Location-based Entertainment Market Is Revolutionizing Corporate Training

The location-based entertainment market is valued US$ 1,444.92 million in 2022; It is estimated to grow at a CAGR of 12.4% from 2022 to 2028.

The location-based entertainment market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Players such as IMAX CORPORATION; VRstudio, Inc.; SpringboardVR have their footprints in North America, and these companies are addressing the consumer requirements of amusement park, arcade studios, and film studios. For the “Tribeca Drive-In,” a Tribeca Film Festival, in March 2020, IMAX Corporation worked with Tribeca Enterprises LLC. With the intention of bringing people together for storytelling and supporting the manifestation of their creativity by choosing the immersive experiences offered by IMAX Corporation, this festival featured 30 iconic American films. Therefore, these corporate strategy plans may help to meet the global market’s desire for location-based entertainment. Further, the presence of many amusements park, arcade studio and film studio in the region, especially in the US, is another prevailing factor boosting the demand for location-based entertainment.

Asia Pacific is estimated to register the highest CAGR in the location-based entertainment market during the forecast period because of many emerging economies such as China, India, Japan, Australia, and South Korea. The number of amusement park and theme park present in countries such as Japan, Australia, South Korea, India, and China is enormously high, which is expected to create lucrative growth opportunities for location-based entertainment providers. Recently in July 2022, Netflix had launched its first theme park based on location-based entertainment which is a pavilion at KidZania in Fukuoka. Thus, the demand of location-based entertainment in APAC are progressing at the same pace.

Motion sensing is essential in portable designs built around augmented reality (AR) and virtual reality (VR) applications. While motion sensors are bridging the real and virtual worlds, a more specialized device, the inertial measurement unit (IMU), is ideally suited to serve the developing location-based entertainment with the help of AR and VR. Using virtual reality headsets on their own or as part of a ride or simulator has become the most recent trend for operators. With the help of virtual reality, it is relatively easy for an amusement park to create a 3D computer-generated environment that can suit a theme, style, story, or even season that is relevant to the location. Unlike traditional rides, it can be changed relatively easily as consumer tastes change or different brand alliances are formed. The expectation of end users to experience virtual environments in various applications, regardless of location or time, is increasing due to recent breakthroughs in location-based entertainment technology.

Besides, growing amusement, arcade and film sectors are also playing a vital role in promoting the location-based entertainment market growth worldwide. Europe, SME and the MEA are generating notable demand for location-based entertainment owing to the increasing number of amusement park, arcade studio and film studios.

The top five companies in the market are Bidon Games Studio; TESLASUIT, VR Electronics Ltd; SpringboardVR; Vicon Motion Systems Ltd; and VRStudios. The above listing of key players is derived by considering multiple factors such as overall market insights, dynamic trends, revenue, current location-based entertainment portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.

A few of the important market initiatives and product developments from the industry are mentioned below: