Location-based Entertainment Market Opportunities by 2031
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.
Location-based Entertainment Market Analysis
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 Market Overview
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Location-based Entertainment Market: Strategic Insights
Market Size Value in US$ 1,444.92 Million in 2022 Market Size Value by US$ 2,918.91 Million by 2028 Growth rate CAGR of 12.4% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Location-based Entertainment Market: Strategic Insights
| Market Size Value in | US$ 1,444.92 Million in 2022 |
| Market Size Value by | US$ 2,918.91 Million by 2028 |
| Growth rate | CAGR of 12.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Location-based Entertainment Market Drivers and Opportunities
Rising Popularity of 360° VR based Games to Favor Market
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.
The advent of next-generation laser tags.
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.
Location-based Entertainment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the location-based entertainment market analysis are component, technology, and end-use.
- Based on component, the location-based entertainment market is divided into hardware and software. The hardware segment is anticipated to hold a significant market share in the forecast period.
- Based on technology, the location-based entertainment market is divided into 2-dimensional and 3-dimensional. The 3-dimensional segment is anticipated to hold a significant market share in the forecast period.
- By end-use, the market is segmented into amusement parks, arcade studios, and film studios. The arcade studios segment is anticipated to hold a significant market share in the forecast period.
Location-based Entertainment Market Share Analysis by Geography
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.
Location-Based Entertainment Market Report Scope
Location-Based Entertainment Market News and Recent Developments
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:
- WildBrain CPLG launched a location-based entertainment division. The team will initially focus on expanding WildBrain's homegrown and partner brands with new attractions in the APAC region, including Teletubbies entertainment centers and Peanuts hotels. (Source: WildBrain, Company Website, September 2023)
- iQIYI, a leading online entertainment service in China, announced the upcoming launch of a VR immersive theater of Galaxy Promenade in Galaxy Macau this summer, adapted from its hit series Love Between Fairy and Devil, showcasing iQIYI's commitment to expanding location-based entertainment through its unique blend of 'IP+ Technology. (iQIYI, /Company Website, May 2024)
Location-Based Entertainment Market Report Coverage and Deliverables
The “Location-Based Entertainment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Location-based entertainment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Location-based entertainment market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Location-based entertainment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the location-based entertainment market.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Technology, End-use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For