Latest News- Metaverse Market in Travel and Tourism Market: AR is expected to lead the Application segment during 2024-2028

The Metaverse Market in Travel and Tourism Market is being driven by Increasing demand for AR and VR technology

The Metaverse Market in Travel and Tourism Market is expected to grow at a CAGR of 26.76% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 155174.36 million. The metaverse market in travel and tourism is experiencing substantial growth, with businesses increasingly integrating this technology to enhance customer experiences, optimize operations, and generate new revenue streams. One notable development in this space is LynKey International Ltd.'s (LynKey) January 2022 announcement of an USD8 billion project to tokenize and offer NFT and metaverse solutions for the travel and tourism industry. As a pioneer in the use of blockchain, NFTs, AI, and the metaverse for luxury resort and vacation properties, LynKey is leading the charge in this innovative sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • AR
  • MR
  • Blockchain
  • XR
  • VR
• Component
  • Hardware
  • Software
  • Services
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for AR and VR technology
• Growing internet penetration and implementation of 5G
• Introduction of digital assets in metaverse

However, the market also witnesses some limitations, which are as follows:

• High development costs associated with AR and VR apps
• Lack of skilled employees in development and maintenance of metaverse technologies
• Privacy and security concerns over metaverse

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Market Scope in Metaverse Market in Travel and Tourism Market Research Report

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Research Analysis Overview

In the realm of travel and tourism, the Metaverse Market is revolutionizing the industry with innovative technologies such as VR travel apps, AR travel overlays, metaverse travel guides, and digital travel assets. Virtual reality headsets offer immersive tourism solutions with 3D travel modeling, virtual reality travel, and sensory travel experiences. Virtual travel agencies provide consultations and training, while metaverse travel design and adoption create interactive travel simulations and immersive destinations. Blockchain travel security ensures data safety, and analytics offer valuable insights for virtual travel marketing and engagement. Virtual travel content, 3D travel animation, and virtual travel safety are essential components of this burgeoning market. Travel metaverse infrastructure and tourism strategy are also crucial for its successful integration and growth.

Market Research Overview

The Metaverse market in travel and tourism is a significant segment of the global technology hardware, storage, and peripherals market within the information technology industry, according to Technavio. This market encompasses virtual tourism platforms, immersive travel experiences, 3D travel environments, and augmented reality tourism. The parent technology hardware, storage, and peripherals market comprises manufacturers of cellular phones, personal computers, servers, electronic components, and peripherals, including data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other related devices. Technavio projects the growth of this market, driven by factors such as increasing demand for immersive travel experiences and advancements in virtual and augmented reality technology. The market size is determined by the revenue generated from the sales of hardware devices, equipment, and components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/