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% from 2023 to 2028, according to new research report by MarketsandMarkets™
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.
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.
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Key Companies and Market Share Insights
Meta (formerly known as Facebook, Inc.) is a global technology company that has recently been expanding its focus to include location-based entertainment (LBE). This involves the development of interactive experiences that combine the physical and digital worlds, such as virtual reality (VR) and augmented reality (AR) games and attractions. Meta operates several popular social media platforms including Facebook, Instagram, WhatsApp, and Messenger. In addition, Meta's Oculus brand is a leader in the VR industry and has been a major driver of the company's efforts in location based entertainment market. Oculus has developed several VR games and experiences that can be used in LBE settings, such as theme parks, arcades, and other entertainment venues. These experiences often involve multiple players and can be customized to fit the specific needs of the venue and its audience.
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.
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.
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.
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The global Location-Based Entertainment Market is projected to value USD 7.8 billion until 2025.
It is expected to register a CAGR of 32.1% over the forecasted years, 2019 to 2025.
The increasing preference to gain realistic gaming experience prevailing among the millennial population is projected to propel the market growth.
Key Players:Exit RealitySpringboard VRIMAX CorporationVRstudios Inc. Request free sample to get a complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/global-location-based-entertainment-market/request-sample Market Synopsis of Location Based Entertainment Market: The amusement park end-use segment dominated the global market owing to the rapidly increasing adoption of entertainment systems in parks and gardens for attracting children.
The 3 Dimensional technology segment is projected to dominate the global market over the forecasted years owing to rapid technological advancements being undertaken for providing realistic gaming and viewing experience.
North America dominated the global location based entertainment market in 2018 owing to the increasing popularity of VR services and rising disposable income prevailing among the working population across countries like the U.S. and Canada.
