DUBLIN, September 17, 2021--(BUSINESS WIRE)--The "Global Location-based Entertainment Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global location-based entertainment market size is anticipated to reach USD 30.29 billion by 2028, registering an estimated CAGR of 34.4% from 2021 to 2028.
The introduction of Virtual Reality (VR) in the gaming industry has added a new dimension by offering a simulated realm for gamers looking forward to an immersive and real-like experience. As such, several video game developers are entering into mergers and acquisitions with VR and Location-based Entertainment (LBE) technology providers to increase their respective market shares.
For instance, in February 2021, Vertigo Games, a VR publisher and game developer, acquired Springboard VR, a VR venue management software and content marketplace provider for LBE. The acquisition was aimed at offering operators access to VR content through Vertigo Games' Haze VR distribution platform and providing both game studios and operators with new tools and technology to expand their LBE business.
LBE services are offered in arcades, amusement parks, and VR cafes, among other entertainment services. The integration of Augmented Reality (AR), VR, 3D animation, and other immersive technologies with LBE is driving the growth of the market for location-based entertainment.
LBE operators are concentrating on expanding their global footprint and gaining a competitive advantage over their rivals. For instance, in September 2020, Koch Media GmbH, a video game company, acquired Vertigo Games to strengthen its global reach and network while opening new publishing opportunities for itself and for Vertigo Games and its subsidiaries.
Location-based Entertainment Market Report Highlights
The hardware segment accounted for over 65.0% of the total revenue share in 2020 owing to the increased spending on VR headsets that can deliver high-end immersive experiences to consumers
The arcade studios segment is expected to witness the fastest growth from 2021 to 2028
The 3D segment accounted for the largest revenue share in 2020 and is expected to continue dominating the market over the forecast period owing to the continued advances in 3D technology extended reality, which is substantially deployed at LBE sites
The Asia Pacific regional market is anticipated to register the highest CAGR of around 40.0% from 2021 to 2028
Market driver analysis
Increasing consumer spending on games and video content
Increasing adoption of innovative concepts with VR expertise
Market restraint analysis
The VOID LLC
Huawei Technologies Co., Ltd.
Samsung Electronics Co.Ltd.
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