MarketsandMarkets forecasts the global location based entertainment market size to grow from USD 3.5 billion in 2023 to USD 11.8 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 27.3% during the forecast period. The growing demand for entertainment and interactive immersive experiences by consumers are leading to the 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.
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The major location based entertainment vendors include 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 strategies to grow in the global location based entertainment market.
Google is one of the leading vendors that provide location based entertainment software, hardware and services. Google is a subsidiary of Alphabet Inc. It specializes in Internet-related services and products, which include online advertising technologies, cloud computing, software, and hardware. Its core products and platform include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube – each product has over one billion active global users every month. Also, in addition to Google Maps, Google also offers Google Earth, a virtual globe that allows users to explore the world in 3D, and Google Street View, a feature that provides street-level views of locations around the world. These products have been used by location-based entertainment companies to create immersive experiences that incorporate real-world locations into games and other interactive experiences.
Meta (formerly known as Facebook, Inc.) is a global technology company that has recently been expanding its focus to include location-based entertainment (LBE). This involves the development of interactive experiences that combine the physical and digital worlds, such as virtual reality (VR) and augmented reality (AR) games and attractions. Meta operates several popular social media platforms including Facebook, Instagram, WhatsApp, and Messenger. In addition, Meta’s Oculus brand is a leader in the VR industry and has been a major driver of the company’s efforts in location based entertainment market. Oculus has developed several VR games and experiences that can be used in LBE settings, such as theme parks, arcades, and other entertainment venues. These experiences often involve multiple players and can be customized to fit the specific needs of the venue and its audience.
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