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.
The prominent factors of the industry, such as the increasing penetration of virtual reality (VR) coupled with escalating demand for immersive video games and video content, are driving the industry demand. Besides, location-based entertainment (LBE) attracts a large group of the population, especially millennials and Gen Z. LBE is creating social spaces in malls & society culture centers by offering real-like experiences to its consumers. Furthermore, rising spending by the vendors for expanding their business operations is propelling the market growth over the foreseen period.
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The growing trend of the entertainment gaming centers among populations is a major factor that fuels the global industry demand. The video gaming industry is increasing at a higher pace as people are not playing games just for social interaction and fun but also for evaluating their performance level as well as competence skills. The demand for the rising LBE is due to the growing inclination towards amusement parks, theme parks, malls, etc., majorly by the young population. Moreover, various regions offer location-based services to their visitors for enhancing their immersive experience. Hence, these factors may fuel global industry growth in the near future.
Major participants such as Google LLC, HQSOFTWARE, HTC Corporation, Huawei Technologies Co., Ltd., IMAX Corporation, Microsoft Corporation, Neurogaming Ltd., Samsung Electronics Co., Ltd, Sony Interactive Entertainment LLC, Springboard VR, The VOID LLC, VRstudios, Walt Disney World are some of the key players operating in the global market.
There are numerous market competitors launching and planning several market strategies or policies for intensifying their business operations worldwide. For instance, in January 2021, Victory Square Technologies has launched new Location-Based Entertainment (LBE) VR attractions segment known as “UNCONTAINED”. The free interactive VR franchise aims to offer a safe multiplayer experience designed for the COVID-affected world. This experience facilitates up to six players to wander liberally inside the container while communicating indoors a digital environment as a team while planning those aids in directing and describing the story.
Polaris Market Research has segmented the location-based entertainment market report on the basis of component, end-use, technology, and region:
Location-based Entertainment, Component Outlook (Revenue – USD Million, 2016 – 2028)
Location-based Entertainment, End-Use Outlook (Revenue – USD Million, 2016 – 2028)
- Amusement Parks
- Arcade Studios
- 4D Films
Location-based Entertainment, Technology Outlook (Revenue – USD Million, 2016 – 2028)
- 2 Dimensional (2D)
- 3 Dimensional (3D)
- Cloud Merged Reality (CMR)
Location-based Entertainment, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa