Virtual Reality (VR) And Augmented Reality (AR) In Amusement Parks

Posted January 2, 2019 by praneethtbrc

North America was the second largest region accounting for 43% market share. This was mainly due to a high disposable income, a large population seeking fitness centers services and popularity of amusement parks in the USA and Canada.

The global amusements market, a part of the recreation industry, grew at a compound annual growth rate (CAGR) of around 6% during the historic period. The recreation industry showed a steady growth. The growth is mainly due to increasing influx of tourists from countries such as China and India and other developing countries aided by rising disposable income and government initiatives to promote tourism in many countries.

In the forecast period, the global amusements market size is expected to be over $300 billion by 2021, growing at a CAGR of nearly 6.5%. This market is expected to register high growth and this can be attributed to technological advancements, growing popularity of fitness centers, introduction of virtual theme parks and development of a 360-degree technology to offer people a real-life experience of the virtual world are the factors that are expected to boost the market in the forecast period. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global amusements market in the future.

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Amusement parks are increasingly using virtual and augmented reality technology to provide an immersive experience to customers. Virtual reality is a 3D, computer generated environment which can interact with a person, whereas augmented reality turns an environment into a digital interface by placing virtual objects in the real world. Amusement parks are implementing this technology in rides and theater-based attractions.

Major companies in the amusements market, offering AR and VR technology include The Walt Disney Company, Las Vegas Sands, Universal Studios, MGM Resorts, Merlin Entertainment Group, SeaWorld Entertainment, Vail Resorts, Six Flags Entertainment Corporation, Cedar Fair Entertainment Company, Compagnied esalpes.

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Categories Business , Recreation , Technology
Tags amusement parks market report , amusements global market report , gambling global market report , recreation activities market report
Last Updated January 2, 2019