Location-Based Entertainment Market Poised for 26.5 % Growth, Set to Hit $7.89 Billion by 2029

"How Is the Location-Based Entertainment Market Projected to Grow, and What Is Its Market Size?
The scale of the location-based entertainment market has experienced massive growth in recent times. The market, worth $3.86 billion in 2024, is predicted to rise to $4.89 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 26.7%. The surge during the historical phase can be accounted for by factors such as pop culture affiliations, the impact of social media, urban growth, activities for families and groups, as well as trends in experiential spending.

Expectations are high for the location-based entertainment market to witness a significant expansion in the coming years. By 2029, the market is projected to reach a value of $12.53 billion, with a compound annual growth rate (CAGR) of 26.5%. The expected growth during the forecast period is associated with the incorporation of artificial intelligence, ventures into new markets, sustainable and eco-friendly strategies, collaborations across different sectors, and a move towards combined experiences. Major trends for the forecast period are the integration of augmented reality (AR), immersive experiences, the use of virtual reality (VR), focus on interactive attractions, and technological advancements.

What Factors Are Propelling the Expansion of the Location-Based Entertainment Market?
The surge in consumer expenditure on video games and related content is set to trigger the expansion of the location-based entertainment sector. The term points to the money spent by users on video game purchases and subscriptions, downloadable components, purchases made within games, streaming mediums, and other such digital entertainment assets. The rise in expenditure on gaming and video content suggests an upswing in demand for digital entertainment and immersive gaming, along with a move towards online streaming platforms. The increase in spending in these areas enhances location-based entertainment by highlighting the potential for immersive experiences, sparking interest in equivalent interactive offerings at physical locations. As an example, data published by the Entertainment Software Association in February 2024 reveals that overall video game sales reached $57.2 billion in 2023 from the $56.6 billion registered in 2022. This jump was mainly driven by growth in video game content expenditure, which climbed to $48.0 billion from $47.5 billion in 2022. In conclusion, a rise in consumer expenditure on games and video-related content is stimulating the expansion of the location-based entertainment sector.

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Who Are the Major Industry Players Fueling Location-Based Entertainment Market Expansion?
Major companies operating in the location-based entertainment market are Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Huawei Technologies Co. Ltd., The Walt Disney Company, Panasonic Corporation, Nvidia Corporation, Regal Entertainment Group, Unity Technologies Inc., AEON Fantasy Co. Ltd., Sony Interactive Entertainment LLC, Magic Leap Inc., HTC Corporation, Niantic Inc., Barron Games International LLC, Bob's Space Racers Inc., HQ Software LLC, Habo Studio Inc., CamOnApp S.A., E-Learning Studios Ltd., SpringboardVR Inc., BidOn Games Studio LLC, VRstudios LLC

Which Key Developments Are Influencing the Location-Based Entertainment Market?
Leading firms in the location-based entertainment market are emphasizing the development of innovative solutions, such as cutting-edge virtual reality technologies, in order to boost immersive experiences and draw a broader audience base. The incorporation of virtual reality in location-based entertainment leads to the creation of immersive digital surroundings with which users can engage within a physical setting, thereby improving the entertainment experience as a whole. To illustrate, Shanghai Disney Resort, a theme park based in China, introduced SoReal VR SuperSpace, an immersive virtual reality (VR) experience at its Disneytown shopping, dining, and entertainment area in September 2022, marking its first flagship store in Shanghai. This two-level venue includes VR experiences on the ground floor and an immersive VR walkthrough on the upper floor. Created by SoReal, a VR company hailing from China, this innovative feature enhances the enjoyment possibilities and visitor interaction within Disneytown.

How Is the Segmentation of the Location-Based Entertainment Market Defined?
The location-based entertainment market covered in this report is segmented -

1) By Offerings: Hardware, Software, Services
2) By Technology: 2 Dimensional (2D), 3 Dimensional (3D), Cloud Merged Reality (CMR)
3) By End-Use: Amusement Parks, Arcade Studios, 4D Films

Subsegments:
1) By Hardware: Gaming Consoles, Virtual Reality (VR) Headsets, Augmented Reality (AR) Devices, Interactive Kiosks, Motion Tracking Equipment, Projection Equipment
2) By Software: Game Development Software, Simulation Software, VR Or AR Content Creation Software, Location-Based Game Applications, Analytics And Data Management Software
3) By Services: Game Hosting And Maintenance Services, Content Creation And Customization Services, Consulting And Integration Services, Customer Support And Technical Assistance, Installation And Setup Services

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What Is the Leading Region in the Location-Based Entertainment Market?
North America was the largest region in the location-based entertainment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the location-based entertainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Location-Based Entertainment Global Market Report?

- Market Size Analysis: Analyze the Location-Based Entertainment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Location-Based Entertainment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Location-Based Entertainment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Location-Based Entertainment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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