Location Based Entertainment (LBE) Market By Technology (Projection Mapping, Augmented Reality), Offerings (Services, Software, Hardware), & Region for 2024-2031
Report ID: 338593|No. of Pages: 202
Location Based Entertainment (LBE) Market By Technology (Projection Mapping, Augmented Reality), Offerings (Services, Software, Hardware), & Region for 2024-2031
Location Based Entertainment (LBE) Market Valuation – 2024-2031
The growing demand for location-based entertainment (LBE) is mostly driven by changing consumer preferences for immersive and engaging activities. As technology advances, customers expect more engaging and memorable activities than traditional types of entertainment. LBE encompasses a wide range of activities including virtual reality (VR) arcades and escape rooms, interactive theme parks, and immersive art pieces by enabling the market to surpass a revenue of USD 5.08 Billion valued in 2024 and reach a valuation of around USD 29.28 Billion by 2031.
The development of social media and the need for shareable moments are driving up the demand for LBE. In an age when social media plays such an important part in consumer behavior, consumers are driven to activities that provide visually appealing and Instagram-worthy moments. LBE venues frequently construct spaces that are visually appealing and photographable enabling guests to share their experiences online. This not only increases the venue’s visibility but also promotes word-of-mouth marketing resulting in additional guests by enabling the market to grow at a CAGR of 27% from 2024 to 2031.
Location Based Entertainment (LBE) Market: Definition/ Overview
Location-based entertainment (LBE) is a sort of entertainment that takes place in specific physical settings providing interactive, immersive experiences that are frequently powered by cutting-edge technology. Unlike at-home entertainment choices like streaming or video gaming, LBE venues require players to go to specific sites such as theme parks, arcades, movie theaters, virtual reality (VR) centers, or amusement parks. These locations are intended to provide one-of-a-kind, community experiences that cannot be recreated at home.
Location-based entertainment (LBE) spans a wide range of applications fueled by technological improvements and rising demand for immersive experiences. One of the most prevalent uses for LBE is in virtual reality (VR) and augmented reality (AR) arcades. These locations let guests immerse themselves in highly interactive, three-dimensional worlds while experiencing cutting-edge technology.
The future of location-based entertainment (LBE) is expected to change radically as technology advances and customer desires shift toward immersive, interactive experiences. One significant area of growth is the increased integration of virtual reality (VR) and augmented reality (AR) technologies into LBE solutions.
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Will the Increasing Consumer Spending on Games and Video Content Drive the Location Based Entertainment (LBE) Market?
The location based entertainment (LBE) market is expanding rapidly driven mostly by rising consumer expenditure on games and video content. This trend is altering the entertainment scene as consumers demand more immersive and engaging experiences that combine digital content and physical locations. Consumer spending on games and video content has been steadily increasing thus driving the expansion of the LBE market. The Entertainment Software Association (ESA) estimates that U.S. consumer spending on video game products will reach USD 60.4 Billion in 2021 indicating a sizable market for interactive entertainment. This increased demand for gaming experiences extends beyond home consoles to location-based venues.
Furthermore, the virtual reality (VR) segment, a critical component of many LBE solutions is rapidly expanding. According to International Data Corporation (IDC), global spending on augmented and virtual reality (AR/VR) will reach USD 72.8 Billion by 2024 with a compound annual growth rate (CAGR) of 54.7% from 2019 to 2024. This increase in AR/VR spending is especially relevant to the LBE sector as these technologies are frequently used to provide immersive experiences in location-based venues.
Will the High-Budget Infrastructure Hamper the Location Based Entertainment (LBE) Market?
The high-cost infrastructure necessary for location-based entertainment (LBE) venues can offer a substantial barrier to market expansion, especially for smaller operators and new entrants. Establishing LBE venues such as virtual reality centers, immersive theme parks, and augmented reality experiences, frequently necessitates significant upfront expenditures in advanced technology, specialized equipment, and tailored spaces. This infrastructure comes with significant expenditures for installation, maintenance, and regular updates to keep the technology fresh and engaging.
This financial hurdle may impede the overall growth of the LBE industry, particularly in areas where real estate and operational costs are already high. Smaller businesses and startups may struggle to obtain the financing required to compete with larger more established organizations that can invest in cutting-edge infrastructure. Furthermore, the rapid speed of technical innovation in the entertainment industry necessitates that LBE venues constantly upgrade their technology to fulfill consumer expectations which adds to the financial burden.
Category-Wise Acumens
Will Increasing Demand for Interactive Displays Drive Growth in the Technology Segment?
Projection mapping is the dominant technology due to its broad use in a range of large-scale venues such as theme parks, museums, concerts, and public events. Projection mapping technology enables operators to turn any surface into a dynamic, interactive display resulting in visually spectacular and engaging experiences. Its adaptability and impact make it a popular choice for entertainment venues looking to provide unique attractions that will capture large crowds. Projection mapping is particularly popular because it can give large-scale visual spectacles without requiring participants to wear any wearable gear as opposed to augmented reality (AR) or virtual reality (VR).
Projection mapping is popular because it allows entertainment companies to maintain a sense of freshness while utilizing existing infrastructure. Operators can update the experience regularly by projecting graphics onto buildings, landscapes, or interior spaces without requiring physical reconstruction or significant investments in new equipment. This flexibility in content creation allows for more regular updates ensuring that consumers return for fresh experiences. For example, museums frequently use projection mapping to transform static exhibitions into dynamic, interactive experiences that are more engaging for visitors.
Will the Creation of Immersive and Interactive Experiences Drive the Offerings Segment?
Hardware is the dominant product owing to its importance in producing immersive and engaging experiences that define the industry. The LBE industry relies on hardware components such as virtual reality (VR) headsets, augmented reality (AR) devices, interactive displays, motion sensors, and projection systems to function. These technologies enable the creation of fully immersive environments that captivate users with real-time interaction and sensory stimulation. Consumer’s desire for cutting-edge experiences that combine the physical and digital worlds fuels the demand for high-quality gear.
Hardware supremacy is also due to continual technological improvements that encourage innovation within LBE venues. Companies make significant investments in developing cutting-edge gear capable of delivering new types of entertainment such as multi-sensory experiences or full-body immersive games. Furthermore, the high initial expenses of purchasing, installing, and maintaining this technology contribute to its market domination as venues must make significant investments to keep their equipment working and competitive. As a result, hardware accounts for a considerable share of the LBE market’s total revenue.
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Country/Region-wise Acumens
Will the Increasing Consumer Preference Drive the Market in the Asia Pacific Region?
The Asia Pacific region is dominant due to the major location-based entertainment (LBE) industry owing to rising consumer demand for immersive and engaging experiences. This supremacy is primarily due to the region’s fast-rising middle class, technical improvements, and cultural preference for creative entertainment formats. Rising consumer demand for LBE in the Asia Pacific region is driving market expansion. According to World Economic Forum research, Asia’s middle class is predicted to reach 3.5 billion people by 2030 accounting for 65% of the global middle class. The growing middle class, notably in China and India, is driving demand for unique entertainment experiences.
The increased deployment of 5G technology in the Asia Pacific region is fueling the LBE industry. According to the GSMA, 5G connections in Asia Pacific are estimated to total 1.14 billion by 2025 accounting for 64% of global 5G connections. The broad use of 5G allows for more complex and responsive LBE experiences catering to the region’s tech-savvy consumers. In India, the government’s Digital India plan is increasing internet penetration and smartphone use creating a favorable environment for LBE growth. According to the India Cellular and Electronics Association, the number of smartphone users in India is predicted to reach 1 billion by 2026 opening up a large potential user market for LBE experiences.
Will the Increasing Awareness About the Latest Technologies Drive the Market in the North American Region?
In North America, location based entertainment (LBE) market is primed for rapid expansion with the United States leading the way as the fastest-growing segment. This rapid expansion is mostly attributable to the region’s high disposable income, technical advancements, and strong customer demand for immersive experiences. Increasing knowledge of cutting-edge technology is a significant driver of the LBE market in North America. According to the United States Bureau of Labor Statistics, employment in the VR/AR industry is expected to expand by 21.9% between 2020 and 2030, greatly exceeding the average for all occupations.
According to the Entertainment Software Association, 65% of American adults play video games, with 46% utilizing VR headsets, indicating a sizable consumer base for LBE venues. Another important motivator is the post-pandemic urge for social interactions. According to a National Research Group survey, 82% of customers miss out-of-home entertainment venues such as movie theaters and concerts indicating a pent-up need for LBE options.
Competitive Landscape
The Location Based Entertainment (LBE) Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.
Some of the prominent players operating in the location based entertainment (LBE) market include:
- Microsoft Corporation
- Google LLC
- HTC Corporation
- Samsung Electronics Co., Ltd.
- The VOID
- LLC
- VRstudios, Inc.
- Huawei Technologies Co., Ltd.
- Springboard VR
- IMAX Corporation
- Exit VR
Latest Developments
- In March 2023, the second Peppa Pig theme park in North America will open in North Texas in 2024. Merlin Entertainments, a global leader in location-based entertainment, will build and operate the Peppa Pig attraction as part of a licensing agreement with Hasbro, which owns the Peppa Pig brand.
- In April 2023, Netflix announced that it will open its first location-based entertainment (LBE) experience at KidZania in Japan, based on its upcoming animated series Rilakkuma’s Theme Park Adventure.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~27% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Microsoft Corporation, Google LLC, HTC Corporation, Samsung Electronics Co., Ltd., The VOID. LLC, VRstudios, Inc., Huawei Technologies Co., Ltd., Springboard VR, IMAX Corporation, Exit VR |
| Customization | Report customization along with purchase available upon request |
Location Based Entertainment (LBE) Market, By Category
Technology:
- Projection Mapping
- Augmented Reality
Offerings:
- Services
- Software
- Hardware
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.
- Provision of market value (USD Billion) data for each segment and sub-segment.Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market.
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players.
- The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.
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Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL LOCATION BASED ENTERTAINMENT (LBE) MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL LOCATION BASED ENTERTAINMENT (LBE) MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.3 Porter Five Force Model
4.4 Value Chain Analysis
5 GLOBAL LOCATION BASED ENTERTAINMENT (LBE) MARKET, BY TECHNOLOGY
5.1.1 Overview
5.1.2 Projection Mapping
5.1.3 Augmented Reality
6 GLOBAL LOCATION BASED ENTERTAINMENT (LBE) MARKET, BY OFFERINGS
6.1.1 Overview
6.1.2 Services
6.1.3 Software
6.1.4 Hardware
7 GLOBAL LOCATION BASED ENTERTAINMENT (LBE) MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa
8 GLOBAL LOCATION BASED ENTERTAINMENT (LBE) MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 AEON Fantasy Co.
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Google LLC
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 HQ Software
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 HTC Corporation
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 Huawei Technologies Co., Ltd.
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Magic Leap Inc.
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Microsoft Corporation
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 Niantic Inc.
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 Regal Entertainment Group
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
9.10 Samsung Electronics Co., Ltd.
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments
10 Appendix
10.1.1 Related Research
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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