DUBLIN, September 17, 2021 / PRNewswire / – The “Global Location Based Entertainment Market 2021-2028” the report was added to ResearchAndMarkets.com offer.
The global location-based entertainment market size is expected to reach $ 30.29 billion by 2028, registering an estimated CAGR of 34.4% from 2021 to 2028.
The introduction of virtual reality (VR) to the gaming industry has added a new dimension by providing a simulated realm for gamers eager to experience an immersive and realistic experience. As such, several video game developers are entering into mergers and acquisitions with VR and Location-based Entertainment (LBE) technology providers to increase their respective market shares.
For example, in February 2021, Vertigo Games, a publisher and developer of VR games, has acquired Springboard VR, a VR site management software and content marketplace provider for LBE. The acquisition aimed to provide operators with access to VR content through Vertigo Games’ Haze VR distribution platform and to provide game studios and operators with new tools and technologies to grow their LBE business.
LBE services are offered in arcades, amusement parks and VR cafes, among other entertainment services. The integration of augmented reality (AR), VR, 3D animation and other immersive technologies with LBE is driving the growth of the location-based entertainment market.
LBE operators are focused on expanding their global footprint and gaining a competitive advantage over their rivals. For example, in September 2020, Koch Media GmbH, a video game company, acquired Vertigo Games to strengthen its global reach and network while opening up new publishing opportunities for itself and for Vertigo Games and its subsidiaries.
Highlights of the Location-Based Entertainment Market Report
- The hardware segment accounted for over 65.0% of the total revenue share in 2020 due to increased spending on VR headsets that can deliver high-end immersive experiences to consumers.
- Arcade Studio Segment Expected to Experience Fastest Growth from 2021 to 2028
- The 3D segment accounted for the largest revenue share in 2020 and is expected to continue to dominate the market during the forecast period due to the continued advancements in the extended reality of 3D technology, which is widely deployed at LBE sites.
- The Asia Pacific the regional market is expected to register the highest CAGR of about 40.0% from 2021 to 2028
Market Driver Analysis
- Increased consumer spending on games and video content
- Increase adoption of innovative concepts through VR expertise
Analysis of market constraints
- High budget infrastructure
- Leave reality
- VR springboard
- HTC Corporation
- IMAX Company
- SARL VOID
- VRstudios Inc.
- Huawei Technologies Co., Ltd.
- Google LLC
- Microsoft Corporation
- Samsung Electronics Co. Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/apb9kp
Research and markets
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SOURCE Research and Markets