Press release
North America Location-based Entertainment Market Trends, Size, Segment and Growth by Forecast to 2030
North America Location-based Entertainment Market
📚Full Report Link -https://www.businessmarketinsights.com/reports/north-america-location-based-entertainment-market
A key driver of this growth is the rising popularity of 360-degree VR-based games, which offer immersive and thrilling experiences. Advancements in VR technology are encouraging major industry players to partner with tech companies to enhance LBE offerings. For example, in 2019, StrikerVR, TacHammer, and Nanoport Technology collaborated to launch the Arena Infinity LITE VR peripheral, using Linear Magnetic Ram (LMR) haptic technology to create more realistic tactile experiences.
The hardware segment-comprising VR headsets and gaming peripherals-has seen the most significant growth. As competition intensifies among companies like Oculus, Sony, Samsung, and Google, the increased adoption of 360-degree VR and technological advancements are expected to drive down costs. This, in turn, is likely to fuel further growth in the North American LBE market.
Rising Popularity of 360-Degree VR-Based Games
The development of 360-degree virtual reality (VR) technology is anticipated to significantly contribute to the expansion of the North America location-based entertainment market. The viewers can get a 360-degree view of the projected content. The introduction of VR-based games with 360-degree content can provide people with thrilling and immersive experiences, which is helping boost the industry's growth. These developments are prompting the major market players to work with technology providers and advance LBE technology. In September 2019, TacHammer; StrikerVR, Inc.; and Nanoport Technology Inc. collaborated on the Linear Magnetic Ram (LMR) haptic technology. As part of the partnership, Sticker VR launched Arena Infinity LITE VR peripheral, designed to deliver realistic tactile experiences for LBE and VR.
Market Overview
The North America location-based entertainment market is segmented into the US, Canada, and Mexico. The region is home to more than 400 theme parks. The most famous theme park is California's Disneyland. It has been providing location-based entertainment to its customers for a long time. Moreover, in September 2022, Warner Bros. Discovery announced that by 2023, the company would be bringing the three-day "Wizarding World Festival" to the US. For this festival, the company is partnered with Superfly X and Fever-a live-entertainment platform.
Further, due to the increasing footfall of tourists in the region, the governments of the respective countries are supporting location-based entertainment. For instance, the US government supports location-based entertainment and themed tourist attractions by providing machinery & products and architecture/engineering that are exported for the amusement parks and related tourist attractions. The support includes several service models such as public & private experience-driven activities and franchises.
In May 2022, Mattel and Epic Resort Destinations announced that in 2023, Mattel Adventure Park would be opened, and the featured brands would range from Barbie to Hot Wheels.
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