It is estimated to grow at a CAGR of 12.4% from 2022 to 2028. The development of 360-degree virtual reality (VR) technology is expected to contribute significantly to the expansion of the location-based entertainment market during the forecast period.
NEW YORK, Oct. 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Releases Report “Location-Based Entertainment Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Components, Technologies and End-Uses” will be announced. – https://www.reportlinker.com/p06353504/?utm_source=GNW
Viewers can get a 360-degree view of projected content.
Introducing VR-based games with 360-degree content can provide people with thrilling and immersive experiences and help drive the growth of the industry. These developments have prompted a major location-based entertainment market player to work with technology providers to advance his LBE technology.
For example, in September 2019 TacHammer; StrikerVR, Inc.; and Nanoport Technology Inc. collaborated on linear magnetic ram (LMR) haptic technology. As part of the partnership, Sticker VR has launched the Arena Infinity LITE VR peripheral designed to bring a realistic haptic experience to LBE and VR.
The hardware sector has seen the biggest growth in the VR gaming market. The hardware category includes VR gaming headsets and other products tailored for the gaming industry.
The presence of smaller start-ups and major hardware manufacturers such as Oculus VR, Sony, Samsung, and Google is expected to change the dynamics of the global gaming market. VR gadgets.
Rising popularity of 360-degree content, high adoption of this technology, and increasing implementation and acceptance of the technology are projected to drive down the price of VR hardware components such as joysticks and VR headsets. Platform, location-based VR technologies are predicted to increase the appeal of 360-degree video in the near future.
In the coming years, these factors are projected to boost the growth of the global location-based entertainment market.
Asia-Pacific is estimated to register the highest CAGR in the location-based entertainment market during the forecast period, owing to many emerging economies such as China, India, Japan, Australia, and South Korea. The number of amusement and theme parks present in the country, markets such as Japan, Australia, South Korea, India and China are very high and are expected to create lucrative growth opportunities for location-based entertainment providers.
As recently as July 2022, Netflix launched its first theme park based on location-based entertainment, a pavilion at KidZania in Fukuoka. Therefore, demand for his LBE in APAC has increased significantly and this will actually contribute to the growth of the location-based entertainment market.
Impact of the COVID-19 Pandemic on the Growth of the Asia-Pacific Location-Based Entertainment Market
Governments of Asia-Pacific countries have taken all possible steps to mitigate the impact of the COVID-19 pandemic. The main one was the lockdown announcement. Temporary corporate closures have increased the use of digital entertainment platforms among customers and organizations. .
Several businesses temporarily closed in Q1 and Q2 2020. This disrupted the entertainment sector and related markets, especially his LBE, and many people working there were asked to leave their jobs.
With the easing of lockdown rules, the location-based entertainment market has begun to revive. Since the outbreak, amusement parks, arcade studios, and movie studios in Asia-Pacific have transformed their core operations and provided location-based We focus on our commitment to entertainment. For consumer safety.
With the resumption of business in rural areas, the revival of the media and entertainment industry has increased the adoption of LBE. This factor will gradually boost the business of location-based entertainment market players.
Asia-Pacific location-based entertainment market size is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia-Pacific. Countries in the Asia-Pacific region are known for adopting technological advances at an early stage.
As a result, the region is home to many companies that provide location-based entertainment, including Panasonic Connect, SKonec Entertainment, and Sony Interactive Entertainment LLC.
In December 2019, South Korean location-based entertainment company SKonec Entertainment expanded its presence with the opening of VR Square in Los Angeles. Chinese park.
Legacy Entertainment will design the core component of the park, the ‘Enlight Epicenter’. Enlight needs to invest approximately US$2.5 billion in location-based entertainment. Similarly, in November 2019, South Korea-based retail giant Shinsegae announced that the company was building his US$3.8 billion theme park in South Korea. Construction was set to begin in his 2021, with an initial opening in 2026 and his full opening by 2031.
China will dominate the location-based entertainment market share in 2021. The country is famous for its rapid development in either technology or construction.
Chinese film and television studio Enlight Media is developing a theme park in Yangzhou.
The company needs an investment of approximately US$2.5 billion. Additionally, the country has a wide range of attractions, including the Lionel Messi-inspired VR Star Theme Park. The presence of a VR star theme park is predicted to create lucrative business opportunities for headsets and haptic suits. With the above products, it is estimated that his LBE range will expand in China during the forecast period.
India is expected to grow at the fastest CAGR. This country is her one of the developing countries in the region.
The country is focused on developing infrastructure with the help of technology. With the advancement of technology in the country, companies are focusing on introducing advanced technologies such as his AR and VR into their businesses.
For example, Seasons Mall in Pune has set up a wireless virtual reality gaming zone lounge. This is said to be the country’s first wireless VR game zone.
Such development of the country is expected to drive the growth of the location-based entertainment market.
BidOn Game Studios; Dimensions; HQ Software; Imax Corporation; Neurogaming Inc.; Tesla Suit; . The location-based entertainment market is highly fragmented, with several players localized to specific regions, with a strong focus on catering to domestic demand.
The overall location-based entertainment market has been derived using both primary and secondary sources.Qualitative and quantitative information related to location-based entertainment to initiate the location-based entertainment market analysis. A thorough secondary research was conducted using internal and external sources to obtain the entertainment market.
This process also serves the purpose of obtaining market growth overviews and market forecasts for all market segments. Also, multiple key interviews were conducted with industry participants and commentators to validate the data and gain more analytical insights on the topic.
Participants in this process include industry experts such as VPs, Business Development Managers, Market Intelligence Managers, National Sales Managers, as well as evaluators, research analysts and key opinion leaders who specialize in the location-based entertainment market. Includes external consultants.
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