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North America Location-based Entertainment Market Trends, Size, Segment and Growth by
Forecast to 2030
The location-based entertainment market in North America
is expected to grow from US$ 581.20 million in 2022 to US$ 1,137.55 million by
2028. It is estimated to grow at a CAGR of 11.8% from 2022 to 2028.
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Rising Popularity of 360-Degree VR-Based Games
The development of 360-degree virtual reality (VR)
technology is anticipated to significantly contribute to the expansion of the
North America location-based entertainment market. The viewers can get a
360-degree view of the projected content. The introduction of VR-based games
with 360-degree content can provide people with thrilling and immersive
experiences, which is helping boost the industry's growth. These developments
are prompting the major market players to work with technology providers and advance
LBE technology. In September 2019, TacHammer; StrikerVR, Inc.; and Nanoport
Technology Inc. collaborated on the Linear Magnetic Ram (LMR) haptic
technology. As part of the partnership, Sticker VR launched Arena Infinity LITE
VR peripheral, designed to deliver realistic tactile experiences for LBE and
VR.
The hardware sector had the most significant growth in the
VR gaming market. Hardware categories include VR gaming headsets and other
products tailored to the gaming industry. The dynamics of the gaming market are
anticipated to shift due to the presence of smaller start-ups and major
hardware manufacturers such as Oculus VR, Sony, Samsung, and Google. Players
will engage in fierce competition based on the style and cost of VR gadgets.
The rising popularity of 360-degree content, high adoption of this technology,
and increasing implementation and acceptance of the technology are projected to
decrease the prices of VR hardware components such as joysticks and VR
headsets. Being one of the most sought-after major gaming platforms,
location-based VR technology is predicted to increase the appeal of 360-degree
video. In the years to come, it is predicted that these elements would
encourage the growth of the North America location-based entertainment market.
Market Overview
The North America location-based entertainment market is segmented into the US,
Canada, and Mexico. The region is home to more than 400 theme parks. The most
famous theme park is California's Disneyland. It has been providing
location-based entertainment to its customers for a long time. Moreover, in
September 2022, Warner Bros. Discovery announced that by 2023, the company
would be bringing the three-day "Wizarding World Festival" to the US.
For this festival, the company is partnered with Superfly X and Fever—a
live-entertainment platform.
Further, due to the increasing footfall of tourists in the
region, the governments of the respective countries are supporting
location-based entertainment. For instance, the US government supports
location-based entertainment and themed tourist attractions by providing
machinery & products and architecture/engineering that are exported for the
amusement parks and related tourist attractions. The support includes several
service models such as public & private experience-driven activities and
franchises.
In May 2022, Mattel and Epic Resort Destinations announced
that in 2023, Mattel Adventure Park would be opened, and the featured brands
would range from Barbie to Hot Wheels. This Glendale, Arizona-based theme park
will be the company's flagship entertainment site, as this adventure park will
have tourist attractions such as "Barbie Flying Theater."
Due to the presence of several theme parks, film studios,
and amusement parks, the companies see the region as one great opportunity to
grow. For instance, Betson Enterprises is a US-based company that offers
location-based entertainment for amusement parks, arcade studios, etc.
Similarly, Lionsgate, a Canadian-American entertainment company, hosts new
location-based experiences. Moreover, Eon Reality’s had opened Realidad Zero
virtual reality center in Mexico. Thus, with the presence of several entertainment
providers in the region, the region's North America location-based
entertainment market is expected to grow.
North America Location-based Entertainment Market
Segmentation
The North America location-based entertainment market is
segmented into by component, technology, end-use, and country.
- Based
on component, the market is bifurcated into hardware and software.
The hardware segment held a larger market share in 2022. - Based
on technology, the market bifurcated into 2-dimesnional and 3-dimensional.
The 3-dimensional segment held a larger market share in 2022. - Based
on end-use, the market is segmented into amusement parks, arcade studios,
and film studios. The amusement parks segment dominated the market share
in 2022. - Based
on country, the market is segmented into the US, Canada, and Mexico. The
US dominated the market share in 2022.
BidOnGamesStudio; Dimension; HQSoftware; IMAXCORPORATION;
Neurogaming Ltd; SpringboardVR; Samsung Electronics Co., Ltd.; Vicon Motion
Systems Ltd; and VRstudios, Inc. are the leading companies operating in the
location-based entertainment market in the region.
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