The entertainment and amusement industry is expected to gain substantial growth in the coming years, owing to the rapid development of AR/VR technologies, increasing disposable income of consumers, and rising trend oftheme parks, among others. Organizations in this sector are focusing on technological advancements, such as utilizing robotics and AI, to attract more customers and enhance the customer experience.
- The global entertainment and amusement market is expected to reach a value of USD 230.3 billion by 2027.
- From 2023 to 2027, the market is estimated to exhibit a CAGR of 7.1%.
- In 2020, the market was primarily driven by countries such as China, the U.S., and Japan, which together accounted for around 45.3% of the market share.
Market Trends and Opportunities
The entertainment and amusement market is projected to gain momentum due to the increasing demand for virtual and augmented reality technology, the development of smart cities, the expansion of theme parks, and the growing popularity of eSports.
- The development of smart cities is driving the growth of the market as they are introducing innovative gaming experiences and other forms of interactive entertainment.
- The use of robotics and AI is enabling organizations in this sector to offer new and innovative gaming experiences that can attract more customers and improve the customer experience.
- The rising trend of eSports, with tournaments being organized and broadcasted on various platforms, is expected to have a positive impact on the market.
- The increasing disposable income of consumers is driving the market, as people are spending more on entertainment and amusement services.
The entertainment and amusement market may face certain challenges due to the spread of the COVID-19 pandemic. This has resulted in various safety protocols being implemented and some venues may remain closed or operate at limited capacities, which could limit the growth potential of the market.
Additionally, the rising cost associated with the development of amusement parks, the increasing demand for content, and the growing demand for advanced technologies are some of the other challenges that the market may face.
- The entertainment and amusement market is expected to reach a value of USD 230.3 billion by 2027.
- Organizations in this sector are focusing on the development of technologies such as robotics and AI to attract more customers and improve the customer experience.
- The spread of the COVID-19 pandemic, the rising cost associated with the development of amusement parks, and the increasing demand for content are some of the challenges that may hinder the growth of the market.