Edutainment Market: Witnessing Significant Growth Due to Increase in Global Spending on Theme Parks
According to a new market report published by Transparency Market Research the global edutainment market is estimated to reach US$ 10,120.2 Mn by the end of the forecast period 2027. According to the report, North America was the largest contributor in terms of revenue to the edutainment market in 2017. This is primarily due to strong technological advancement and considerable application of edutainment in banks and financial institutions across the region.
The Development of Knowledge through the Content of Games is driving the Edutainment market
Gaming is the most adopted method for education; it helps promote learning among children. Most pre-school and kindergarten providers have realized that open-ended play in the right environment helps children develop and learn emotionally, cognitively, socially, and physically. This is a major factor that is expected to boost the edutainment market during the forecast period. Innovation in games, need for physical activity in today’s lifestyle, and substantially increasing investment by established players are some of the major factors fuelling the growth of the edutainment market. In recent years, edutainment centers introduced changes in edutainment games offered by them due to the advent of “triple revolution” of social media, Internet, and mobile devices, and this has led to serious competition. Currently, Virtual Reality (VR) and Augmented Reality (AR) games are the most trending games.
Edutainment Market: Scope of the Report
The global market for edutainment is segmented on the basis of facility size, gaming type, visitor demographics, revenue source, and geographic regions. Based on facility size, the market has been segmented into 5,001 to 10,000 sq. ft., 10,001 to 20,000 sq. ft., 20,001 to 40,000 sq. ft. and > 40,000 sq. ft. 5,001 to 10,000 sq. ft., facility size accounts for the largest share in terms of revenue in the global edutainment market. Based on revenue source, the market has been segmented into entry fees & tickets, food & beverages, merchandising, advertising, and others. On the basis of visitor demographics, the market has been bifurcated into children (0-12 years), teenager (13-18 years), young adult (19-25 years), and adult (25+ years). In terms of gaming type, the market has been bifurcated into interactive, non-interactive, explorative, and hybrid combination games. Explorative gaming type segment is expected to expand at the highest CAGR globally during the forecast period.
Based on geography, the global edutainment market has been segregated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America led the global edutainment market with a substantial share in 2017, primarily due to rising adoption of edutainment by children (0-12 years) and teenagers (13-18 years). Asia Pacific is anticipated to witness highest growth in terms of adoption of edutainment during the forecast period. The number of edutainment centers around the world is increasing at a moderate rate despite a rapid increase in the global population.
Global Edutainment Market: Competitive Dynamics
Edutainment solution providers are expanding their product portfolio through mergers and acquisitions. The coming years are expected to offer scope for the setting up of edutainment centers in untapped markets. Some gaming manufacturers are also focusing on developing various technologies to improve gaming experiences at edutainment centers. They are trying to mix AR and VR technologies with 3-D projection mapping and interactive digital surfaces to generate new technologically advanced games.