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Advances in VR and AR technology drive growth

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Dublin, June 9, 2023 /PRNewswire/—— “Global Location Based Entertainment (LBE) by Technology (Virtual Reality (VR), Augmented Reality (AR), Projection Mapping), Product (Hardware, Software, Services), Venue (Amusement Parks, Theme Parks, Malls) and Region ) Market – Forecast to 2028” report added to ResearchAndMarkets.com’s supply.

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The global location-based entertainment market is expected to grow from $3.5 billion 2023 to $11.8 billion By 2028, the CAGR will be 27.3% during the forecast period.

As technology becomes more accessible and affordable, the barriers to entry for location-based entertainment lower. This has enabled more venues and institutions to incorporate immersive experiences into their offerings, making it accessible to a wider audience and acting as a driving factor for market growth.

By professional services, the training and deployment segment holds the largest market size during the forecast period

Training and deployment services are critical for location-based entertainment operators to ensure their workforce is well-equipped to deliver a high-quality experience to their visitors. These services include staff training, deployment planning and equipment setup, helping to ensure the efficient and effective deployment of location-based entertainment experiences, minimizing downtime and maximizing visitor satisfaction.

Employee training ensures employees have the knowledge and skills to deliver an exceptional customer experience. Deployment planning helps location-based entertainment operators plan and execute the deployment of their experiences, while device setup ensures location-based entertainment experiences are functioning properly and any issues are quickly resolved. Collectively, these services are critical to delivering a great location-based entertainment experience.

Based on services, the managed services segment is projected to grow at the highest CAGR during the forecast period

Managed services are considered critical as they are directly related to customer experience. These services help to maintain their position in the market. Managed services are an important aspect of location-based entertainment that involve outsourcing the management of technology, systems and operations to third-party providers.

These services include infrastructure management, content management and operations management, ensuring that location-based entertainment experiences feature high-quality content, run smoothly and meet visitor expectations. Managed services allow location-based entertainment operators to focus on delivering a great experience while leaving management to the experts.

based on region, Asia Pacific Expected to grow at the highest CAGR during the forecast period

this Asia Pacific area Asia Pacific The gradual and dynamic adoption of emerging technologies in the location-based entertainment market has been witnessed.Location-Based Entertainment Market Asia Pacific is a growing industry offering international and regional players due to market drivers such as growing urbanization and their need for recreational activities and willingness to spend more than ever on leisure, entertainment and unique experiences Offers a wide range of opportunities.

However, challenges such as high costs, safety concerns, and seasonality may affect the growth of the market. Overall, the consumer electronics, retail, BFSI, healthcare, transportation, and sports & entertainment industries are expected to contribute significantly to the growth of the location-based entertainment market in the region.

Market Dynamics

driver

  • The Advancement of Location-Based Entertainment in Virtual Reality Gaming

  • Advances in Virtual and Augmented Reality

  • Integration of artificial intelligence (AI) and machine learning (ML) technologies

  • Growing demand for social and shared experiences

bondage

Chance

challenge

  • Regulatory requirements at local, state and federal levels

  • Rapid pace of technological change

  • cumulative growth analysis

mentioned company

For more information on this report, please visit https://www.researchandmarkets.com/r/8vfwr4

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