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WESTFORD, USA, March 20, 2023 (GLOBE NEWSWIRE) — Location-Based Entertainment Market It is going through a significant growth wave and Asia Pacific is emerging as a major player. The North American market is also facing stiff competition as consumers increasingly prefer amusement parks, arcade studios, 4D movies and other leisure activities. The regional growth of this market can be attributed to various factors including rapid urbanization of cities, rising disposable income, and growing international tourism. One of the driving forces behind the market growth is the adoption of immersive video content, video games, and other entertainment content on these sites. Furthermore, increase in international tourism is also positively impacting the market.
According to research conducted by SkyQuest, the amusement park industry is expected to grow at a CAGR of 4.85% and exceed USD 67.84 billion. This indicates a promising location-based entertainment market in the near future. The forecast heralds a positive trend for the industry that could benefit both investors and consumers.
Browse the In-Depth Catalog of “Location Based Entertainment Market”
- Pages – 276
- table – 89
- Numbers – 66
Location-based entertainment (LBE) takes place in a physical space, as opposed to digital entertainment, which can be accessed from anywhere. It can encompass a variety of experiences, such as theme parks, immersive theaters, virtual reality experiences, and escape rooms. LBE is becoming an increasingly popular form of entertainment as people seek new and unique experiences.
Prominent Players in the Location-Based Entertainment Market
- HTC
- Vinegar Factory of Modena, Italy
- Headquarters software
- walt disney world
- IMAX Corporation
- The Void LLC
- VR studio
- Springboard VR
- Samsung Electronics Co., Ltd.
- Wellcome Industries
- BidOn Game Studio
- Huawei Technologies Co., Ltd
- Neural Games Ltd
- Sony Interactive Entertainment LLC.
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The hardware segment will see a higher growth rate as it is an important part of the LBE experience
The location-based entertainment market has witnessed significant growth in recent years, and the hardware segment will account for a large revenue share in 2021. This trend is expected to continue in the coming years, with forecasts pointing to continued growth from 2022 to 2028. The hardware segment of the market includes a wide range of products such as virtual reality headsets, motion tracking systems, haptic feedback devices, and dedicated controllers. These products are essential to creating immersive and interactive experiences that transport users to new worlds and engage their senses in unique ways.
The location-based entertainment market has grown significantly in recent years, and Asia Pacific has emerged as a major contributor. In 2021, the region accounted for the largest market share and is expected to continue to dominate the market by 2028. The Asia-Pacific region is also rapidly adopting new technologies and innovations, resulting in several new location-based entertainment experiences. For example, virtual reality (VR) and augmented reality (AR) experiences are gaining popularity in the region, with many companies developing cutting-edge VR and AR technologies to provide immersive experiences to customers.
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The amusement park segment attracted more people as it offered a variety of attractions and experiences that appealed to a broad audience
According to market research data, the amusement park sector is the leading company in the entertainment market in 2021, with a huge market share. Moreover, this segment is expected to maintain its dominance from 2022 to 2028. The popularity of amusement parks can be attributed to the array of exciting and engaging experiences they offer their visitors. From thrilling rides to interactive shows and games, amusement parks offer a complete entertainment package for all ages. Moreover, with the increasing demand for family entertainment options, amusement parks have become the top destinations for those looking for fun and adventure.
The market has witnessed significant growth in recent years, with North America emerging as the fastest growing region in 2021. According to recent SkyQuest research, the number of amusement park businesses in the United States has grown to more than 885 by 2023, marking a 16.5% increase over the previous year. This points to a positive outlook for the live entertainment market in the region. Moreover, the market has seen major innovations in recent years, with major players investing heavily in developing new technologies and experiences.
The location-based entertainment market has grown in popularity in recent years. Opportunities alike for newcomers and established brands to thrive in this industry are plentiful, according to SkyQuest’s latest research report. The research report provides valuable insights into current trends in the market, making it a vital resource for anyone seeking to gain a foothold in the field. The report also highlights the importance of exploring new geographic regions to expand a brand’s customer base and increase revenue.
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Key Developments in the Location-Based Entertainment Market
- The virtual reality (VR) entertainment group has completed the sale of its $25 million assets and is looking to acquire new assets to strengthen its foothold in the industry. The company has sought new opportunities to expand its product portfolio and enhance its customer service. The sale of the assets provides the company with the necessary financial resources to pursue new opportunities and make strategic acquisitions.
- LAI Games, a leading manufacturer of arcade and entertainment games, announces the launch of its direct-to-consumer business. With this move, the company can expand its reach and offer products directly to customers through its website. The decision to launch a direct-to-consumer business comes in response to the growing demand for home entertainment due to the pandemic. As people generally spend more time at home, they find ways to keep them entertained and engaged.
- Spree Interactive, a leading provider of virtual reality (VR) entertainment solutions, unveiled its latest creation at the DEAL trade show: the Spree VR Playground. This innovative new experience uniquely combines physical activity and immersive digital gameplay to create an exciting and engaging experience for visitors of all ages. The Spree VR Playground is a large open space with a variety of interactive play stations, each equipped with a VR headset and motion tracking technology.
Key questions answered in the location-based entertainment market report
- How are the drivers and barriers affecting the global market expansion and what progress has been shaped as a result?
- What factors have contributed to the past performance of the global market and what growth opportunities are expected in the future?
- Who are the key players in the current industry landscape, and how competitive is the market?
- What are the emerging trends currently impacting the market, and how will they affect future growth and innovation?
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