Location-Based VR Entertainment (LBE) Market: - An Overview
Location-based entertainment (LBE) is a form of entertainment that takes place in a specific location like theme parks, pools, waterparks, and any family entertainment centers. The LBE usually involves creating a physical space that is equipped with tools, props, and others that are needed for creating a truly immersive experience. Location-based VR entertainment is not a one-player experience; this kind of set-up is designed for multiple players. VR experience let a group of people experience identical sounds, sights, and feeling together as a group. It is being predicted that location-based entertainment will make up around 11% of the virtual reality industry.
Impact of COVID-19 Pandemic Outbreak on Location-Based VR Entertainment (LBE) Market
The world is struggling with the impact of COVID-19 pandemic and for controlling the spread of the virus there is a lockdown situation in countries globally. Theme parks, location-based VR entertainment centres and arcades in various countries are shut down because of social distancing norms and lockdown. The VR centres and arcade were growing quickly before the pandemic but now the industry is witnessing lay-offs and furloughs. The VR centres had to lay-off around 60% of their staff as they are facing major financial and logistical challenges.
The location-based VR entertainment market was estimated to grow approximately US$ 34 Bn by the end of 2020 before the pandemic. As consumers are facing a financial crisis they may not be able to pay for VR attractions in 2021 as well. Companies have started innovating new things rather than just waiting for the market to recover. Companies are building an application that will allow VR users to teleport via avatars into the Zoom video call. Companies are also focusing on perfecting the safety and fidelity of existing attractions so that when the customer return they can have an immersive experience.
Location-Based VR Entertainment (LBE) Market: - Market Dynamics
In the recent past, the family entertainment centers have introduced changes into the entertainment centers games. This change is brought by “the triple revolution” of the social media, Internet, and mobile devices that are digitally disrupting family entertainment centers, resulting in some serious competition. The virtual reality (VR) and augmented reality (AR) games are the current high-trending games. Some gaming manufacturers are also focusing on developing various technologies for improving the gaming experiences in the entertainment centers.
The manufacturers are trying to mix the AR and VR technology with 3-D projection mapping and interactive digital surfaces to generate new technological advancements in the games. As family entertainment centers are continuously upgrading their technical capabilities to offer a variety of services enabled by connectivity and data, instead of the traditional gaming options for the customers. These new games include simulation games. These games copy various activities from real life in the form of a game for various purposes such as analysis, training, or predictions in the activities, and players are allowed to control the characters freely.
Some of the key issues faced by the designers of location-based VR entertainment content are the development of games that lay equal emphasis on entertainment as well as education, getting to know the target audience & their needs, and to find a suitable means for learners to enjoy themselves. Several location-based VR entertainment centers that are locally owned and operate as a single entity without any chains. These players do not focus on quality and improvement as per updates in technology, which results in lower footfalls and low customer retention.
Location-Based VR Entertainment (LBE) Market: - Key Players
The key players in the Location-Based VR Entertainment (LBE) are Exit reality, Springboard VR, HTC Corporation, IMAX Corporation, The VOID LLC, VR Studios Inc, HQ Software, MOFABLES, NEXT NOW, BidOn Games Studio, among others.
Location-Based VR Entertainment (LBE) Market: - Segmentation
By Component, Location-Based VR Entertainment (LBE) Market is segmented into-
By Technology, Location-Based VR Entertainment (LBE) Market is segmented into-
By End user, Location-Based VR Entertainment (LBE) Market is segmented into-
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global Location-Based VR Entertainment (LBE) market. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with Location-Based VR Entertainment (LBE) market attractiveness as per segments. The report on Location-Based VR Entertainment (LBE) market also maps the qualitative impact of various factors on Location-Based VR Entertainment (LBE) market segments and geographies.
Location-Based VR Entertainment (LBE) Market- Report Highlights: