LONDON, Aug. 29, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company, the global amusements market is experiencing a remarkable surge, showcasing its growth from $516.21 billion in 2022 to an impressive $809.01 billion in 2023, representing a staggering Compound Annual Growth Rate (CAGR) of 56.7%. As per insightful projections, the amusement park market growth rate is expected to be 2.4% through 2023-2027. The market size is anticipated to expand to $888.38 billion by 2027. This surge is largely attributed to the increasing utilization of social media and easy access to mass media, transforming how people engage with amusement experiences worldwide.
Social Media: A Catalyst for Market Growth
The influence of social media has revolutionized the amusement park market. Today, visitors in amusement facilities, including amusement parks, enthusiastically share their experiences, photographs, and videos across social media platforms. This practice acts as a testimonial, showcasing the exciting and captivating experiences these destinations offer. A recent study by Visa, a leading cards and payment company, reveals that a significant 73% of Asians check in online while on vacation, and an equally impressive 71% share their experiences on various social media platforms. Consequently, social media has emerged as a powerful marketing tool, particularly for businesses in the amusement sector, such as casinos and amusement parks, aiding in customer acquisition and market expansion.
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Technological Innovations Shape the Future
Amusement parks are embracing virtual and augmented reality technologies to provide customers with immersive and captivating experiences. Virtual reality offers a computer-generated 3D environment that interacts with individuals, while augmented reality overlays virtual objects onto the real world. This innovative technology is being integrated into rides and theater-based attractions, offering visitors novel and engaging experiences. For instance, Plopsaland De Panne in Belgium introduces a virtual reality wooden roller coaster named Heidi The Ride, reaching exhilarating speeds of over 43mph. SeaWorld’s Kraken Virtual Reality Roller Coaster in Orlando lets visitors embark on a virtual jet skiing adventure, creating a unique blend of reality and digital innovation.
Global Dominance and Regional Growth
Asia-Pacific emerged as the dominant region within the amusements market in 2022. However, the forecast period highlights Eastern Europe as the fastest-growing region. The amusements market analysis report covers a comprehensive range of regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Diverse Segmentation
The global amusements market is extensively segmented to provide a nuanced understanding of its dynamics:
- Type: Amusement Parks, Gambling
- Age Group: Below 25 Years, 26 to 39 Years, 40 to 59 Years, 60 to 74 Years
- Visitors' Gender: Male, Female
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As the global amusements market continues to evolve with technological advancements and changing consumer behaviors, businesses can rely on comprehensive reports provided by The Business Research Company (TBRC) to gain valuable insights, shape strategies, and navigate this dynamic landscape successfully.
Amusements Global Market Report 2023 by The Business Research Company provides insights on the amusements market size, amusements market segments, amusements market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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