Metaverse in the travel and tourism market Advanced technology and new innovations by 2028
Research finds that on some accounts, threats and challenges can be a barrier to business
VANCOUVER, BRITISH COLUMBIA, CANADA, July 21, 2022 /EINPresswire.com/ — The growing popularity of the metaverse, the increasing integration of virtual reality platforms in travel and tourism, and the growing use of cryptocurrencies for luxury travel experiences are a few kjey factors expected to drive growth of the market
The report covers Metaverse in the travel and tourism market segmentation along with a detailed overview of the Travel & Tourism Metaverse market size in terms of volume and valuation. The report provides complete coverage of the Metaverse in Travel & Tourism market scenario for the current period and forecast timeframe from 2021-2028. The Metaverse in Travel and Tourism Market report contains an in-depth historical, current, and forecasted revenue analysis for each vertical, segment, end-use industries, applications, and regions.
Virtual Reality and Augmented Reality have helped provide more immersive travel experiences and, in turn, accelerated metaverse integration into the travel and tourism industry. Metaverse has the potential to change the way travelers engage with pre-, post-, and during-trip shopping and become an essential part of the travel ecosystem. The rapid adoption of technology by travel and tourism companies to create substitutes for real-time travel, increased investment to create 3D virtual tours, and the growing use of metaverse platforms to improve travel services. are some of the key factors that are expected to drive the market revenue growth over the forecast period. Additionally, the growing use of the metaverse by travel and tourism businesses to enhance their destination reputation, create immersive marketing experiences, and offer critical guest insights on room reservations, room sizes, and features is another key factor expected to drive the revenue growth of the market. go forward.
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The report further throws light on emerging growth opportunities, challenges, market threats, limitations, and factors likely to restrain the growth of the Metaverse in Travel & Tourism market. The report further examines in detail the international waters market and emerging trends in these regions. It also offers an overview of the competitive landscape, market drivers, industry scenario, and latest product and technological developments to offer a comprehensive overview of the Metaverse in Travel and Tourism market landscape.
The Travel & Tourism Metaverse research report also includes an in-depth study of key industry players along with their business overview, strategic planning, and business expansion plans adopted by them. It helps readers and business owners formulate strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, agreements with companies and governments, etc. The report also talks about the expansions that 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 main companies studied in the report are:
The Boeing Company
Color Star Technology Co. Ltd.
Powerbridge Technologies Co., Ltd.
Beyondvision Cultural Development Co., Ltd.
Meta platforms. Inc.
Based on regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia-Pacific, Middle East & Africa. The market is expected to be dominated by North American countries, closely followed by European countries. Asia-Pacific is expected to show significant growth due to recent progress and increased investment in the R&D sector.
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For the purposes of this report, Emergen Research has segmented the global travel and tourism market metaverse based on components, technology, end-use, and region:
Components 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
Fairs and exhibitions
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COVID-19 Impact Analysis
Social distancing and restrictions have severely disrupted businesses and operations
Lockdowns have caused disruptions in transport and logistics
Manufacturing and mining operations affected globally
Weighed on the economy of various countries
Caused a sudden and drastic slowdown in economic activity
Disruption of agriculture, fishing, dairy industry and other sectors
Caused job losses and a financial crisis
Supply side effects have been further compounded due to lower disposable income
Emergence of variants continues to cause concern and impact normal routines
Material Segment to Record Quick Revenue CAGR:
The hardware segment is expected to register a robust revenue CAGR during the forecast period, driven by the increasing adoption of advanced augmented reality and virtual reality enabled devices for themed tours, in-flight entertainment and virtual tours, technological advances in hardware equipment, and the availability of advanced augmented reality. and VR devices. Additionally, availability of affordable AR-powered glasses, increasing investment to develop robust immersive technology, and rapid adoption of VR headsets and controllers are other factors expected to drive the segment’s revenue growth.
Destination Tours Segment Revenues to Support Market Growth:
The destination tours segment is expected to account for a significantly large revenue share in the global market over the forecast period, owing to the growing awareness of the potential of the metaverse to change the dynamics of consumer experience in choosing the destinations, attractions and accommodations. VR and AR platforms and metaverses will allow users to discover destinations without physically going there, discover hotels and resorts and their facilities, and test different trips and excursions that can encourage bookings. This is another factor that should contribute to the revenue growth of this segment.
Asia-Pacific market revenue will increase significantly:
Asia-Pacific market revenue is expected to grow at a rapid CAGR over the forecast period, owing to the emergence of metaverse-related startups and increasing investment in the travel and tourism industry to accelerate the resumption of cross-border travel. In addition, the growing focus of large corporations on putting regional travel on the right track, increasing collaboration between travel and tourism companies and metaverse companies, adoption of AR and VR technology and the growing penetration of broadband internet and smartphones in the region are other expected factors. to drive market revenue growth in the region in the future.
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