Authored By: Sarah
11 Jul 2024

 Metaverse Market in Travel and Tourism Market Size to grow by USD 155174.36 million between 2024-2028

According to a research report “ Metaverse Market in Travel and Tourism Market” by Application (AR, MR, Blockchain, XR, VR) Component (Hardware, Software, Services) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 155174.36 million, at a CAGR of  26.76% during the forecast period. In the travel and tourism sector, the metaverse market is experiencing substantial growth due to the rising adoption of virtual and augmented reality technologies. Customers are increasingly seeking immersive experiences, leading to an uptick in requests for VR solutions. AR, specifically, is revolutionizing the industry with offerings such as digital avatars, interactive hotel elements, and VR tours. The evolution of VR into a more mixed reality, known as metaverse, is further enhancing virtual experiences through annotations and decoding tags, providing unlimited access and increased interactivity.

Browse market data tables, figures, and in-depth TOC on “Metaverse Market in Travel and Tourism Market” by Application (AR, MR, Blockchain, XR, VR) Component (Hardware, Software, Services) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the AR segment is projected to dominate the market size in 2024

In the travel and tourism sector, the metaverse market is characterized by essential hardware components that facilitate engaging and immersive virtual experiences for users. These components include head-mounted displays (HMDs), such as VR headsets and AR glasses, which deliver visual and auditory stimuli. Motion tracking sensors, like cameras and IMUs, capture user movements and gestures, translating them into virtual interactions. Haptic feedback devices, such as gloves and vests, provide tactile sensations, enhancing the user's sense of presence within the metaverse. These technologies are vital for businesses aiming to offer innovative and immersive travel experiences.

By Component, Hardware  segment is expected to hold the largest market size for the year 2024

In the travel and tourism sector, the metaverse market is experiencing significant disruption through the integration of augmented reality (AR) technology. AR solutions are transforming how travelers interact with destinations, offering immersive digital overlays that amplify understanding and pleasure. This innovation is manifested in interactive exhibits at theme parks and museums, virtual room previews for hotels, and real-time navigation apps that facilitate seamless exploration in new environments.

North America is forecasted to hold the largest market size by region in 2024

The metaverse market in North America's travel and tourism sector is experiencing robust growth, fueled by technological innovations, escalating consumer preferences for immersive experiences, and a thriving tourism industry. Major corporations in technology and entertainment are investing substantially in metaverse platforms and experiences, spurring advancements in this domain. Virtual tours of renowned landmarks, advanced travel planning tools, and virtual reality-driven entertainment offerings are gaining traction, enabling travelers to explore destinations remotely, thereby propelling the expansion of the regional metaverse market in the travel and tourism industry throughout the forecast period. Keywords: metaverse market, North America, travel and tourism, technological advancements, consumer demand, virtual reality, augmented reality, investment, innovation, virtual tours, immersive experiences, growth.

The Metaverse Market in Travel and Tourism Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Ariva Digital
  • Infosys Ltd.
  • LynKey International Ltd.
  • Marriott International Inc.
  • Metaverse Seoul
  • Qatar Airways
  • Rendezverse
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

In the ever-evolving digital landscape, the Metaverse market is making significant strides in various industries, including Travel and Tourism. Unreal Engine, a powerful 3D modeling tool, is being utilized to create deployable use cases that offer additional revenue streams for businesses. Human resources in this sector are leveraging advanced technologies, such as Metaverse devices, to enhance business performance. Metaverse devices, including smart helmets, smart glasses, MR headsets, VR headsets, and AR devices, are transforming the travel experience. These devices, which operate on electromagnetic frequencies, offer immersive experiences that mitigate irritation and virtual sickness often associated with low-resolution displays and prolonged usage. The Metaverse is revolutionizing the travel industry by enabling tailored experiences for tourists. Digital twins, a blockchain technology, is being used to create accurate replicas of real-world locations, providing tourists with a more authentic and engaging experience. The medical sector is also benefiting from these advancements, with virtual and augmented reality technologies being used for training and therapy. Investments in Metaverse technologies are on the rise, driven by the potential for enhanced gaming experiences and the development of tailored metaverses for various industries. As the Metaverse continues to evolve, it is poised to redefine the way we travel and explore the world.

Market Research Overview

In the ever-evolving digital landscape, the Metaverse market is making significant strides in the travel and tourism industry. Tablet-based and mobile-based portable gaming applications, fueled by AR (Augmented Reality) technology, are revolutionizing the way we experience travel. Animated objects and interactive 3D media bring destinations to life, allowing users to explore real-world climate and playing fields in a whole new way. Game developers are harnessing the power of Unreal Engine and 3D modeling to create immersive, experiential training programs for various industries, including travel and tourism. These deployable use cases offer additional revenue streams for businesses, as well as opportunities for human resource development. Virtual events and marketing campaigns are increasingly utilizing the Metaverse for brand engagement. Advertisers can create personalized experiences using machine learning and artificial intelligence, while ensuring defined standards and regulations are met. Health concerns, such as eye strain, headaches, and injuries, are being addressed through advancements in HMDs (Head-Mounted Displays) and convergence simulations. The Metaverse market also presents opportunities for taxation, cybersecurity, and oversight in the travel and tourism sector. As the technology continues to evolve, we can expect further advancements in the gaming experiences, tailored metaverses, and investments in smart helmets, glasses, and headsets (MR, VR, AR). Estimation tools and digital twins in the medical sector are also poised to benefit from these developments.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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