The location-based entertainment market in North America is expected to grow from US$ 581.20 million in 2022 to US$ 1,137.55 million by 2028. It is estimated to grow at a CAGR of 11.8% from 2022 to 2028.
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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.
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.
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. This Glendale, Arizona-based theme park will be the company’s flagship entertainment site, as this adventure park will have tourist attractions such as “Barbie Flying Theater.”
Due to the presence of several theme parks, film studios, and amusement parks, the companies see the region as one great opportunity to grow. For instance, Betson Enterprises is a US-based company that offers location-based entertainment for amusement parks, arcade studios, etc. Similarly, Lionsgate, a Canadian-American entertainment company, hosts new location-based experiences. Moreover, Eon Reality’s had opened Realidad Zero virtual reality center in Mexico. Thus, with the presence of several entertainment providers in the region, the region’s North America location-based entertainment market is expected to grow.
North America Location-based Entertainment Market Segmentation
The North America location-based entertainment market is segmented into by component, technology, end-use, and country.
- Based on component, the market is bifurcated into hardware and software. The hardware segment held a larger market share in 2022.
- Based on technology, the market bifurcated into 2-dimesnional and 3-dimensional. The 3-dimensional segment held a larger market share in 2022.
- Based on end-use, the market is segmented into amusement parks, arcade studios, and film studios. The amusement parks segment dominated the market share in 2022.
- Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
BidOnGamesStudio; Dimension; HQSoftware; IMAXCORPORATION; Neurogaming Ltd; SpringboardVR; Samsung Electronics Co., Ltd.; Vicon Motion Systems Ltd; and VRstudios, Inc. are the leading companies operating in the location-based entertainment market in the region.
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Akshay
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