Report : North America Location-based Entertainment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Hardware and Software), Technology (2-Dimesnional and 3-Dimensional), and End-use (Amusement Parks, Arcade Studios, and Film Studios)
At 11.8% CAGR, the North America Location-based Entertainment Market is speculated to be worth US$ 1,137.55 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America location-based entertainment market was valued at US$ 581.20 million in 2022 and is expected to reach US$ 1,137.55 million by 2028, registering a CAGR of 11.8% from 2022 to 2028. The rising popularity of VR-based games with 360-degree content, mixing of AR and VR technology with 3-D projection mapping for energy saving and conservation drives the market growth are the critical factors attributed to the market expansion.
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. The hardware sector had the most significant growth in the VR gaming market. Hardware categories include VR gaming headsets and other products tailored to the gaming industry. The dynamics of the gaming market are anticipated to shift due to the presence of smaller start-ups and major hardware manufacturers such as Oculus VR, Sony, Samsung, and Google. Players will engage in fierce competition based on the style and cost of VR gadgets. The rising popularity of 360-degree content, high adoption of this technology, and increasing implementation and acceptance of the technology are projected to decrease the prices of VR hardware components such as joysticks and VR headsets. Being one of the most sought-after major gaming platforms, location-based VR technology is predicted to increase the appeal of 360-degree video. In the years to come, it is predicted that these elements would encourage the growth of the North America location-based entertainment market.
On the contrary, health risks associated with extensive usage of virtual reality headset hampers market North America location-based entertainment market.
- Based on component, the market is segmented into hardware and software. The hardware segment held 67.4% market share in 2022, amassing US$ 391.52 million. It is projected to garner US$ 744.01 million by 2028 to expand at 11.3% CAGR during 2022–2028.
- Based on technology, the market is segmented into 2-dimesnional and 3-dimensional. The 3-dimensional segment held 67.7% market share in 2022, amassing US$ 393.59 million. It is projected to garner US$ 798.01 million by 2028 to expand at 12.5% CAGR during 2022–2028.
- Based on end-use, the market is segmented into amusement parks, arcade studios, and film studios. The amusement parks segment held 44.6% market share in 2022, amassing US$ 259.33 million. It is projected to garner US$ 476.99 million by 2028 to expand at 10.7% CAGR during 2022–2028.
- Based on country, the North America location-based entertainment market has been categorized into US, Canada, and Mexico. Our regional analysis states that US captured 79.34% market share in 2022. It was assessed at US$ 461.13 million in 2022 and is likely to hit US$ 912.66 million by 2028, exhibiting a CAGR of 12.1% during the forecast period.
Key players dominating the North America location-based entertainment market are BidOnGamesStudio; Dimension; HQSoftware; IMAXCORPORATION; Neurogaming Ltd; SpringboardVR; Samsung Electronics Co., Ltd.; Vicon Motion Systems Ltd; and VRstudios, Inc.
- In May 2021; Linksys and Fortinet Announced Strategic Alliance to Deliver Enterprise-Grade Performance and Security for Work from Home Networks.
- In May 2022; Sony Interactive Entertainment LLC announced that it has entered into an agreement to acquire Haven Entertainment Studios Inc. (“Haven Studios”), a Montreal-based development studio formed by acclaimed developer Jade Raymond, founder of Ubisoft Toronto and Motive Studios and one of the creative forces behind the blockbuster Assassin’s Creed franchise.
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