Acumen Research and Consulting, a global provider of market research, in a recently published report titled “Location Based Entertainment Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, August 04, 2021 (GLOBE NEWSWIRE) – The Global Location Based Entertainment Market is expected to grow at a CAGR of around 36.7% from 2021 to 2028 and reach around $ 6.0 billion by 2028.
North America has dominated the location-based entertainment market in the past and will continue to do so during the forecast period. The way consumers interact is changing due to widespread technological advancements. For example, according to a 2017 Eventbrite study, 78% of Americans prefer to spend money on experiences rather than things, preferring to accumulate memories rather than material things. In fact, this has been validated by a 70% increase in customer spending for live experiences in the United States over the past 30 years. Additionally, the love of technology and its widespread adoption is propelling the future economy in North America for the location-based entertainment market. The aforementioned factors are helping to drive the growth of the location-based entertainment market.
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Asia-Pacific, on the other hand, is expected to have the fastest growing CAGR in the location-based entertainment market in the coming years. This is due to the substantial financial support from the central government for location-based entertainment for consumers. In addition, India is rapidly developing a solid infrastructure that serves as a technical backbone, creating lucrative opportunities for the APAC location-based entertainment market. Apart from this, the increase in disposable income and the increasing penetration in the provinces of Asia-Pacific will positively impact the exponential growth of the location-based entertainment market during the forecast period.
Impact of COVID-19 on the location-based entertainment market
AR&VR businesses are facing both the positive and negative spillover effects of COVID-19 and it has had a significant impact on the way people consume media around the world. With the government imposing restrictions on people’s mobility, many are forced to stay at home as their social lives have shifted to online consumption and social networks and media platforms. The first to be completely shut down in the wake of COVID-19 was location-based entertainment. As a result, he should be the last to return to his original path. Before COVID-19, location-based entertainment was gaining ground at a rapid rate. Currently, the situation is far too complex to predict how it will develop. As virtual reality gains traction in almost every industry, from conferences and remote collaboration to education and training, virtual reality companies are starting to consider comprehensive virtual strategies that will be complemented by the incorporation digital strategies. This can be accomplished through technological advancements. Virtual telepresence is a powerful tool, and the money that is pouring into the virtual reality market will accelerate the development of things that don’t exist yet. In the coming years, virtual reality will gain ground across the entire market, further enhancing the growth of the location-based entertainment market.
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The global location-based entertainment market is segmented into components, technologies, and end-uses. The component is classified into hardware and software. By end use, the market is separated into amusement park, arcade studio, and 4D movies. Based on the technology, the market is segmented into 2-dimensional (2D), 3-dimensional (3D) and Cloud Merged Reality (CMR).
Major players in location-based entertainment involve The VOID, Hologate, Sandbox VR, Zero Latency, Spaces, HTC Corporation, IMAX Corporation,
and among others.
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Some of the main observations regarding location-based entertainment include:
- In May 2020, Tribeca announced a partnership with AT&T and IMAX to launch a new drive-through summer movie series. Throughout the series, Tribeca will work closely with local vendors who support small businesses. Since drive-ins are made up of large community components, Tribeca Enterprises, AT&T, and IMAX are hoping people will increase their demand and watch movies in a community setting that propels people into theaters.
- In August 2019, Disneyland Resort, in collaboration with Walt Disney, announced the opening of “Star Wars: Galaxy’s Edge”. It will be a theme park with VR-like technology with fully integrated immersive sights and sounds as well as characters from the Star Wars universe
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