Location Based Entertainment Market Value Predicted To Reach US$ 6.0 Billion By 2028 Covering Covid-19 Effect: Acumen Research and Consulting


Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Location Based Entertainment Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”

LOS ANGELES, Aug. 04, 2021 (GLOBE NEWSWIRE) -- The Global Location Based Entertainment Market is expected to grow at a CAGR of around 36.7% from 2021 to 2028 and to reach around US$ 6.0 Bn by 2028.

North America has dominated the location-based entertainment market in the past and will continue to do so during the forecast period. The way consumers interact is changing as a result of widespread technological advancement. For example, according to a 2017 Eventbrite study, 78% of Americans prefer to spend money on experiences rather than things, preferring to accumulate memories over material things. In fact, this was validated by a 70% increase in customer spending on live experiences in the United States over the last 30 years. Furthermore, the love of technology and its widespread adoption is propelling the future economy in North America for the location-based entertainment market. The aforementioned factors help to drive the growth of the location-based entertainment market.

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Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the location-based entertainment market in the coming years. This is due to the central government's substantial financial support for location-based entertainment for consumers. In addition, India is rapidly developing a strong infrastructure that serves as a technical backbone, creating lucrative opportunities for the APAC location-based entertainment market. Apart from that, rising disposable income and growing penetration in Asia Pacific provinces will have a positive impact on the exponential growth of the location-based entertainment market during the forecast period.

COVID-19 impact on location based entertainment market

AR&VR companies are dealing with both positive and negative knock-on effects of COVID-19 and it has had a significant impact on how people consume media around the world. With the government imposing restrictions on people's mobility, many are forced to stay at home as their social lives have shifted to online and social media consumption and media platforms. The first to be completely shut down as a result of COVID-19 was location-based entertainment. As a result, it is expected to be the last to return to its original path. Before the COVID-19, location-based entertainment was gaining traction at a rapid pace. Currently, the situation is far too complex to predict how it will play out. With virtual reality gaining traction in almost every industry, from conferences to remote collaboration to education and training, VR companies are beginning to consider entire virtual strategies that will be supplemented by the incorporation of digital strategies. This can be accomplished through technological advancement. Virtual telepresence is a powerful tool, and the money pouring into the VR market will hasten the development of things that do not yet exist. In the coming years, VR will gain rapid traction in the overall market, bolstering the growth of the location-based entertainment market.

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Segmental Outlook

The global location based entertainment market is segmented as component, technology, and end-use. The component is classified into hardware and software. By end-use, the market is segregated as amusement park, arcade studio, and 4D films. Based on technology, the market is segmented as 2 dimensional (2D), 3 dimensional (3D), and cloud merged reality (CMR).

Competitive Landscape

The prominent players of location based entertainment involve The VOID, Hologate, Sandbox VR, Zero Latency, Spaces, HTC Corporation, IMAX Corporation, 
and among others. 

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Some of the key observations regarding location based entertainment include:

  • In May 2020, Tribeca announced partnership with AT&T and IMAX for launching a new summer movie drive-in series. Throughout the series, Tribeca will work closely with local vendors that support small businesses. As drive-in theaters consists of big community components, Tribeca Enterprises, AT&T, and IMAX hopes that people rise their demand and watch movies in a community setting that will propel people into the theaters.

  • In August 2019, Disneyland Resort, in collaboration with Walt Disney, announced the opening of "Star Wars: Galaxy's Edge". This will be a theme park with VR like technology with fully integrated immersive sights and sound as well as characters of Star Wars Universe

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