Location Based Entertainment (LBE) Market by Technology (Virtual Reality (VR), Augmented Reality (AR), Projection Mapping), Offering (Hardware, Software, Services), Venue (Amusement Parks, Theme Parks, Arcades) and Region - Global Forecast to 2028
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% during the forecast period. As technology becomes more accessible and affordable, the barriers to entry for location based entertainment decrease. This allows more venues and establishments to incorporate immersive experiences into their offerings, making it accessible to a wider audience and being a driving factor to the growth of the market.
By professional services, the training and deployment segment to hold the largest market size during the forecast period.
Training and deployment services are crucial for location based entertainment operators to ensure that their employees are well-equipped to provide visitors with high-quality experiences. These services include staff training, deployment planning, and equipment setup, which help ensure that location based entertainment experiences are deployed efficiently and effectively, minimizing downtime and maximizing visitor satisfaction. Staff training ensures that employees are knowledgeable and skilled in delivering exceptional customer experiences. Deployment planning helps location based entertainment operators plan and execute the deployment of their experiences, and equipment setup ensures that location based entertainment experiences are running correctly and that any issues are resolved quickly. Overall, these services are essential in delivering outstanding location based entertainment experiences.
Based on services, the managed services segment is expected to grow with the highest CAGR during the forecast period.
Managed services are considered crucial, as they are directly related to customer experience. These services help sustain their positions in the market. Managed services are an important aspect of location based entertainment that involve outsourcing the management of technology, systems, and operations to a third-party provider. These services include infrastructure management, content management, and operational management, which ensure that location based entertainment experiences have high-quality content, run smoothly, and meet visitor expectations. Managed services allow location based entertainment operators to focus on delivering excellent experiences while leaving the management to experts.
Based on region, Asia Pacific is expected to grow with the highest CAGR during the forecast period.
The Asia Pacific region Asia Pacific has witnessed progressive and dynamic adoption of new and emerging technologies in the location based entertainment market. The location-based entertainment market in Asia Pacific is a growing industry with a wide range of opportunities for international and regional players due to driving factors of the market such as growth of urbanization and their demand for entertainment activities and willingness to spend more money on leisure, entertainment and unique experiences than ever before. However, challenges such as high costs, safety concerns, and seasonality may affect the growth of the market. Overall, consumer electronics, retail, BFSI, healthcare, transportation, and sports and entertainment industries are expected to contribute substantially to the growth of the location based entertainment market in the region.
Breakdown of primaries
The study contains insights from various industry experts, ranging from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:
By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
By Designation: C-level –35%, D-level – 25%, and Others – 40%
By Region: North America – 30%, Europe – 35%, Asia Pacific – 25%, Middle East & Africa- 5%, Latin America – 5%
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.
The market study covers the location based entertainment market size across different segments. It aims at estimating the market size and the growth potential across different segments, including technology, offerings, venue, and region. The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the location based entertainment market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Advancement of VR gaming world with location based entertainment, Advancement in VR and AR Technologies, Integration of artificial intelligence (AI) and machine learning (ML) technologies, The increasing demand for social and shared experiences), restraints (Limited Scalability, High Upfront Cost), opportunities (Live events and performances, Wearables offering unique opportunities for location based entertainment, ), and challenges (Regulatory requirements at the local, state, and federal levels, Rapid pace of technological change) influencing the growth of the location based entertainment market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the location based entertainment market.
Market Development: Comprehensive information about lucrative markets – the report analyses the location based entertainment market across varied regions
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the location based entertainment market.
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like 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).