Global Location-Based Entertainment Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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The location-based entertainment market size has grown exponentially in recent years. It will grow from $3.05 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth in the historic period can be attributed to pop culture tie-ins, social media influence, urbanization, family and group activities, and experiential spending trends. The location-based entertainment market size is expected to see exponential growth in the next few years. It will grow to $9.91 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. The growth in the forecast period can be attributed to the integration of artificial intelligence, expansion into emerging markets, sustainability and eco-friendly initiatives, cross-industry collaborations, and shift towards hybrid experiences. Major trends in the forecast period include integration of augmented reality (AR), immersive experiences, adoption of virtual reality (VR), emphasis on interactive attractions, and advancement in technology.
Increasing consumer spending on games and video content is expected to propel the growth of the location-based entertainment market going forward. Consumer spending on games and video content refers to the amount of money individuals spend on purchasing or subscribing to video games, downloadable content, in-game purchases, streaming services, and other related digital entertainment products. Increasing consumer spending on games and video content reflects growing demand for digital entertainment experiences, immersive gaming experiences, and a shift towards online streaming platforms. Consumer spending on games and video content helps bolster location-based entertainment by showcasing the potential for immersive experiences, driving interest in similar interactive and experiential offerings at physical venues. For instance, in February 2024, according to data published by the Entertainment Software Association, a US-based trade association of the video game industry, total video game sales surged to $57.2 billion in 2023, marking an increase from the $56.6 billion recorded in 2022. The rise was primarily fueled by a boost in video game content spending, which rose to $48.0 billion from $47.5 billion in 2022. Therefore, increasing consumer spending on games and video content is driving the growth of the location-based entertainment market.
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What Are The Key Trends That Influence Location-Based Entertainment Share Analysis?
Companies in the location-based entertainment market are advancing virtual reality (VR) technologies to create more immersive experiences and attract a broader audience. VR technology in this sector generates interactive digital environments within physical spaces, enriching the entertainment experience. For example, in September 2022, Shanghai Disney Resort in China unveiled SoReal VR SuperSpace in its Disneytown district. This flagship venue, developed by China-based VR company SoReal, features VR experiences and an immersive VR walkthrough across two floors, enhancing visitor engagement and entertainment options within Disneytown.
Which Market Players Are Driving Growth In The Location-Based Entertainment Market?
Major companies operating in the location-based entertainment market are Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Huawei Technologies Co. Ltd., The Walt Disney Company, Panasonic Corporation, Nvidia Corporation, Regal Entertainment Group, Unity Technologies Inc., AEON Fantasy Co. Ltd., Sony Interactive Entertainment LLC, Magic Leap Inc., HTC Corporation, Niantic Inc., Barron Games International LLC, Bob’s Space Racers Inc., HQ Software LLC, Habo Studio Inc., CamOnApp S.A., E-Learning Studios Ltd., SpringboardVR Inc., BidOn Games Studio LLC, VRstudios LLC
How Is The Global Location-Based Entertainment Market Segmented?
1) By Offerings: Hardware; Software; Services
2) By Technology: 2 Dimensional (2D); 3 Dimensional (3D); Cloud Merged Reality (CMR)
3) By End-Use: Amusement Parks; Arcade Studios; 4D Films
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The Location-Based Entertainment Global Market Report 2024 provides an overview of the location-based entertainmentmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The location-based entertainment market forecast analyzes location-based entertainment market size, location-based entertainment market share, leading competitor and their market positions.
The Table Of Content For The Location-Based Entertainment Market Include
1. Location-Based Entertainment Market Executive Summary
2. Location-Based Entertainment Market Segments
3. Location-Based Entertainment Market Size And Template Market Growth Rate
4. Key Location-Based Entertainment Market Trends
5. Major Location-Based Entertainment Market Drivers
……
25. Key Mergers And Acquisitions In The Location-Based Entertainment Market
26. Top Location-Based Entertainment Companies
27. Location-Based Entertainment Market Opportunities And Strategies
28. Location-Based Entertainment Market, Conclusions And Recommendations
29. Appendix
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