Location- based entertainment Market Share, Size, Trends, Industry Analysis Report, By component (Hardware, Software); By Technology; By End-use; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM2044
- Base Year: 2023
- Historical Data: 2019 - 2022
Report Outlook
The global location-based entertainment market was valued at USD 3158.42 million in 2023 and is expected to grow at a CAGR of 26.70% during the forecast period. The location-based entertainment (LBE) market is rapidly expanding, driven by the increasing demand for immersive video content and games at LBE sites. VFX with the sensory stimulus & tactile elements is expected to contribute to market growth. Consumers opt for LBE experiences as an alternative to investing in simulation devices, and malls are leveraging the LBE to create a more convenient shopping experience. The gaming industry is shifting towards technology-driven initiatives, with VR becoming increasingly popular. This trend has led to mergers and acquisitions between video game developers and LBE technology providers, as well as smaller firms investing in the LBE market.
To Understand More About this Research: Request a Free Sample Report
For instance, in April 2022, Glytch, a leading professional e-sports stadium company that offers cutting-edge facilities for e-sports events, entered a strategic partnership with Legends, a renowned global experiences company, and a premier sports and entertainment venue and attractions operator. The collaboration aims to leverage the respective strengths of both companies to develop immersive and engaging experiences for players, fans, and partners.
LBE occurs in specific settings, such as family entertainment centers, water parks, & theme parks, with the necessary equipment and props. LBE is often called "out-of-home entertainment" or "interactive multi-player entertainment." As offline shopping malls aim to attract more consumers through LBE, it is anticipated that LBE will create social spaces in malls and community cultural centers, providing mesmerizing entertainment experiences for individuals seeking real-life experiences.
The COVID-19 pandemic profoundly impacted the (LBE) Market, with government-enforced lockdowns and travel restrictions resulting in temporary venue closures. This had a ripple effect on the LBE industry and tourism-related businesses. Despite setbacks, the industry is expected to rebound with eased restrictions and increased consumer interest in location-driven leisure. The pandemic caused a decline in market growth, leading to significant losses for companies in this market. However, with vaccine availability and the relaxation of restrictions, the LBE market is poised for recovery in the coming years.
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
The growing demand for experiential entertainment primarily drives the location-based entertainment market. Consumers are increasingly seeking unique, immersive experiences they cannot replicate at home. This has led to the emergence of LBE venues that offer interactive and engaging experiences, such as virtual reality (VR) and augmented reality (AR) attractions. These technologies are continuously evolving and becoming more affordable, allowing LBE venues to offer customers increasingly realistic and engaging experiences. Additionally, the rise of e-sports and the popularity of competitive gaming events have created new opportunities for LBE venues to attract a dedicated customer base.
The LBE market is also heavily influenced by external factors such as technological advancements, tourism and travel trends, and social media and word-of-mouth marketing. The LBE industry relies on technology advancements, enabling venues to provide realistic and immersive experiences. LBE venues are often located in popular tourist destinations such as theme parks and shopping malls, making them susceptible to trends in travel and consumer spending habits. Additionally, many LBE sites rely on social media and verbal marketing to attract customers, so they must stay current with social media usage trends and marketing strategies to remain competitive.
Report Segmentation
The market is primarily segmented based on component, technology, end-use and region.
|
By Component |
By Technology |
By End-use |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
The hardware segment dominated the market in 2022
The hardware segment dominated the market in 2022 due to the continuous advancements in Virtual Reality & Augmented Reality gadgets. These VR-based hardware devices give viewers an immersive experience in LBE centers at a more affordable cost while creating unforgettable moments. Furthermore, the rise in the usage of VR headsets by the LBE providers indicates significant potential for the segment's growth.
The software segment is expected to experience a significant growth of CAGR due to continuous innovation in LBE services. The use of VR devices for mobile-based gaming is also projected to boost the software segment's growth. Developers are incorporating advanced features such as 3D animation, gesture tracking, guardian systems, and 360-degree cameras to meet the increasing demand for high-quality immersive experiences from consumers. These advancements are expected to open new opportunities for the software segment to expand in the LBE market.
Asia Pacific has registered the highest CAGR in 2022
The Asia Pacific region experienced the highest Compound Annual Growth Rate (CAGR) in 2022. This growth can be attributed to the rising preference of consumers for outdoor recreational activities, which has created a favorable market environment for the Location-Based Entertainment (LBE) industry. Furthermore, the region's reputation as a hub for leading virtual reality software and hardware companies has opened up new business opportunities for LBE ventures. The availability of state-of-the-art technologies and immersive experiences gives LBE operators a significant advantage in creating captivating and innovative entertainment concepts that appeal to customers.
In terms of revenue share, North America holds the largest portion of the global market. It is anticipated to witness substantial growth in the forecast period, driven by the increasing awareness of the latest technologies and the rapid adoption of LBE. North America is home to several major market participants, and the effective utilization of LBE across various applications in the media and gaming industries further supports the regional market's growth.
Competitive Insight
Some of the major players operating in the global location-based entertainment market include Hologate, Sandbox VR, Zero Latency, Spaces, IMAX Corporation, HTC Corporation, Sony Corporation, Facebook Technologies, Ubisoft Entertainment, The VOID, Samsung Electronics, Google, Merlin Entertainments, and Dave & Buster's.
Recent Developments
- In September 2020, VRstudios, Inc. launched a new division called VRstudios Sports to create a virtual reality (VR) platform that enables players to connect, socialize, and share their experiences in a VR environment. With VRstudios Sports, players can enjoy VR-based games and experiences from their homes while staying connected to an extended (LBE) facility.
Location-based Entertainment Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 3997.62 million |
|
Revenue forecast in 2032 |
USD 26,555.26 million |
|
CAGR |
26.70% from 2023– 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024– 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
|
Segments covered |
By Component, By Technology, By End-use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Hologate, Sandbox VR, Zero Latency, Spaces, HTC Corporation, Sony Corporation, Facebook Technologies LLC, Ubisoft Entertainment SA, The VOID LLC, IMAX Corporation, Samsung Electronics Co. Ltd., Google LLC, Merlin Entertainments plc, and Dave & Buster's Entertainment Inc |
FAQ's
key companies in location-based entertainment market are Hologate, Sandbox VR, Zero Latency, Spaces, IMAX Corporation, HTC Corporation, Sony Corporation, Facebook Technologies, Ubisoft Entertainment.
The global location-based entertainment market expected to grow at a CAGR of 26.7% during the forecast period.
The location-based entertainment market report covering key segments are component, technology, end-use and region.
key driving factors in location-based entertainment market are rise in immersive video contents.
The global location- based entertainment market size is expected to reach USD 26,555.26 million by 2032.
© 2024 Polaris Market Research and Consulting. All rights reserved
