Location-based entertainment (LBE) Market Size Projected to Reach USD 26,555.26 Million By 2032, With a CAGR of 26.7%: Polaris Market Research

NEW YORK, Sept. 21, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Location-based entertainment Market Share, Size, Trends, Industry Analysis Report, By component (Hardware, Software); By Technology; By End-use; By Region; Segment Forecast, 2023-2032" published by Polaris Market Research in its research repository.

"According to research report, the global location-based entertainment (LBE) market size/share was valued at USD 3,158.42 Million in 2022 and is expected to touch USD 26,555.26 Million By 2032, growing at a CAGR of 26.7% during the forecast period."

Location-based entertainment (LBE) Market: Report Overview

Location-based entertainment (LBE) refers to a form of entertainment that is designed to be enjoyed in a specific location outside of the user's home. LBE aims to provide physical experiences by combining various forms of entertainment, technology, and interactivity. From virtual reality cafés and pop-up stores to immersive cinema and theme parks, LBE can include a wide range of activities and venues.

Large-scale LBE locations encompass multiple different entertainment, lodging, dining, and shopping choices, while smaller LBE may include one or two core experiences, such as a themed restaurant and a casual sports facility combined with other self-service entertainment. These entertainment experiences are designed to be enjoyed by individuals, families, and groups of friends. Rising demand for immersive video content and games at LBE sites is driving the location-based entertainment market demand. 

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• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• Hologate
• Sandbox VR
• Zero Latency
• Spaces
• HTC Corporation
• Sony Corporation
• Facebook Technologies LLC
• Ubisoft Entertainment SA
• The VOID LLC
• IMAX Corporation
• Samsung Electronics Co. Ltd.
• Google LLC
• Merlin Entertainments plc
• Dave & Buster's Entertainment Inc

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Location-based entertainment (LBE) Market: Report Scope

Prominent Growth Driving Factors

• Consumer choices and mall innovations: Consumers often choose location-based entertainment (LBE) experiences as an alternative to investing in simulation devices or other forms of entertainment. Also, malls are using the LBE to produce a more relevant shopping experience. These factors are boosting the location-based entertainment market size growth.
• The rise of immersive LBE venues with VR and AR: Customers are looking for more and more distinctive, immersive experiences that they cannot have at home. This has caused LBE venues to appear that provide interactive and interesting experiences, like virtual reality (VR) and augmented reality (AR) attractions.
• Competitive gaming and E-sports: The rising popularity of competitive gaming events and the growth of e-sports are creating new opportunities for LBE venues to attract a dedicated customer base, which is propelling the location-based entertainment market growth.
• Technological developments: Growing technological developments, social media and word-of-mouth marketing, and tourism and travel trends are positively influencing the industry's expansion. Technology improvements are essential to the LBE sector because they enable venues to offer immersive and realistic experiences.

Recent Trends Influencing the Market

• Shift towards technology-driven initiatives: Rising shift towards technology-driven initiatives such as VR has led to mergers and acquisitions between video game developers and LBE technology providers as well as small-scale companies investing in the location-based entertainment market.
• For instance, in April 2022, Glytch, a leading professional e-sports stadium company that offers cutting-edge facilities for e-sports events, entered a strategic partnership with Legends, a renowned global experiences company, and a premier sports and entertainment venue and attractions operator. Through this partnership, the two businesses hope to create immersive and compelling experiences for players, fans, and partners.

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Segmental Analysis

Hardware segment witnessed the market share in 2022

Based on component, hardware category accounted for the major location-based entertainment market share in 2022 owing to the increasing developments in Virtual Reality and augmented Reality gadgets. The hardware-based devices offer viewers a realistic experience in LBE centers at a reasonable cost while creating unforgettable moments. Further, the increased use of VR headsets by the LBE providers fuels the segment growth.

Moreover, software segment is predicted to register a significant growth of CAGR owing to the continuous development of LBE services. The VR devices' use for mobile-based gaming is anticipated to propel the segment growth. To address the growing customer demand for immersive experiences of the highest calibre, developers are implementing cutting-edge technologies like 3D animation, gesture tracking, guardian systems, and 360-degree cameras. Such innovations are predicted to create new opportunities for the software segment.

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Geographic Overview

Asia Pacific has registered the highest CAGR in 2022

By geography location-based entertainment market segmentation, Asia Pacific registered the largest Compound Annual Growth Rate (CAGR) in 2022 due to the increasing demand for outdoor recreation among consumers, which has gained popularity for the Location-Based Entertainment (LBE) industry. Moreover, LBE enterprises now have more commercial options as the region is known as a center for major virtual reality software and hardware businesses. Due to the availability of state-of-the-art technologies and engaging experiences, LBE operators are able to create captivating and innovative entertainment concepts that customers find attractive.

Furthermore, the location-based entertainment market in North America accounts for the greatest revenue share and is expected to continue to witness substantial growth throughout the foreseen period due to the rising awareness of the latest technologies and the increasing adoption of LBE. Numerous significant market players are based in North America, and the efficient implementation of LBE across numerous applications in the media and gaming sectors further contributes to the regional location-based entertainment market growth.

Browse the Detail Report "Location-based entertainment Market Share, Size, Trends, Industry Analysis Report, By component (Hardware, Software); By Technology; By End-use; By Region; Segment Forecast, 2023-2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/location-based-entertainment-market

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Recent Developments

In September 2020, VRstudios, Inc. introduced a new division called VRstudios Sports to create a virtual reality (VR) platform that enables players to connect, socialize, and share their experiences in a VR environment. With VRstudios Sports, players can enjoy VR-based games and experiences from their homes while staying connected to an extended (LBE) facility.

Frequently Asked Questions

• Who are the crucial companies operating the market?
• What are the major industry norms influencing the development of the industry?
• Which is the most propelling country in the industry?
• Which application or product type will obtain progressive development possibilities during the forecast period?
• What is the expected growth rate of the market during the foreseen period?
• What are the key strategies adopted by companies in the impact market?
• What are the main findings of Porter's five forces analysis and the SWOT analysis of the major companies in the market?

Polaris Market Research has segmented the location-based entertainment market report based on component, technology, end-use and region:

By Component Outlook

• Hardware
• Software

By Technology Outlook

• Dimensional (2D)
• 3 Dimensional (3D)
• Cloud Merged Reality

By End-use Outlook

• Amusement Parks
• Arcade Studios
• 4D films

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research