Location-Based Entertainment Market Size, Share, Growth Analysis, By Venue(Amusement & Theme Parks, Sports Venue, Game Arcades, and Others), By Type(Performance Audio and General Audio), By Application(Indoor and Outdoor), By Region - Industry Forecast 2024-2031

Location-Based Entertainment Market size was valued at USD 2.55 billion in 2019 and is poised to grow from USD 3.29 billion in 2023 to USD 35.42 billion by 2031, growing at a CAGR of 28.8% in the forecast period (2024-2031).

A new dimension has been brought to the gaming business with the arrival of virtual reality (VR), which provides a simulated world for players seeking an immersive and lifelike experience. To boost their respective market shares, various video game developers are forming mergers and acquisitions with VR and location-based entertainment (LBE) technology providers. For example, in February 2021, VR publisher and game developer Vertigo Games purchased VR venue management software and content marketplace company Springboard VR for LBE. The acquisition sought to give game studios and operators additional tools and technologies to grow their LBE business in addition to giving operators access to VR content through Vertigo Games' Haze VR distribution platform.

Arcades, theme parks, and VR cafes are just a few of the entertainment venues that provide LBE services. The market for location-based entertainment is expanding as a result of the integration of immersive technologies such as Augmented Reality (AR), Virtual Reality (VR), 3D animation, and other technologies with LBE. LBE operators are focusing on increasing their global presence and getting an edge over their competitors. For instance, in September 2021, the video game business Koch Media GmbH purchased Vertigo Games to expand its global network and reach while also creating new publishing options for both Vertigo Games and its affiliates.

COVID-19 started in Wuhan (China) and has since quickly expanded throughout the world. In terms of confirmed cases and reported deaths, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the nations that have been most severely impacted. Due to lockdowns, travel restrictions, and business closures, COVID-19 has had an impact on the businesses and industries of numerous nations. The closing of numerous plants and factories has hurt the production, delivery schedules, and sales of goods on the international market. Only a few businesses have already warned of potential delivery delays and future sales declines.

US Location-Based Entertainment Market is poised to grow at a sustainable CAGR for the next forecast year.