Market Overview:
The Global Location Entertainment Market size is expected to grow from USD 4.20 billion in 2022 to USD 44.53 billion by 2030, at a CAGR of 34.33 % during the forecast period (2023-2030).
Location-based Entertainment is a self-defined term that means that the entertainment takes place outside the individual’s home either in a family entertainment center an arcade or many other places. Increasing spending on online gaming and video entertainment has kept the pace of the market upbeat. The high demand for VR headsets and the growing sale of it is increasing the market. According to the analyst, the major driving factors for the Location Based Entertainment Market are the rising demand of consumers from the game publishers and the easily accessible Location Based Entertainment VR providers are propelling the market growth.
Top Key Players for Location-Based Entertainment Market:
HTC Corporation, IMAX Corporation, Google LLC, Microsoft Corporation, Samsung Electronics Co.Ltd., Springboard VR, Exit Reality, HQ Software, MOFABLES, BidOn Games Studio, and other major players.
Market Dynamics and Factors for Location-Based Entertainment Market:
Drivers:
Easily Accessible Location-Based Entertainment VR Providers
Easily accessible location-based entertainment VR providers are a crucial growth driver in the location-based entertainment market. By offering immersive virtual reality experiences in convenient physical locations, these providers attract a wider audience, including those without high-end VR equipment at home. This accessibility enhances market penetration and revenue generation. People seek novel, social, and technologically advanced experiences, and the seamless availability of VR content in accessible venues fulfills this demand. Consequently, this trend boosts consumer engagement, drives repeat visits, and fosters industry expansion by catering to a diverse demographic eager to explore captivating virtual worlds without the barriers of costly equipment or space constraints.
Opportunities:
The Global Shift in the Gaming Industry and the Innovation in the Latest Technology
The global shift in the gaming industry towards immersive experiences and the continuous innovation in the latest technologies create a significant opportunity for the location-based entertainment market. As gamers increasingly seek more engaging and realistic interactions, location-based venues can offer cutting-edge virtual reality (VR) experiences that are beyond what's possible at home. These venues leverage advancements like high-resolution VR headsets, haptic feedback systems, and interactive setups, enhancing immersion and drawing a larger audience. This convergence of gaming trends and technological innovation positions location-based entertainment as a prime platform to deliver unique, unforgettable experiences, driving increased footfall and sustained growth.
Segmentation Analysis of the Location-Based Entertainment Market:
- By Component Type, the Hardware segment accounted for the largest segment with more than half of the market share of 56.12% and is estimated to have a market size of USD 7.28 billion in the year 2027 with a CAGR of 33.67%. While Location Based Entertainment segment for software is expected to have the highest CAGR of 37.93% in the forecast period due to the high influence and collaboration of virtual and augmented reality and the market size of USD 10.45 billion in the year 2027.
- By Technology type, the 3-D technology segment is accounted for the largest segment with a market share of 45.12% and is estimated to have a market size of USD 6.18 billion in the year 2027 with a CAGR of 34.49%. While most industrial research and development departments are still testing augmented reality and virtual reality,
Regional Analysis of the Location-Based Entertainment Market:
North America accounted for the largest revenue share of over 34.0% in 2022 and is expected to witness significant growth in the forecast period with increasing awareness about the latest technologies and rapid adoption of location-based VR. Besides, North America is home to numerous major market participants. The effective use of location-based VR across various applications in the media entertainment and gaming industries is also favoring the growth of the regional market.
Key Industry Development:
- In October 2021, VIVE Flow, a set of glasses that can transport its users anywhere they need to go, was unveiled by HTC VIVE. Users of VIVE Flow can find moments of tranquility and well-being throughout the day because it was designed with ease and portability in mind. To do this, they can use tools like TRIPP for meditation 2.0, go for a walk, watch TV or movies on their own, cinema-sized VR screens, exercise their brains with brain-training apps, and interact socially and collaboratively with colleagues and friends on VIVE Sync.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
