Global Location-based Entertainment Market
The Location-based Entertainment Market is predicted to experience a surge of 34.4% because of the increasing emphasis of leading players to incorporate augmented reality and virtual reality with LBE. The initiation of 360-degree VR technology has driven market growth.
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Location-based Entertainment Market Dynamics
The crucial forces strengthening the growth of the global location-based entertainment systems market include the augmenting demand for mesmeric video games, 3D movies, interactive digital surfaces, and video games and expansion in the entertainment sector. Also, the increasing inclination of consumers towards out-of-home entertainment and rapid surge in the gaming sector has strengthened the market growth. Moreover, the accelerating per capita income and the aggravation in the disbursing capability will bolster the market growth. The innovations in the technologies such as 3D, 4D, 5D, GPS, mixed reality, and augmented reality have facilitated the growth and expansion of the market. However, the government's mitigation in the number of global travelers and outdoor gaming activities because of the lockdown and travel constraints have restrained the market growth. Also, the inflated development cost of Virtual Reality and Augmented Reality content may obstruct the market size.
End-Use Segment Drivers
Based on the end-use, the amusement parks segment is anticipated to seize a remarkable share in the location-based entertainment market over the coming years. The increasing preference of consumers towards outdoor gaming and acquisition of location-based entertainment services to proffer customized suggestions inside the park depending on a user's location, such as detecting specified attractions, services, and restaurants, within amusement parks has raised the market growth. Moreover, the surging demand for Augmented Reality and Virtual Reality-based gaming activities for an authentic experience is projected to elevate the market growth.
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