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 expected to contribute significantly to the expansion of the location-based entertainment market during the forecast period.
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The introduction of virtual reality-based games with 360-degree content can provide people with exciting and immersive experiences, driving the growth of the industry. These developments are prompting major players in the location-based entertainment market to work with technology providers and advance LBE technology.
For example, in September 2019, TacHammer; StrikerVR, Inc.; and Nanoport Technology Inc. collaborated on Linear Magnetic Ram (LMR) haptic technology. As part of this partnership, Sticker VR has launched the Arena Infinity LITE VR peripheral, designed to deliver realistic touchscreen experiences for LBE and VR.
The hardware sector has seen the greatest growth in the VR gaming market. Hardware categories include VR gaming headsets and other products suitable for the gaming industry.
The dynamics of the global gaming market are expected to change owing to the presence of small start-ups and large hardware manufacturers, such as Oculus VR, Sony, Samsung, and Google. Players will engage in fierce competition based on the style and cost of Virtual Reality Gadgets.
The growing popularity of 360-degree content, the high adoption of this technology, and the growing implementation and acceptance of the technology are expected to drive down the prices of VR hardware components such as VR joysticks and headsets. Being one of the most sought after major gaming platforms, location-based virtual reality technology is expected to increase the appeal of 360 degree video in the near future.
In the coming years, these elements are expected to drive the growth of the global location-based entertainment market.
The Asia-Pacific region is estimated to register the highest CAGR in the location-based entertainment market during the forecast period due to numerous emerging economies, such as China, India, Japan, Australia and South Korea. The number of amusement parks and theme parks in countries like Japan, Australia, South Korea, India, and China is extremely 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 increasing significantly, which will help in the growth of the location-based entertainment market.
Impact of the COVID-19 pandemic on the growth of the Asia-Pacific location-based entertainment market
Governments of Asia-Pacific countries have taken all possible measures to reduce the impact of the COVID-19 pandemic, the main one being the announcement of a lockdown. The temporary shutdown of businesses has led to increased adoption of the digital entertainment platform among customers and organizations. .
During the first and second quarters of 2020, several businesses were temporarily closed. As a result, the entertainment industry and related markets, especially LBE, were disrupted and many people who worked there were asked to quit their jobs.
With the relaxation of lockdown rules, the location-based entertainment market has begun to revive. Since the outbreak, amusement parks, arcade studios and movie studios in Asia-Pacific are focusing more on transforming their core businesses and location-based entertainment by providing various technologies, such as contactless, physical distancing tools and temperature checks. for consumer safety.
With business picking up in the region, adoption of LBE will increase as the media and entertainment industry picks up. This factor will gradually boost the businesses of the location-based entertainment market players.
The Asia-Pacific location-based entertainment market size is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia-Pacific. Asia-Pacific countries are known to embrace technological advancements in the early stage.
For this reason, the region is home to many companies that provide 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. Additionally, in January 2021, Enlight Media, a Chinese film and television studio began building a film-inspired adventure. park in China.
Legacy Entertainment will design the centerpiece of the park, “Enlight Epicenter.” For location-based entertainment, Enlight requires an investment of approximately US$2.5 billion. Similarly, in November 2019, Shinsegae, a South Korea-based retail giant, announced that the company was building a US$3.8 billion theme park in South Korea. Construction was expected to begin in 2021 and set for first opening in 2026 and full opening by 2031.
China dominated the location-based entertainment market share in 2021. The country is well known for its rapid development, be it in technology or construction.
A Chinese film and television studio, Enlight Media, is developing a theme park in Yangzhou. For this movie-inspired theme park, a Hollywood company Legacy Entertainment was selected to design the central Enlight Epicenter component of the park.
The business requires an investment of approximately US$2.5 billion. Moreover, the country has various tourist attractions, such as the theme parks inspired by Lionel Messi and VR Star. The presence of VR Star theme parks is expected to create lucrative business opportunities for headsets and haptic suits. By using the above mentioned products, it is estimated that the reach of LBE will be increased in China during 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 growing technological advancements in the country, companies are focusing on introducing advanced technologies, such as augmented reality and virtual reality, in businesses.
For example, Seasons Mall, Pune, has installed a wireless virtual reality game zone lounge. It would be the first wireless VR gaming zone in the country.
Such developments in the country are expected to increase the growth of the location-based entertainment market.
BidOn game studio; size; HQ software; IMAX SOCIETY; Neurogaming LTD; TESLASUIT; SpringboardVR; Samsung Electronics Co., Ltd. ; Vicon Motion Systems Ltd. ; and VRstudios Inc. are among the major market players. The location-based entertainment market is highly fragmented, with several players localized to a specific region, which has increased their focus on meeting national demands.
The Global Location Based Entertainment Market has been derived using primary and secondary sources. To begin the location-based entertainment market analysis, an exhaustive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the entertainment market.
The process also serves to obtain a market overview and forecast of market growth with respect to all market segments. Additionally, several primary interviews with participants and industry commentators were conducted to validate the data and gain more analytical insights on the topic.
Participants in this process include industry experts such as vice presidents, 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.
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