The global location-based entertainment market size was worth around USD 3.5 Billion in 2022 and is predicted to grow to around USD 22.2 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 26% between 2023 and 2030.
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➤ The market is experiencing growth as 360-degree VR activities become increasingly prevalent.
Globally, the development of VR games has served substantial markets and has immense potential. The Samsung Gear VR, Oculus VR, and HTC Vive have become increasingly popular as virtual reality technology has progressed. Virtual reality technology, which encompasses hand controls, sensory input, and tracking, renders games both interactive and enjoyable. In order to meet the demand, an increasing number of virtual reality gaming companies have emerged. Participants in virtual reality activities have the ability to perceive the environment. Immersive images and 360-degree video content stimulate the release of adrenaline. Players have the ability to modify the game’s parameters by employing virtual reality devices. VR improved shooters, simulations, and excursions. This promotes the growth of the location-based entertainment industry.
➤ The health hazards associated with the extensive use of VR headsets are significant.
VR devices may generate electromagnetic frequency radiation. These devices are equipped with advanced sensors that fully immerse you in VR and communicate to your smartphone or computer via Bluetooth or Wi-Fi. Radiation is released by VR devices that are powered by smartphones. The reproductive system, temperament, and sleep patterns may all be influenced by cell phone radiation. VR headsets have the potential to emanate radiation and pose long-term health risks by wirelessly connecting to Wi-Fi and interacting with smartphones. Consequently, it is anticipated that this will impede the expansion of the global location-based entertainment market.
➤ The increasing emphasis of market participants on the integration of innovative technology presents an appealing opportunity.
The major location-based entertainment market players are focusing on the integration of cutting-edge technologies, including Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), interactive digital surfaces, and 3D projection mapping with LBE, in order to offer customers premium immersive experiences. For example, in January 2023, Apple, Inc. and the Walt Disney Company explored the potential of collaborating to develop a VR content platform for the company’s headset. The headset, which features high-resolution displays and AR full-color pass-through, was developed by the technology giant in collaboration with Sony Group Corporation.
➤ The substantial expense associated with the development of AR and VR content presents a significant obstacle.
Companies are intrigued by the intricate topic of the costs of augmented reality solutions. AR is a sound investment due to its ability to generate innovations and operate efficiently. In order to enhance their profitability, attract additional attention, and impress their audience, businesses from all sectors implement this approach. Typically, the cost of AR ranges from $7000 to $250,000 for large-scale enterprise solutions. The cost of developing an AR solution is contingent upon a variety of factors, such as the complexity of the project, the tenure of the project, and the type of AR application. Thus, it is anticipated that the market’s expansion will be significantly impeded by the exorbitant costs of AR and VR.
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The Global Location-based Entertainment Market is segmented based on product, application and region
Global Location-based Entertainment Market: Product Segment Analysis
● Hardware
● Software
Global Location-based Entertainment Market: Application Segment Analysis
● Amusement Parks
● Arcade Studios
● 4D Films
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The global Location-based Entertainment market profiles key players such as:
● KidZania Operations S.A.R.L.
● Huawei Technologies Co. Ltd.
● Microsoft Corporation
● Niantic Inc.
● Regal Entertainment Group
● Samsung Electronics Co. Ltd.
● Overseas Chinese Town Enterprise Co. (OCT) Parks
● Six Flag Entertainment Corporation
● 4Experience
● HTC Corporation
● HQ Software
● Google LLC
● E-Learning Studios
???? Recent Developments:
• HTC VIVE introduced VIVE Flow in October 2021, a pair of spectacles that can transport users to any destination. VIVE Flow was engineered with portability and simplicity in mind, allowing users to experience moments of tranquility and well-being throughout the day. This can be accomplished by utilizing tools such as TRIPP for meditation 2.0, engaging in a stroll, watching TV or movies on their own, utilizing cinema-sized VR screens, exercising their brains with brain-training apps, and interacting socially and collaboratively with colleagues and friends on VIVE Sync.
• Chaos at Hogwarts, a realistic location-based Harry Potter VR experience that functions as a proof of concept, was developed by AT&T in July 2021 in collaboration with Warner Bros., Ericsson, Qualcomm, Dreamscape, Nvidia, and Wevr. This proof-of-concept illustrates how 5G could potentially improve the following user-generated encounters. The current architecture can be transformed into one that is more efficient for venue administrators, more effective for artists, and more enjoyable for spectators by combining edge cloud mixed reality processing with the high output and low latency characteristics of 5G.
➤ The market is anticipated to be dominated by North America during the forecast period.
The global location-based entertainment market is anticipated to be dominated by North America during the forecast period. The rapid adoption of location-based VR and the increase in interest in cutting-edge technology are the primary factors contributing to the region’s growth. Furthermore, North America is home to numerous influential industry actors. The expansion of the local market is also being facilitated by the successful implementation of location-based VR in a variety of media, entertainment, and gaming applications.
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