Location-based entertainment (LBE) Market Size Projected to Reach USD 26,555.26 Million By 2032, With a CAGR of 26.7%: Polaris Market Research
NEW YORK, Sept. 21, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Location-based entertainment Market Share, Size, Trends, Industry Analysis Report, By component (Hardware, Software); By Technology; By End-use; By Region; Segment Forecast, 2023-2032" published by Polaris Market Research in its research repository.
"According to research report, the global location-based entertainment (LBE) market size/share was valued at USD 3,158.42 Million in 2022 and is expected to touch USD 26,555.26 Million By 2032, growing at a CAGR of 26.7% during the forecast period."
Location-based entertainment (LBE) Market: Report Overview
Location-based entertainment (LBE) refers to a form of entertainment that is designed to be enjoyed in a specific location outside of the user's home. LBE aims to provide physical experiences by combining various forms of entertainment, technology, and interactivity. From virtual reality cafés and pop-up stores to immersive cinema and theme parks, LBE can include a wide range of activities and venues.
Large-scale LBE locations encompass multiple different entertainment, lodging, dining, and shopping choices, while smaller LBE may include one or two core experiences, such as a themed restaurant and a casual sports facility combined with other self-service entertainment. These entertainment experiences are designed to be enjoyed by individuals, families, and groups of friends. Rising demand for immersive video content and games at LBE sites is driving the location-based entertainment market demand.
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Location-based entertainment (LBE) Market: Report Scope
Prominent Growth Driving Factors
Recent Trends Influencing the Market
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Hardware segment witnessed the market share in 2022
Based on component, hardware category accounted for the major location-based entertainment market share in 2022 owing to the increasing developments in Virtual Reality and augmented Reality gadgets. The hardware-based devices offer viewers a realistic experience in LBE centers at a reasonable cost while creating unforgettable moments. Further, the increased use of VR headsets by the LBE providers fuels the segment growth.
Moreover, software segment is predicted to register a significant growth of CAGR owing to the continuous development of LBE services. The VR devices' use for mobile-based gaming is anticipated to propel the segment growth. To address the growing customer demand for immersive experiences of the highest calibre, developers are implementing cutting-edge technologies like 3D animation, gesture tracking, guardian systems, and 360-degree cameras. Such innovations are predicted to create new opportunities for the software segment.
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Asia Pacific has registered the highest CAGR in 2022
By geography location-based entertainment market segmentation, Asia Pacific registered the largest Compound Annual Growth Rate (CAGR) in 2022 due to the increasing demand for outdoor recreation among consumers, which has gained popularity for the Location-Based Entertainment (LBE) industry. Moreover, LBE enterprises now have more commercial options as the region is known as a center for major virtual reality software and hardware businesses. Due to the availability of state-of-the-art technologies and engaging experiences, LBE operators are able to create captivating and innovative entertainment concepts that customers find attractive.
Furthermore, the location-based entertainment market in North America accounts for the greatest revenue share and is expected to continue to witness substantial growth throughout the foreseen period due to the rising awareness of the latest technologies and the increasing adoption of LBE. Numerous significant market players are based in North America, and the efficient implementation of LBE across numerous applications in the media and gaming sectors further contributes to the regional location-based entertainment market growth.
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In September 2020, VRstudios, Inc. introduced a new division called VRstudios Sports to create a virtual reality (VR) platform that enables players to connect, socialize, and share their experiences in a VR environment. With VRstudios Sports, players can enjoy VR-based games and experiences from their homes while staying connected to an extended (LBE) facility.
Frequently Asked Questions
Polaris Market Research has segmented the location-based entertainment market report based on component, technology, end-use and region:
By Component Outlook
By Technology Outlook
By End-use Outlook
By Region Outlook
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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