The location-based entertainment market size is projected to reach US$ 4.98 billion by 2031 from US$ 1.88 billion in 2023. The market is expected to register a CAGR of 12.9% during 2023–2031. The increasing popularity of 360-degree VR-based games and a mix of AR and VR technology with 3-D projection mapping are likely to remain key trends and drivers in the market.
The location-based entertainment market is experiencing significant growth globally. This growth is attributed to factors such as the rising popularity of 360-degree VR-based games and a mix of AR and VR technology with 3-D projection mapping. Moreover, the development and integration of advanced technology and tools and the advent of next-generation laser tags are anticipated to hold several opportunities in the market in the coming years.
Location-based entertainment (LBE) is a consumer-facing industry category that combines elements of hospitality, leisure and retail. As the name implies, location-based entertainment venues are physical destinations that consumers visit with the expectation of being entertained. These venues are designed to provide consumers with entertainment, education, and immersive experiences that they cannot get at home.
360 virtual reality (also known as 360 VR) is interactive and immersive content that surrounds a user as if they are standing in the middle of a scene. This content can be viewed through any device, and it allows the user to look in any direction, allowing them to see and interact with the content as they would in real life. Moreover, various companies are launching the 360° VR based games. For instance, in March 2024, Virtuix, one of the developers behind the Omni One full-body VR gaming system, announced 35 launch titles. The Omni One includes a proprietary 360-degree treadmill that allows players to freely run around and immersive themselves in virtual reality games. Thus, the increasing popularity and availability of 360° VR based games are driving the market.
Tager is the equipment for a tactical game of the next generation. The game imitates armed combat. The objective of the game is to defeat the rival using a special light blaster while at the same time avoiding getting defeated. Moreover, various companies, such as Urban Underground Limited, are initiating the next-generation laser tag. For instance, in May 2023, Urban Underground Limited is currently working on its new immersive indoor gaming hub at Serpentine Green in Hampton, Peterborough. A new laser tag and gaming center is due to open at a shopping center.
Key segments that contributed to the derivation of the location-based entertainment market analysis are component, technology, and end-use.
The geographic scope of the location-based entertainment market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the location-based entertainment market. High technology adoption trends in various industries in the North American region have fuelled the growth of the location-based entertainment market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American location-based entertainment market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of location-based entertainment market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the location-based entertainment market.
The regional trends and factors influencing the Location-based Entertainment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Location-based Entertainment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.88 Billion |
| Market Size by 2031 | US$ 4.98 Billion |
| Global CAGR (2023 - 2031) | 12.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Location-based Entertainment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Location-based Entertainment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The location-based entertainment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the location-based entertainment market are listed below:
The “Location-Based Entertainment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America is anticipated to dominate the location-based entertainment market in 2023.
The increasing popularity of 360-degree VR-based games and a mix of AR and VR technology with 3-D projection mapping are some of the factors driving the location-based entertainment market.
Development and integration of advanced technology are anticipated to drive the market in the forecast period.
The key players holding majority shares in the global location-based entertainment market are BidOn Games Studio, Dimension, HQSoftware, IMAX CORPORATION, Neurogaming LTD, TESLASUIT, SpringboardVR, Samsung Electronics Co., Ltd., Vicon Motion Systems Ltd., VRstudios, Inc.
The global location-based entertainment market is expected to reach US$ 4.31 billion by 2031.
The expected CAGR of the location-based entertainment market is 12.9%.