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VANCOUVER, BRITISH COLUMBIA, CANADA, July 21, 2022 /EINPresswire.com/ — Increasing popularity of metaverse, growing integration of virtual reality platforms in travel and tourism, and rising use of cryptocurrencies for luxurious travel experiences are some kjey factors expected to drive market growth
The report covers the Metaverse in Travel and Tourism Market segmentation along with a detailed outline of the Metaverse in Travel and Tourism market size with regards to volume and valuation. The report provides comprehensive coverage of the Metaverse in Travel and Tourism market scenario for the current period and forecast timeline of 2021-2028. The Metaverse in Travel and Tourism market report contains an in-depth analysis of the historical, current, and projected revenues for every industry vertical, segment, end-use industries, applications, and regions.
Market Dynamics:
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.
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The report further sheds light on the emerging growth opportunities, challenges, market threats, limitations, and factors likely to restrict the growth of the Metaverse in Travel and Tourism market. The report further discusses in detail the market in international waters and the emerging trends in those regions. It also offers insights into the competitive landscape, market drivers, industrial scenario, and the latest product and technological developments to offer a comprehensive overview of the Metaverse in Travel and Tourism market landscape.
The Metaverse in Travel and Tourism research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
The key companies studied 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
On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
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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
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COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
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.
Destination Tours Segment Revenue to Support Market Growth:
Destination tours segment is expected to account for a significantly large revenue share in the global market over the forecast period attributable increasing awareness about potential of metaverse to alter the dynamics of consumer experience in choosing destinations, attractions, and accommodations. VR and AR and metaverse platforms will enable users experience destinations without physically travelling to the location, experience hotels and resorts and their facilities, and test drive different trips and excursions which can encourage bookings. This is another factor expected to contribute to revenue growth of this segment.
Asia Pacific Market Revenue to Expand Significantly:
Asia Pacific market revenue is expected to expand at a rapid CAGR over the forecast period attributable to emergence of metaverse-related startup companies and increasing investment in travel and tourism sector to accelerate recovery of cross-border travel. In addition, growing focus of major companies to bring regional travel on track, increasing collaboration among travel and tourism companies and metaverse companies, adoption of AR and VR tech, and rising penetration of high speed internet and smartphones in the region are some other factors expected to drive market revenue growth in the region going ahead.
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About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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July 21, 2022, 09:13 GMT
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