Asia Pacific Location-based Entertainment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Hardware and Software), Technology (2-Dimesnional and 3-Dimensional), and End-use (Amusement Parks, Arcade Studios, and Film Studios)

Asia Pacific Location-based Entertainment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Hardware and Software), Technology (2-Dimesnional and 3-Dimensional), and End-use (Amusement Parks, Arcade Studios, and Film Studios)

The location-based entertainment market in Asia Pacific is expected to grow from US$ 347.49 million in 2022 to US$ 748.59 million by 2028. It is estimated to grow at a CAGR of 13.6% from 2022 to 2028.

Development and Integration of Advanced Technologies and Tools

Numerous businesses spend a lot of money building new sites where customers can fully experience virtual reality. There are currently many possibilities to integrate immersive technology in LBE VR. Two-bit Circus raised millions of dollars to open what they call a mini amusement park with virtual reality. In location-based entertainment, technologies like object recognition can identify the form and shape of different objects and their position in space. Object recognition can help one overlay digital information and provide additional textual and visual information that can be easily built into AR/VR applications. ARKit helps various theme parks and amusement parks provide AR experiences with extraordinary 3D graphics. The most remarkable feature of ARKit is that one can incorporate real-world objects into AR experiences, resulting in fabulous immersive experiences.

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 environment in various applications, regardless of any location or time, is increasing as a result of recent breakthroughs in location-based entertainment technology.

Market Overview

The Asia Pacific location-based entertainment market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The countries in Asia Pacific are known for adopting technological advancements in the early phase. Due to this, the region is home to many companies that are providers of location-based entertainment, such as Panasonic Connect, SKonec Entertainment, and Sony Interactive Entertainment LLC.

In December 2019, a South Korean location-based entertainment company, SKonec Entertainment, expanded its presence by opening a VR Square in Los Angeles. Moreover, in January 2021, Enlight Media, a Chinese film and TV studio, started building a movie-inspired adventure park in China. Legacy Entertainment will design the park's core component “Enlight Epicenter”. For location-based entertainment, Enlight requires about US$ 2.5 billion investment. Similarly, in November 2019, Shinsegae, a South Korea-based retail giant, announced that the company is building a US$ 3.8 billion worth of theme park in South Korea. The construction was aimed to be started in 2021 and set for an initial opening in 2026 and a full opening by 2031.Moreover, in March 2022, Sony Interactive Entertainment LLC acquired Haven Entertainment Studios Inc. It is a Montreal-based development studio. Such development strategies by the companies are propelling the Asia Pacific location-based entertainment market growth in the region.

Asia Pacific Location-based Entertainment Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Location-based Entertainment Market Segmentation

The Asia Pacific location-based entertainment market is segmented into by component, technology, end-use, and country.

Based on component, the market is segmented into hardware and software. The hardware segment held the larger market share in 2022. Based on technology, the market is segmented into 2-dimesnional and 3-dimensional. The 3-dimensional segment held the larger market share in 2022. Based on end-use, the market is segmented into amusement parks, arcade studios, and film studios. The amusement parks segment dominated the market share in 2022. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. China segment dominated the market share in 2022. HQSoftware; IMAXCORPORATION; Neurogaming Ltd; SpringboardVR; Samsung Electronics Co., Ltd.; and Vicon Motion Systems Ltd; are the leading companies operating in the location-based entertainment market in the region.

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