Market study reveals opportunities lie in AR, VR and IoT
According to a report published by Daedal Research, the global theme park market has showcased high growth in recent years, and projections expect the market to rise progressively from 2019-2023.
The report, titled “Global Amusement and Theme Park Market (2019-2023 Edition)”, suggests a number of reasons for the uplift, including the growth of the urban population; increase in GDP per-capita; rise in middle-class population and an increase in international tourism expenditure.
The report identifies a surge in the adoption of Internet of Things (IoT), the rising prominence of Virtual Reality (VR) technology and budding Augmented Reality (AR) technology and innovations as key trends.
Challenges to growth include foreign exchange rate fluctuation, regulatory changes, the threat of terror attacks and the seasonal nature of the industry.
According to the report, competition in the global theme park market is highly fragmented at present, with several small players invading the market. However, the key players of the theme park market are still Walt Disney Company, Merlin Entertainment PLC, and Six Flags Entertainment Corporation.