1. Home
  2. > Advanced IT
  3. > Virtual and Augmented Reality Market Trends
Location-based Entertainment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Technology, and End-use

Location-based Entertainment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Technology, and End-use

  • September 2022
  • 155 pages
  • ID: 6353504
  • Format: PDF
  • The Insight Partners

Summary

Table of Contents

Search Inside

The location-based entertainment market size is expected to grow from US$ 1,444.92 million in 2022 to US$ 2,918.91 million by 2028. It is estimated to grow at a CAGR of 12.4% from 2022 to 2028.

The development of 360-degree virtual reality (VR) technology is anticipated to significantly contribute to the location-based entertainment market’s expansion during the forecast period.Viewers can get a 360-degree view of the projected content.

Introducing VR-based games with 360-degree content can provide people with thrilling and immersive experiences, boosting the industry’s growth.These developments are prompting major location-based entertainment market players to work with technology providers and advance LBE technology.

For instance, in September 2019, TacHammer; StrikerVR, Inc.; and Nanoport Technology Inc. collaborated on the Linear Magnetic Ram (LMR) haptic technology. As part of the partnership, Sticker VR launched Arena Infinity LITE VR peripheral, designed to deliver realistic tactile experiences for LBE and VR.

The hardware sector had the most significant growth in the VR gaming market.Hardware categories include VR gaming headsets and other products tailored to the gaming industry.

The dynamics of the worldwide gaming market are anticipated to shift due to the presence of smaller start-ups and major hardware manufacturers, such as Oculus VR, Sony, Samsung, and Google.Players will engage in fierce competition based on the style and cost of VR gadgets.

The rising popularity of 360-degree content, high adoption of this technology, and increasing implementation and acceptance of the technology are projected to decrease the prices of VR hardware components such as joysticks and VR headsets.Being one of the most sought-after major gaming platforms, location-based VR technology is predicted to increase the appeal of 360-degree video in the near future.

In the years to come, it is predicted that these elements will encourage the growth of the worldwide location-based entertainment market.

Asia Pacific is estimated to register the highest CAGR in the location-based entertainment market during the forecast period because of many emerging economies, such as China, India, Japan, Australia, and South Korea.The number of amusement and theme parks present in countries, such as Japan, Australia, South Korea, India, and China, is enormously high, which is expected to create lucrative growth opportunities for location-based entertainment providers.

Recently in July 2022, Netflix launched its first theme park based on location-based entertainment, which is a pavilion at KidZania in Fukuoka. Thus, the demand for LBE in APAC is rising significantly which in trun will contribute towards location-based entertinament market growth.

Impact of COVID-19 Pandemic on Asia Pacific Location-based Entertainment Market Growth

The governments of Asia Pacific countries took all possible steps to reduce the impact of the COVID-19 pandemic, with the major one being the announcement of a lockdown.The temporary shutdown of companies resulted in increased uptake of the digital entertainment platform among customers and organizations.

During Q1 and Q2 2020, several companies were temporarily shut down.Due to this, the entertainment sector, and related markets, especially LBE, were disturbed, and many people working there were asked to leave their jobs.

With relaxation in the lockdown rules, the location-based entertainment market began to revive. Since the outbreak, amusement parks, arcade studios, and film studios in Asia Pacific have been focusing more on transforming their core operations and working on location-based entertainment by providing various technologies, such as touchless technology, physical-distancing enablers, and temperature checks for consumer safety.
With business getting recommenced in region, the adoption of LBE will rise since media & entertainment industry is reviving. This factor will gradullay boost the location-based entertainment market player’s businesses.

The Asia Pacific location-based entertainment market size is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.Countries in Asia Pacific are known for adopting technological advancements in the early phase.

Due to this, the region is home to many companies that are providers of location-based entertainment, such as Panasonic Connect, SKonec Entertainment, and Sony Interactive Entertainment LLC.

In December 2019, a South Korean location-based entertainment company, SKonec Entertainment, expanded its presence by opening a VR Square in Los Angeles.Moreover, in January 2021, Enlight Media, a Chinese film and TV studio started building a movie-inspired adventure park in China.

Legacy Entertainment will design the park’s core component, “Enlight Epicenter.” For location-based entertainment, Enlight requires about US$ 2.5 billion investment. Similarly, in November 2019, Shinsegae, a South Korea-based retail giant, announced that the company is building a US$ 3.8 billion worth of theme park in South Korea. The construction was to start in 2021 and set for an initial opening in 2026 and a full opening by 2031.

China dominated the location-based entertainment market share in 2021.The country is well-known for its fast development, whether in technology or construction.

A Chinese film and TV studio, Enlight Media, is developing a theme park in Yangzhou.For this movie-inspired theme park, a Hollywood firm Legacy Entertainment was selected to design the park’s core Enlight Epicenter component.

The company requires an investment of approximately US$ 2.5 billion. Moreover, the country has various tourist attractions, such as Lionel Messi-inspired and VR Star theme parks. The presence of VR Star theme parks is projected to create lucrative business opportunities for headsets and haptic suits. Using the products mentioned above, the scope of LBE is estimated to get augmented in China over the forecast period.

India is expected to grow at the fastest CAGR.The country is one of the developing countries in the region.

The country is focusing on developing its infrastructure with the help of technology.With the rising technological advancements in the country, companies are focusing on bringing advanced technologies, such as AR and VR, into businesses.

For instance, Seasons Mall, Pune, installed a wireless virtual reality gaming zone lounge.This is said to be the country’s first wireless VR gaming zone.

Such developments in the country are expected to increase the location-based entertainment market growth.

BidOn Games Studio; Dimension; HQSoftware; IMAX CORPORATION; Neurogaming LTD; TESLASUIT; SpringboardVR; Samsung Electronics Co., Ltd.; Vicon Motion Systems Ltd.; and VRstudios Inc. are some of the prominent market players. The location-based entertainment market is highly fragmented, with several players localized in a specific region, which has increased their focus on catering to domestic demands.

The overall location-based entertainment market has been derived using both primary and secondary sources.To begin the location-based entertainment market analysis, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the location-based entertainment market.

The process also serves the purpose of obtaining an overview and market forecast of the market growth with respect to all market segments.Also, multiple primary interviews with industry participants and commentators have been conducted to validate the data and gain more analytical insights about the topic.

Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the location-based entertainment market.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Virtual Reality in Healthcare Market Research Report by Technology, Application, Country - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - North America Forecast 2023-2030

  • £ 3594
  • January 2023
  • 131 pages

Virtual Reality in Healthcare Market Research Report by Technology (Full Immersive VR, Non Immersive VR, and Semi Immersive VR), Application, Country - Cumulative Impact of COVID-19, Russia Ukraine Conflict, ...

  • North America
  • Virtual Reality
  • Healthcare
  • Industry analysis

ref:plp2022

Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on