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, according to a new report by Grand View Research, Inc. 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.
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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
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Location-based
Entertainment Market Segmentation
Grand View Research has
segmented the global location-based entertainment market based on component,
end use, technology, and region:
Location-based
Entertainment Component Outlook (Revenue, USD Million, 2016 - 2028)
- Hardware
- Software
Location-based
Entertainment End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Amusement Parks
- Arcade Studios
- 4D Films
Location-based
Entertainment Technology Outlook (Revenue, USD Million, 2016 - 2028)
- 2 Dimensional (2D)
- 3 Dimensional (3D)
- Cloud Merged Reality (CMR)
Location-based
Entertainment Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- South America
- Brazil
- Middle East & Africa
List of Key
Players of the Location-based Entertainment Market
- HTC Corporation
- IMAX Corporation
- Google LLC
- Microsoft Corporation
- Samsung Electronics Co., Ltd.
- Springboard VR
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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