Metaverse in Travel and Tourism Market | Emergen Research
Virtual reality and augmented reality have made it possible to provide more immersive travel experiences and in turn, accelerated integration of metaverse in travel and tourism industry. Metaverse has the potential to change the way travelers engage in pre, post, and in-trip purchases and become an essential part of the travel ecosystem. Rapid technological adoption by travel and tourism companies to create substitutes for real-time travel, increasing investment to create 3D virtual tours, and rising use of metaverse platforms to enhance hospitality services are some key factors expected to boost market revenue growth over the forecast period. In addition, increasing utilization of metaverse by travel and tourism companies to enhance their destination reputation, create immersive marketing experiences, and offer essential information to customers about room booking, room size, and features is another key factor expected to boost revenue growth of the market going ahead.
Metaverse refers to the creation of virtual worlds that are focused on social interactions and connections and include virtual reality experiences and augmented reality overlays. In the travel and tourism industry, metaverse can enable seamless booking experiences and offer unique stay experiences to cater to ever-evolving guest expectations. Metaverse can revolutionize accommodation and booking processes and enable hotels and resorts to offer 3D virtual tours to experience the destination before they check-in. 3D virtual tours can offer travels a real-like experience of hotel rooms, décor, features, and amenities which could boost confidence among travelers about their selection, in turn, boosting booking and conversion rates.
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The report highlights the current impact of COVID-19 on the Metaverse in Travel and Tourism market along with the latest economic scenario and changing dynamics of the market. It analyzes the impact of the pandemic on market growth and remuneration. The pandemic has changed the economic scenario of the world and has affected several sectors of the market. The report estimates the market for Metaverse in Travel and Tourism according to the impact of COVID-19.
Major Players/Manufacturers profiled in the report are:
The Boeing Company
Mytaverse
Marriot International
First Airlines
LynKey
Ariva
Color Star Technology Co. Ltd.
Powerbridge Technologies Co., Ltd.
Beyondvision Cultural Development Co., Ltd.
Meta Platforms. Inc.
Google LLC
Microsoft Corporation
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For the purpose of this report, Emergen Research has segmented the global metaverse in travel and tourism market on the basis of component, technology, end use, and region:
Component Outlook (Revenue, USD Billion; 2018-2030)
Hardware
Software
Technology Outlook (Revenue, USD Billion; 2018-2030)
Blockchain
Augmented Reality (AR)
Virtual Reality (VR)
Mixed Reality (MR)
Extended Reality (XR)
End Use Outlook (Revenue, USD Billion; 2018-2030)
Room Tours
Destination Tours
Theme Parks and Museums
Natural Attractions
Trade Shows & Expos
Others
The report offers a complete understanding of the Metaverse in Travel and Tourism market in key regions with respect to regional production and consumption patterns, import/export, supply and demand dynamics, trends, growth prospects, and the presence of prominent players in each region. Each of the mentioned regions is analyzed based on the comprehensive market data obtained from the major countries of each region to impart a clear understanding of the market.
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Regional Analysis of the Metaverse in Travel and Tourism Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Hardware Segment to Register Rapid Revenue CAGR:
Hardware segment is expected to register robust revenue CAGR over the forecast period attributable to increasing adoption of advanced AR and VR-enabled devices for theme part visits, in-flight entertainment, and virtual tours, technological advancements in hardware equipment, and availability of advanced AR and VR devices. In addition, availability of affordable AR-powered glasses, increasing investment to develop robust immersive tech, and rapid adoption of VR headsets and controllers are some other factors expected to drive revenue growth of the segment.
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