Rise in popularity of IoT enabled theme parks to boost growth

The global amusement park market is expected to post a compound annual growth rate (CAGR) of over 8% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-on-year growth.

A key factor driving the growth of the global amusement park market size is the rise in the number of baby-boomer visitors. The demand for amusement parks among baby boomers is high as these parks offer expensive and thrilling rides, that capture the attention of baby boomers. There is a high demand for 4D rides, giant rides, and challenging roller coasters. Moreover, the growing innovations in theme-park rides are likely to increase the visitors in the amusement parks, which will drive the growth of the market during the forecast period.

As per Technavio, the rise in popularity of IoT (Internet of Things) enabled theme parks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global amusement park market 2018-2022 research report also analyses other important trends and market drivers that will affect market growth over 2018-2023.

IoT is revolutionizing various operations in the amusement parks. The technology helps in tracking and monitoring all the activities and manage the crowd at the park. Further, the IoT wristband functions as a passport and serves as an entrance ticket for guests and facilitates credit-card transactions. Certain application of IoT-enabled theme parks also help parents track their children’s movement with the help of sensors that are present throughout the park. Such advantages associated with IoT-enabled theme parks will stimulate the growth of the amusement park market during the forecast period.

“Apart from the rise in popularity of IoT-enabled theme parks,” says a senior analyst at Technavio, “other factors such as the rising adoption of mobile-ticketing apps, and the introduction of virtual theme parks will drive the growth of the global amusement park market value during the forecast period.”

This market research report segments the global amusement park market by revenue (tickets, hospitality, merchandising, and others) and geographical regions (APAC, EMEA, and the Americas).

The Americas led the market in 2017, accounting for close to 52% share, followed by EMEA, and APAC respectively. The market dominance of the Americas can be attributed the increase in the number of international and local visitors and rising spending ability of customers.

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more. Some of the key topics covered in the report include the Market Landscape, Market Sizing, Five Forces Analysis, Market Segmentation, Geographical Segmentation, Market Drivers, Market Challenges, Market Trends, and Vendor Landscape.

Technavio is a global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. More information is available on request from media@technavio.com.