Location Based Entertainment (LBE) Market Trends,
Growth and Global Size

According to a research report "Location Based Entertainment (LBE) Market by Technology (Virtual Reality (VR), Augmented Reality
(AR), Projection Mapping), Offering (Hardware, Software, Services), Venue
(Amusement Parks, Theme Parks, Arcades) and Region - Global Forecast to
2028" published by MarketsandMarkets, the location based
entertainment market size is projected to grow from USD 3.5 billion in 2023 to
USD 11.8 billion by 2028, at a CAGR of 27.3% during the forecast period. With
the growing advancements in virtual reality (VR) and augmented reality (AR)
technologies, VR gaming, the increasing demand for social and shared
experiences and integration of artificial intelligence (AI) and machine
learning (ML) technologies has led to growth of the location based
entertainment market.

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By technology, the
augmented reality segment is expected to have the largest market share during
the forecast period.

AR technology has the potential to revolutionize
location based entertainment experiences by providing users with a level of
immersion and interactivity that is not feasible in traditional entertainment.
To create an augmented reality (AR) experience in a location based
entertainment setting, several technical components are necessary. These
include an AR headset or mobile device equipped with a camera, sensors, and a
display to view the AR content, AR software that uses 3D modeling, animation,
and computer vision algorithms to detect and track real-world objects and
content that is rendered and overlaid onto the real-world environment in
real-time. As AR technology advances, we can expect even more innovative uses
of it in location based entertainment settings.

By offerings, the hardware segment is expected to grow with the
highest CAGR during the forecast period.

By investing in high-quality hardware, location
based entertainment operators can create experiences that are both memorable
and profitable. Using hardware like VR/AR headsets, it can transport visitors
to virtual worlds, while motion platforms can simulate realistic movement
sensations, such as a rollercoaster ride or a flight. Interactive screens can
create engaging displays that respond to visitor movements and gestures, while
projection mapping can transform physical spaces into interactive environments.
Additionally, high-quality audio equipment can provide visitors with a
360-degree sound experience, making them feel like they are part of the action.

By venue, the arcades segment is expected to grow with the
highest CAGR during the forecast period.

Arcades are a form of location based entertainment
that has been popular for decades and typically offer a range of electronic
games and machines. The Arcades are an example of location based entertainment,
where visitors can enjoy a variety of electronic games that often incorporate
technology, including motion controls, augmented reality, and virtual reality.
One of the unique features of arcades as location based entertainment is their
focus on social interaction. As technology continues to develop, we can expect
to see even more innovative uses of location based entertainment software and
hardware in arcades and other location based entertainment settings.

Based on region, the North America segment is expected to have
the largest market share during the forecast period.

The location-based entertainment industry in North
America is experiencing strong growth and includes various sectors such as
amusement parks, family entertainment centers, arcades, and virtual reality
experiences. North America has witnessed progressive and dynamic adoption of
new and immersive technologies like augmented reality (AR), virtual reality
(VR) and mixed reality (MR). As VR and AR technologies continue to improve and
become more affordable, more location based entertainment operators are likely
to adopt them, which will help to drive growth in the market. The industry is
expected to continue growing in the coming years, with more investment in new
technologies and attractions to capture consumer interest and offer innovative
experiences.

Market Players

The major players in the location based
entertainment market are Google (US), Meta (US), Microsoft (US), Nvidia (US),
Unity Technologies (US), Sony Interactive Entertainment (US), Samsung (South
Korea), Barco Electronic Systems (Belgium), Panasonic (Japan), Huawei
Technologies (China), HQ Software (Estonia), HTC Vive (Taiwan), Niantic Inc.
(US), Vicon Motion Systems (UK), Optitrack (US), Springboard VR (US),
4Experience (Poland), Hologate (Germany), Ultraleap (UK), Magic Leap (US),
Shape Immersive (Canada), Camon (Argentina), KatVR (US), Virtuix (US), Pico XR
(US). These players have adopted various growth strategies, such as
partnerships, agreements and collaborations, new product launches and product
enhancements, and acquisitions to expand their footprint in the location based
entertainment market.

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