Amusement Park Market Size, Share, Growth Analysis, By Rides(Mechanical Rides, Water Rides, Other Rides), By Revenue Source(Ticket, Food & Beverage, Merchandise, Hotels/Resorts), By Region - Industry Forecast 2024-2031

Amusement Park Market Driver

• The IoT revolution is visible in the many ways that amusement parks operate. This technology aids in regulating the throng at the park and tracking and monitoring all actions. The IoT wristband also permits credit card transactions and performs the same tasks as a passport, which acts as an access ticket for guests. Sensors in IoT-enabled educational theme parks allow parents to keep tabs on their kids' whereabouts at all times. Together, these elements increase the demand for amusement parks.
• Consumers now spend more money on experiences rather than purchases to fill their free time. They are contributing to it by using their discretionary cash to pay for special, personalized experiences, which is what is fueling the experience economy. The use of social media platforms is crucial in influencing consumers to increase demand for these types of experiences.
• Blockchain technology is influencing the future of tickets since it offers safe options that successfully lower price gouging and fraud. Due to blockchain, tickets cannot be sold for more than their face value. Additionally, they prevent ticket duplication, enabling only one user per ticket. Last but not least, it makes the tourist experience simpler by allowing parks to include merchant discounts in tickets and doing away with the need to print tickets.

Amusement Park Market Restraint

• The growth of the amusement park business is predicted to be hampered by a lack of skilled labor to provide quality services and higher input costs associated with labor-intensive industries like entertainment.
• During the projected period, the hazards connected with theme parks would be a significant obstacle for the amusement park market. Amusement parks are fantastic providers of entertainment and provide visitors with exhilarating, one-of-a-kind experiences. However, incidents of accidents, both natural and man-made, have been documented as some of the linked risks. The majority of incidents are attributed to riding malfunctions, poor maintenance, and carelessness on the part of ride operators.