Location-based Entertainment Market
North America Location-Based Entertainment Market Outlook (2022–2028)
The North America location-based entertainment (LBE) market is projected to grow from US$ 581.20 million in 2022 to US$ 1,137.55 million by 2028, at a compound annual growth rate (CAGR) of 11.8%.
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Rising Popularity of 360-Degree VR-Based Gaming Driving Market Growth
The growing adoption of 360-degree virtual reality (VR) technology is a key driver accelerating the LBE market in North America. This immersive technology allows users to experience content from a panoramic, 360-degree perspective, delivering thrilling and realistic entertainment experiences. The integration of 360-degree VR into location-based gaming venues is fueling consumer interest and enhancing engagement.
To capitalize on this trend, leading market players are collaborating with tech innovators to enhance VR capabilities. For instance, in September 2019, TacHammer, StrikerVR, Inc., and Nanoport Technology Inc. partnered to develop Linear Magnetic Ram (LMR) haptic technology. As part of this collaboration, StrikerVR introduced the Arena Infinity LITE VR peripheral, offering highly immersive tactile experiences for VR and LBE applications.
VR Hardware Innovation Reshaping the Gaming Landscape
Among the key segments in the VR gaming market, the hardware category—encompassing VR headsets and gaming peripherals—has witnessed the most substantial growth. Both major technology giants such as Oculus VR, Sony, Samsung, and Google, as well as emerging startups, are actively competing in the space. Design, performance, and affordability of VR devices are critical factors driving competition.
As 360-degree content gains momentum, widespread adoption and market penetration are expected to drive down the prices of essential VR components, including headsets and controllers. The growing use of location-based VR experiences is set to further enhance the appeal of immersive 360-degree video formats.
Looking ahead, these technological advancements and market dynamics are expected to significantly boost 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 by component, technology, end-use, and country.
- By Component:
The market is divided into hardware and software. In 2022, the hardware segment accounted for the larger share of the market. - By Technology:
The market is segmented into 2-dimensional and 3-dimensional technologies. The 3-dimensional segment held the dominant market share in 2022. - By End-Use:
The end-use segments include amusement parks, arcade studios, and film studios. Among these, amusement parks led the market in 2022. - By Country:
The regional analysis includes the US, Canada, and Mexico. The US emerged as the leading country in terms of market share in 2022.
Key players operating in the North America location-based entertainment market include BidOnGames Studio, Dimension, HQSoftware, IMAX Corporation, Neurogaming Ltd, SpringboardVR, Samsung Electronics Co., Ltd., Vicon Motion Systems Ltd, and VRstudios, Inc.
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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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