The location-based entertainment market has seen significant growth in recent years, with North America emerging as the fastest-growing region. According to SkyQuest’s recent research, there are now over 885 Amusement Park businesses in the United States, marking a 16.5% increase from the previous year, suggesting that the market is experiencing a positive outlook. The report highlights the importance of exploring new geographical regions to expand a brand’s customer base and increase revenue. Furthermore, the market has seen significant innovations in recent years, with key players investing heavily in developing new technologies and experiences. In addition, Spree Interactive, a leading virtual reality entertainment solutions provider, has launched its latest creation, the Spree VR Playground, offering a unique combination of physical activity and immersive digital gameplay.
The report also provides essential insights into the current trends, drivers, and obstacles that have impacted the global market’s expansion, as well as growth opportunities in the future. It also outlines the key players in the industry and their level of competitiveness. SkyQuest Technology is a leading growth consulting firm that provides market intelligence, commercialization, and technology services, with 450+ happy clients globally.
The location-based entertainment market is expected to exceed USD 25.34 billion by 2028, with a CAGR of 34.4% from 2022 to 2028, according to a research report by SkyQuest. The Asia Pacific region is leading the growth surge, with North America experiencing tight competition as consumers increasingly prefer amusement parks, arcade studios, 4D films, and other leisure activities. The market’s growth can be attributed to factors such as rapid urbanization, an increase in disposable incomes, and international tourism. The adoption of immersive video content, video games, and other entertainment content has been a driving force in the market’s growth.
SkyQuest’s research also suggests a positive outlook for the amusement park industry, which is projected to grow at a CAGR of 4.85% and exceed USD 67.84 billion. This projection bodes well for the location-based entertainment market, which includes experiences such as theme parks, immersive theater, virtual reality experiences, and escape rooms. As people seek out new and unique experiences, the popularity of LBE continues to rise.
Several prominent players in the location-based entertainment market include HTC Corporation, Walt Disney World, IMAX Corporation, Samsung Electronics Co., Ltd., and Sony Interactive Entertainment LLC. SkyQuest’s research report includes an in-depth table of contents with 276 pages, 89 tables, and 66 figures. For those interested in the location-based entertainment market, a sample copy of the report is available.
The hardware segment is projected to have a higher growth rate than other components of the location-based entertainment market from 2022 to 2028, due to its essential role in creating immersive and interactive experiences. This segment includes products such as virtual reality headsets, motion tracking systems, haptic feedback devices, and specialized controllers. The Asia Pacific region is the leading contributor to the market and is expected to dominate it through 2028. This region has been quick to adopt new technologies and innovations, leading to several new location-based entertainment experiences, such as virtual and augmented reality.
The amusement park segment was the leading player in the location-based entertainment market in 2021, with a significant market share. This segment is expected to maintain its dominant position from 2022 to 2028 due to the range of exciting and engaging experiences it offers visitors, including thrilling rides, interactive shows, and games. Amusement parks have become a preferred destination for people looking for fun and adventure, particularly for family-friendly entertainment options.
For those interested in the location-based entertainment market, SkyQuest offers a report with a complete table of contents, including a summary and detailed information on the market’s various segments, such as hardware, software, content, and services. The report also includes profiles of prominent players in the market, such as HTC Corporation, Walt Disney World, IMAX Corporation, Samsung Electronics Co., Ltd., and Sony Interactive Entertainment LLC.
The North American region has emerged as the fastest-growing region in the location-based entertainment market, with a significant increase in the number of amusement park businesses. Recent research by SkyQuest reveals that the United States has over 885 amusement park businesses in 2023, marking a 16.5% increase from the previous year, indicating a positive outlook for the location-based entertainment market in the region. The market has witnessed significant innovations in recent years, with key players investing heavily in developing new technologies and experiences to engage customers and maintain their competitive edge.
SkyQuest’s latest research report shows numerous opportunities for both newcomers and established brands to thrive in the location-based entertainment market. The report provides valuable insights into the market’s current trends, making it an essential resource for anyone seeking to establish a presence in this sector. To expand a brand’s customer base and increase revenue, it’s important to explore new geographical regions.
For those interested in the location-based entertainment market, SkyQuest offers the opportunity to speak with an analyst for custom requirements.
Key Developments in the Location-Based Entertainment Market
Virtual reality (VR) entertainment group, having completed the sell-off of its assets worth $25 million, is now looking to acquire new assets to strengthen its foothold in the industry. The sale of the assets has provided the company with the necessary financial resources to pursue new opportunities and make strategic acquisitions.
LAI Games, a leading manufacturer of arcade and amusement games, has launched its direct-to-consumer business. This move allows the company to expand its reach and offer its products directly to customers through its website. As people usually spend more time at home, they seek ways to stay entertained and engaged, resulting in growing demand for at-home entertainment options due to the pandemic.
SkyQuest Technology has recently conducted market research on the location-based entertainment market, revealing various exciting opportunities for established and new brands in the industry. North America emerged as the fastest-growing region in 2021, with a 16.5% increase in the number of amusement parks businesses in the United States. SkyQuest’s research report offers valuable insights into the market’s current trends, making it a crucial resource for those seeking to establish a presence in this sector. The report also emphasizes the significance of exploring new geographical regions to expand a brand’s customer base and increase revenue.
Spree Interactive, a leading virtual reality (VR) entertainment solutions provider, recently unveiled its latest creation at the DEAL trade show: the Spree VR Playground. This innovative experience offers a unique combination of physical activity and immersive digital gameplay, creating an exciting and engaging experience for visitors of all ages. The Spree VR Playground is a large, open space with several interactive game stations, each featuring its VR headset and motion-tracking technology.
The report also highlights various key players in the location-based entertainment market and how competitive the market is. Emerging trends, such as virtual and augmented reality experiences, have become increasingly popular, particularly in the Asia Pacific region. This region has emerged as the market leader in the location-based entertainment market, accounting for the largest market share in 2021. The amusement park segment has been the leading player in the location-based entertainment market in 2021, with a significant market share, and it is expected to maintain its dominant position from 2022 to 2028.
SkyQuest’s library contains several related reports, including the global cybersecurity market, the global blockchain market, the global mass flow controller market, and the global precision farming software market. SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization, and technology services to over 450 happy clients globally. Their address is located at 1 Apache Way, Westford, Massachusetts 01886, and they can be reached by phone at (+1) 617-230-0741 or via email at [email protected].
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