The rise in popularity of metaverses, the growing integration of virtual reality platforms in travel and tourism, and the growing use of cryptocurrencies
VANCOUVER, BRITISH COLUMBIA, CANADA, Aug. 5, 2022 /EINPresswire.com/ — Virtual reality and augmented reality have made it possible to deliver more immersive travel experiences and in turn, accelerate the integration of the metaverse into the travel and tourism industry. . Metaverse has the potential to change the way travelers engage in pre-, post- and in-trip shopping and become an essential part of the travel ecosystem. Rapid technological adoption by travel and tourism companies to create substitutes for real-time travel, increased investment to create 3D virtual tours, and growing use of metaverse platforms to enhance hospitality services are some key factors expected to drive market revenue growth during the forecast period. In addition, the increasing use of metaverses by travel and tourism companies to enhance their destination reputation, create immersive marketing experiences and provide customers with essential information about room booking, room size and features, is another key factor expected to drive market revenue growth. moving forward.
The comprehensive study dealing with market share, growth and size equips stakeholders, business owners and field marketing personnel to gain a unique insight into the current business environment to provide a competitive edge over the giants. The deep dive into the past, present and future industry trends contained in the market intelligence report reveals much about the strategic skills that business owners can use to gain a foothold in the business world.
It sheds light on key companies that contribute significantly to the global sector. The report studies the presence of these companies in key geographic regions and their individual placement in the worldwide business. It helps in projecting the growth of Travel & Tourism Metaverse over the years and predicting its expansion in the forecast timeframe.
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Metaverse refers to the creation of virtual worlds that focus on interactions and social connections and include virtual reality experiences and augmented reality overlays. In the travel and tourism industry, metaverse can enable seamless booking experiences and deliver unique stay experiences to cater to ever-evolving visitor 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 provide travelers with a real-world experience of hotel rooms, decor, features and amenities, which can increase travelers’ confidence in their selection, in turn increasing booking and conversion rates. . Metaverse has the ability to add the concept of try before you buy, and using metaverse to select aspects of a vacation can make it more enjoyable and informative for travelers. Growing awareness regarding the benefits and attributes of the metaverse in tourism marketing, increased penetration of social media and smartphones, and the growing number of tech-savvy individuals in the Gen Z and millennial generations are expected to further drive the integration of the metaverse into the tourism sector. travel and tourism. This is expected to further boost market revenue growth during the forecast period. Furthermore, favorable regulations regarding the use of cryptocurrencies and the growing acceptance of cryptocurrencies as a mode of payment by various tourism-focused companies are expected to significantly contribute to the market’s revenue growth going forward.
The global Metaverse in Travel and Tourism market consists of various segments including product type overview, application spectrum, end user overview, key regions and competitive analysis. The report further provides information about the value chain, emerging market sectors and technological advancements in the industry to benefit readers and businesses looking to invest in this industry.
Key market competitors profiled in the report:
The Boeing Company
Color Star Technology Co. Ltd.
Powerbridge Technologies Co., Ltd.
Beyondvision Cultural Development Co., Ltd.
Meta Platforms. Inc.
A closer look at aspects including but not limited to market segmentation by end-user, end-use, geography, type, and application forms an integral part of the research report. Moreover, in-depth analysis of critical factors such as spending ability, gross margin, business environment and profit for the forecast period 2021 – 2028 contains critical information and is based on curated facts and logical arguments. Importantly, statistical validation, recent acquisitions and mergers, collaborations and product launches serve as evidence to stakeholders, field marketing personnel, product manufacturers and business evangelists of how a product will be positioned in the real world in the following years.
For the purpose of this report, Emergen Research has segmented the global metaverse in the travel and tourism market based on component, technology, end-use and region:
Component Outlook (Revenue, billion USD; 2018-2030)
Technology Outlook (Revenue, billion USD; 2018-2030)
Augmented Reality (AR)
virtual reality (VR)
Mixed Reality (MR)
Augmented Reality (XR)
End-use outlook (revenue, billion USD; 2018-2030)
Theme Parks and Museums
Trade shows and exhibitions
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Hardware segment to register fast revenue CAGR:
The hardware segment is expected to register strong revenue CAGR during the forecast period attributed to increasing adoption of advanced AR and VR devices for theme park visits, in-flight entertainment and virtual tours, technological advancements in hardware devices, and availability of AR advanced and VR equipment. Apart from this, availability of affordable AR-powered glasses, increased investment to develop powerful immersive technologies, and rapid adoption of VR headsets and controllers are some other factors expected to drive the segment’s revenue growth.
Destination tour segment revenue to support market growth:
The destination tours segment is expected to account for a significant share of the revenue in the global market during the forecast period attributed to the growing awareness of the metaverse’s potential to change the dynamics of the consumer experience in choosing destinations, attractions, and accommodations. VR and AR and metaverse platforms will enable users to experience destinations without physically traveling to the location, experience hotels and resorts and their facilities, and try different trips and excursions that can encourage bookings. This is another factor that is expected to contribute to the growth of this segment’s income.
Target audience of the report:
Large, medium and small enterprises
Value Added Reseller (VAR)
Third Party Knowledge Providers
Key geographies covered in the report:
North America (USA, Canada)
Europe (UK, 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 and Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
The global Metaverse Travel & Tourism market report assesses the latest economic scenario in terms of value and volume. It highlights key growth drivers, restraints, production capacity, demand and supply ratio, import/export status, growth rate and other critical aspects. Additionally, the report also conducts SWOT analysis, Porter’s Five Forces analysis, speculation attainability investigation, and venture return investigation.
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