USD 2.55 billion
Report ID: SQSG45F2019 | Region: Global | Published Date: April, 2023 | Pages: 276 | Tables: 89 | Figures: 76
Location-Based Entertainment Market size was valued at USD 2.55 billion in 2021 and is poised to grow from USD 3.29 billion in 2022 to USD 35.42 billion by 2030, growing at a CAGR of 28.8% in the forecast period (2023-2030).
A new dimension has been brought to the gaming business with the arrival of virtual reality (VR), which provides a simulated world for players seeking an immersive and lifelike experience. To boost their respective market shares, various video game developers are forming mergers and acquisitions with VR and location-based entertainment (LBE) technology providers. For example, in February 2021, VR publisher and game developer Vertigo Games purchased VR venue management software and content marketplace company Springboard VR for LBE. The acquisition sought to give game studios and operators additional tools and technologies to grow their LBE business in addition to giving operators access to VR content through Vertigo Games' Haze VR distribution platform.
Arcades, theme parks, and VR cafes are just a few of the entertainment venues that provide LBE services. The market for location-based entertainment is expanding as a result of the integration of immersive technologies such as Augmented Reality (AR), Virtual Reality (VR), 3D animation, and other technologies with LBE. LBE operators are focusing on increasing their global presence and getting an edge over their competitors. For instance, in September 2021, the video game business Koch Media GmbH purchased Vertigo Games to expand its global network and reach while also creating new publishing options for both Vertigo Games and its affiliates.
COVID-19 started in Wuhan (China) and has since quickly expanded throughout the world. In terms of confirmed cases and reported deaths, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the nations that have been most severely impacted. Due to lockdowns, travel restrictions, and business closures, COVID-19 has had an impact on the businesses and industries of numerous nations. The closing of numerous plants and factories has hurt the production, delivery schedules, and sales of goods on the international market. Only a few businesses have already warned of potential delivery delays and future sales declines.
US Location-Based Entertainment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.55 billion
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Global Location Based Entertainment Market is segmented based on Component, Technology, end-use, and Region. Based on components, the market is further sub-segmented as Hardware, Software. Based on technology the market is further segmented as 2 Dimensional (2D), 3 Dimensional (3D), and Cloud Merged Reality (CMR). Based on end use the market is segregated into Amusement Parks, Arcade Studios, and 4D Films. Based on the region, the Location-Based Entertainment Market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa, and South America.
Location-Based Entertainment Market Analysis by Component
In terms of revenue share, the hardware sector led with over 65.0% in 2021, and it is expected that it would continue to dominate market growth during the projection period. The segment's expansion can be ascribed to the ongoing development of VR/AR-based technology, including headsets, haptic suits, and other simulation tools. VR-based hardware solutions give viewers an immersive experience at LBE centers at a reasonable cost while also giving them special memories. Particularly encouraging for the expansion of the hardware market is the LBE providers' increasing acceptance of low-end VR headsets. It is also expected that the category would grow as a result of the increasing deployment of VR devices for LBE to provide consumers with high-quality experiences.
From 2021 to 2028, the software segment is predicted to experience the fastest CAGR of around 35.0%. The development of the software and applications utilized in LBE services is responsible for the expansion. The segment is expected to develop as mobile gaming with VR headsets becomes more and more popular. To meet the rising customer demand for premium immersive experiences, developers are incorporating 3D animation, gesture tracking, guardian systems, and 360-degree cameras. Several businesses are also concentrating on raising money to create cutting-edge LBE applications at the same time. For instance, the business platform supplier Librestream and the AR software provider Augmedics both raised more than US$ 1.0 million.
Location-Based Entertainment Market Analysis by Technology
The industry segment with the highest revenue share in 2021 more than 40.0% was 3D technology. It is projected that the segment would grow as a result of the entertainment industry's increasing acceptance of 3D technology. The range of 3D technology used in LBE has substantially expanded as a result of significant advancements in 3D animation, 3D mapping, and other 3D technologies. In addition, because of its numerous uses in the entertainment industry, 2D technology demand has also remained remarkably stable over the past few years. The widespread use of 2D technology in the gaming industry to create 2D game characters is expected to propel the segment's expansion.
Due to the ongoing advancements in technology, it is predicted that the Cloud Merged Reality (CMR) segment would experience considerable growth throughout the projection period. Due to its time-saving benefits, CMR has been widely embraced by numerous large technology-based businesses. Because CMR technology can be deployed everywhere, working professionals can access data whenever they need to. Additionally, CMR technology significantly reduces data loss. Many businesses now favor CMR technology for their operations because of its sophisticated capabilities and ease of use. The gaming and entertainment industries are increasingly implementing CMR.
Location-Based Entertainment Market Analysis by End-Use
Around 40.0% of the market was accounted for by the segment of amusement parks, and it is expected that this segment would continue to dominate the market during the projected period. Immersive VR technology is being adopted by theme parks more frequently to provide tourists with a more authentic experience. To improve the guest experience, amusement parks are also providing a variety of gaming-related activities through location-based VR. As a result, companies are focusing on deploying cutting-edge, operation-based AR/VR devices at LBE facilities. Two additional significant drivers that are expected to fuel the segment's expansion are the use of 3D technology at LBE sites and the rising consumer expenditure on outdoor activities.
From 2021 to 2028, the market for arcade studios is predicted to have the fastest CAGR, at around 35.0%. The shortage of immersive high-fidelity material for VR headsets at home has been pushing people to arcade studios. The cutting-edge capability that permits utilizing several VR experiences in one commercial environment is what is fueling arcades' rising popularity. In several places with heavy foot traffic, like VR cafés, restaurants, and bars, entertainment or gaming devices are becoming more and more popular. The expansion of the arcade studios category is expected to be fueled by the continuing improvement of games to draw in more players.
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From 2021 to 2028, Asia Pacific is expected to have the fastest CAGR, at about 35.0%. People in the Asia Pacific region are starting to favor outdoor recreational activities above other forms of entertainment. Additionally, the presence of numerous international VR software and hardware suppliers in the Asia Pacific is encouraging the development of the local market. It is also expected that the growing number of VR game players in China will help the regional market expand. The governments in these regions are promoting the implementation of LBE technology at popular tourist destinations to promote foot traffic, therefore it is projected that the regional markets in the Middle East, Africa, and South America will also experience significant growth over the forecast period.
For instance, the Dubai Mall offers its customers location-based services. A few theatres are implementing VR-based LBE as well to improve the immersive experience for patrons. Due to increasing consumer knowledge of new technologies, the popularity of LBE, and the following quick uptake of location-based VR, North America accounted for the greatest revenue share of over 35.0% in 2021 and is predicted to expand significantly during the forecast period. In addition, North America is home to several significant market players. The successful integration of location-based VR into a variety of media, entertainment, and gaming applications is also encouraging for the development of the local market. In Europe, the demand for VR-based LBE is growing in tandem with young people's continuous preference for theme parks, entertainment centers, and 4D movies. To collect evaluations and feedback directly from customers, several location-based VR companies have adopted cutting-edge customer service tools, including social media platforms and chatbots.
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Location-Based Entertainment Market Driver
Location-Based Entertainment Market Restraint
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Major businesses in these sectors are making investments to improve the infrastructure and quality of location-based VR content. For instance, in September 2021, VRstudios, Inc. unveiled a brand-new foundation called VRstudios Sports. With this effort, users will be able to connect, socialize, and share experiences in a location-based VR environment. With a thorough LBE capability, VRstudios Sports gives its users the possibility to experiment with their VR-based game plays at home. Therefore, this endeavor is anticipated to increase the demand for location-based entertainment on the global market.
Location-Based Entertainment Market Top Player’s Company Profiles
Location-Based Entertainment Market Recent Development
Family entertainment centers recently made changes to the games available in these facilities. The "triple revolution" of social media, the Internet, and mobile devices—which are digitally upending family entertainment centers—brings about this change and is creating some fierce competition. The most popular games right now are those that use virtual reality (VR) and augmented reality (AR). Some game developers are concentrating on creating various technologies to enhance the gaming environments in entertainment centers.
To create new technological advancements in the games, the producers are attempting to combine AR and VR technology with 3-D projection mapping and interactive digital surfaces. In place of the standard gaming options, family entertainment centers are constantly improving their technical capabilities to provide a range of services made possible by connectivity and data. There are simulation games among these new games. These simulations of real-world activities allow players to freely control the characters while using them for analysis, training, or making predictions about the activities.
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According to the analysis, the hardware sector segment dominated the global Player Tracking System Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the global Player Tracking System Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 2.55 billion|
|Market size value in 2030||USD 3.29 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Location-Based Entertainment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Location-Based Entertainment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45F2019