Location-based Entertainment Market is Recovering from Covid-19 Outbreak- More Details About key players and Future Analysis

The global location-based entertainment market size is expected to reach US$ 2,918.91 million by 2028, registering a CAGR of 12.4% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

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Numerous businesses spend a lot of money building new sites where customers can fully experience virtual reality. There are currently many possibilities to integrate immersive technology in LBE VR. Two-bit Circus raised millions of dollars to open what they call a "mini amusement park" with virtual reality (VR). In location-based entertainment, technologies like object recognition can identify the form and shape of different objects and their position in space. Object recognition can help one overlay digital information and provide additional textual and visual information that can be easily built into AR/VR applications. ARKit helps various theme and amusement parks provide AR experiences with extraordinary 3D graphics. The most remarkable feature of ARKit is that one can incorporate real-world objects into AR experiences, resulting in fabulous immersive experiences.
Motion sensing is essential in portable designs built around augmented reality (AR) and virtual reality (VR) applications. While motion sensors are bridging the real and virtual worlds, a more specialized device, the inertial measurement unit (IMU), is ideally suited to serve the developing location-based entertainment with the help of AR and VR. Using virtual reality headsets on their own or as part of a ride or simulator has become the most recent trend for operators. With the help of virtual reality, it is relatively easy for an amusement park to create a 3D computer-generated environment that can suit a theme, style, story, or even season that is relevant to the location. Unlike traditional rides, it can be changed relatively easily as consumer tastes change or different brand alliances are formed. The expectation of end users to experience virtual environments in various applications, regardless of location or time, is increasing due to recent breakthroughs in location-based entertainment technology.

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The Europe location-based entertainment market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Countries, such as the UK, Italy, and France, are major tourist attractions in the region. Due to this, several entertainment companies are interested in entering the regional market. In August 2020, Vicon Motion Systems Ltd. announced that the company had signed a contract with Electric Playbox. Through this contract, the company is targeting the fastest-growing location-based entertainment market. Further, The Void is aiming to open VR entertainment centers in some of the major cities in the US and Europe. The company will open its centers in Copenhagen, Amsterdam, London, Oberhausen, Stockholm, Paris, and Vienna.
Moreover, the region has one of the world's largest virtual reality parks in Mouscron. Similarly, Mymall has become a major tourist attraction in the UK due to being the world's first virtual reality shopping mall. Thus, the rising demand for VR entertainment led to the construction of virtual reality parks and malls, which is expected to increase location-based entertainment-providing companies in the region.

The List of Companies - Location-based Entertainment Market
• BidOn Games Studio
• Dimension
• HQSoftware
• IMAX CORPORATION
• Neurogaming LTD.
• TESLASUIT
• SpringboardVR
• Samsung Electronics Co., Ltd.
• Vicon Motion Systems Ltd.
• VRstudios, Inc.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

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