Global Location-based Entertainment Market Report 2023: Sector is Expected to Reach $14.3 Billion by 2028 at a CAGR of 28.5%

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Dublin, May 08, 2023 (GLOBE NEWSWIRE) — The “Global Location-based Entertainment Market Size, Share & Industry Trends Analysis Report By Technology , By Component, By End-use, By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.

The Global Location-based Entertainment Market size is expected to reach $14.3 billion by 2028, rising at a market growth of 28.5% CAGR during the forecast period.

Key Market Players

  • The Walt Disney Company
  • Google LLC (Alphabet, Inc.)
  • HTC Corporation
  • Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
  • Magic Leap, Inc.
  • Microsoft Corporation
  • Samsung Electronics Co., Ltd. (Samsung Group)
  • Niantic, Inc.
  • VRstudios, Inc. (FOD Capital, LLC)
  • KidZania S.A.P.I. de C.V

Location-based entertainment is a destination that brings people together for a shared activity, whether friends, families, or caring brand communities eager to spend time together. It aims to connect individuals in real life so they may exchange experiences. Users using LBE may move around freely and engage physically with their surroundings, including genuine portable props or equipment. LBE enables in-person interaction and experience sharing amongst users.

Any entertainment connected to a specific place away from home is called LBE. The licensed and brand-owned physical experiences on the LBE market range from immersive cinema and theme parks to virtual reality cafes and pop-up shops. Location-based entertainment (LBE) is also known as interactive multiplayer entertainment centers or ‘out-of-home entertainment. ‘LBE generally refers to any entertainment connected to a particular location outside the house.

Using the involvement axis and the technology axis, immersive LBE experiences may be further divided into these two categories. Instead of being a group of distinct types, these many axes make up a spectrum. The breadth of experiences includes anything from very fun to profoundly contemplative. Technology may also be a part of them in varied degrees, from fully analog to virtually entirely digital. For instance, a large entertainment complex or amusement park could provide experiences that fall in various spectrums.

Customers are looking for one-of-a-kind experiences that will compel them to leave their homes, learn something new, or just be amazed. Owners and operators of immersive LBEs must get a solid grasp of their target customers and markets to succeed. Ambitious providers should explore outside of their field and draw ideas from successful immersive LBEs across the board.

Market Growth Factors

The increasing popularity of 360-degree VR games

VR game creation has serviced major markets worldwide and has tremendous potential. The Samsung Gear VR, Oculus VR, and HTC Vive have become popular as virtual reality technology has grown. Virtual reality gadgets with tracking, sensory, and hand controls make games fun and interactive. As a result, the number of VR gaming firms grew to meet demand.

VR games let players feel the surroundings. Immersive visuals and 360-degree video content stimulate adrenaline. Players may customize the game environment using virtual reality controllers. VR improved shooters, simulations, and adventures. This supports the growth of the market.

AR/VR and 3d projection mapping would increase demand.

AR/VR games are the most popular worldwide. Several game firms are exploring new technologies to better entertainment venue gaming. AR and VR are combined with 3D Projection-Mapping, interactive digital surfaces, and other technologies to create new gaming technologies.

Family entertainment centers are upgrading their technology to provide more services via the internet and data instead of traditional games. Pure-play mapping software companies make projection mapping technologies to simplify project implementation and enhance audience watching. Consequently, the location-based entertainment market will grow due to the entertainment industry’s mix of technology.

Market Restraining Factors

Health hazards of extensive VR headset use

VR headsets may emit electromagnetic frequency radiation. These gadgets link to your smartphone or computer through Bluetooth or WiFi and include clever sensors to immerse you in VR. Smartphone-powered VR headsets produce radiation. Cell phone radiation may influence sleep, temperament, and the reproductive system. VR headsets may wirelessly connect to WiFi and interact with smartphones, emitting radiation and offering long-term health problems.

Scope of the Study

By Technology

  • 3 Dimensional (3D)
  • Cloud Merged Reality
  • 2 Dimensional (2D)

By Component

  • Hardware
  • Software

By End-use

  • Amusement Parks
  • Arcade Studios
  • 4D Films

For more information about this report visit https://www.researchandmarkets.com/r/380y4f

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