Increasing popularity of metaverse, growing integration of virtual reality platforms in travel and tourism
VANCOUVER, BRITISH COLUMBIA, CANADA, September 19, 2022 /EINPresswire.com/ — The Global Metaverse in Travel and Tourism Market Research Report added by Emergen Research to its expanding repository is an all-inclusive document containing insightful data about the Metaverse in Travel and Tourism market and its key elements. The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry. The report sheds light on the minute details of the Metaverse in Travel and Tourism industry pertaining to growth factors, opportunities and lucrative business prospects, regions showing promising growth, and forecast estimation till 2028. The report assesses the historical data and current scenario to offer accurate estimations of the Metaverse in Travel and Tourism market in the coming years.
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. Metaverse has the ability to augment the try-it-before-you-buy-it concept and utilization of metaverse to select aspects of holidays can make it more enjoyable and informational for travelers. Increasing awareness regarding benefits and attributes of metaverse in tourism
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The report also studies the key companies of the Metaverse in Travel and Tourism market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Major Companies in the Market Include:
The Boeing Company
Color Star Technology Co. Ltd.
Powerbridge Technologies Co., Ltd.
Beyondvision Cultural Development Co., Ltd.
Meta Platforms. Inc.
The report further divides the Metaverse in Travel and Tourism market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Metaverse in Travel and Tourism market.
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)
Technology Outlook (Revenue, USD Billion; 2018-2030)
Augmented Reality (AR)
Virtual Reality (VR)
Mixed Reality (MR)
Extended Reality (XR)
End Use Outlook (Revenue, USD Billion; 2018-2030)
Theme Parks and Museums
Trade Shows & Expos
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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.
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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)
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