtual reality (VR) arcades, escape rooms, and interactive theme parks, foster social interaction among friends, family, and strangers while providing memorable experiences. Attractions in the LBE frequently provide unique and exclusive experiences that are difficult to find elsewhere. These can be anything from state-of-the-art VR simulations to themed quests based on well-known franchises. Customers who are looking for fresh and interesting entertainment options are drawn to offerings with a sense of exclusivity and novelty. The production values of LBE experiences are often outstanding, integrating cutting-edge technology, elaborate set designs, and stunning visual and aural effects. This focus on detail improves the entire experience and inspires visitors with amazement and wonder. Families, gamers, thrill-seekers, and adventure enthusiasts are just a few of the different groups of people that LBE attractions may serve. There is something for everyone at the market because to the variety of experiences it provides, which vary from kid-friendly interactive exhibitions to challenging and adrenaline-pumping thrills. The growth of home entertainment options notwithstanding, LBE offers a supplementary experience that cannot be totally duplicated at home. It provides an alternative to screen time and promotes physical activity, interpersonal contact, and exploration in a public setting. LBE venues give companies the chance to market their brands and interact with customers in a distinctive and memorable way. Businesses can develop interactive brand experiences, product showcases, or promotional tie-ins with LBE attractions, boosting exposure and creating brand loyalty.
To determine and forecast the global location-based entertainment market by technology, offering, venue, and region from 2023 to 2028 To analyze the various macroeconomic and microeconomic factors affecting the market growth To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa, Latin America To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the location-based entertainment market To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall location-based entertainment market To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the location-based entertainment market To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market To track and analyze competitive developments, such as mergers & acquisitions, product developments, partnerships & collaborations, and research & development (R&D) activities, in the market.
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