Growing popularity of the metaverse, increasing integration of virtual reality platforms into travel and tourism, and growing use of cryptocurrencies
VANCOUVER, BRITISH COLUMBIA, CANADA, Aug. 5, 2022 /EINPresswire.com/ — Virtual reality and augmented reality have enabled more immersive travel experiences and therefore accelerated the integration of the metaverse 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.
The global market share, growth, and size study enables stakeholders, business owners, and field marketing personnel to gain unique insight into the current business environment in order to ‘offer a competitive advantage over the giants. A deep dive into past, present, and future industry trends included in the market intelligence report reveals a lot about the strategic capabilities that business owners can leverage to gain a firm foothold in the market. business world.
It highlights major companies that contribute significantly to the global industry. The report studies the presence of these companies in major geographic regions and their individual placement in global trade. It helps to project the growth of Metaverse in travel and tourism over the years and forecast its expansion in the forecast period.
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The metaverse refers to the creation of virtual worlds focused on social interactions and connections and including virtual reality experiences and augmented reality overlays. In the travel and tourism industry, the metaverse can enable seamless booking experiences and deliver unique stay experiences to meet ever-changing customer expectations. Metaverse can revolutionize the accommodation and reservation process and allow hotels and resorts to offer 3D virtual tours to experience the destination before check-in. 3D virtual tours can give travelers a realistic experience of hotel rooms, decor, features, and amenities that could build travelers’ confidence in their selection, which, in turn, will increase booking rates and conversion. The Metaverse has the ability to augment the try-before-you-buy concept, and using the Metaverse to select aspects of vacations can make them more enjoyable and informative for travelers. Increased awareness of the benefits and attributes of the metaverse in tourism marketing, growing penetration of social media and smartphones, and growing number of tech-savvy individuals in Gen Z and Millennials are expected to further drive onboarding of the metaverse in the travel and tourism sector. This is expected to further drive the market revenue growth over 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-oriented businesses are expected to contribute significantly to the market revenue growth in the future. .
The global Metaverse in Travel and Tourism market includes various segments including product type outlook, application spectrum, end-user overview, major regions, and competitive analysis. The report further provides insights into the value chain, emerging market sectors, and technological advancements in the industry for the benefit of readers and companies looking to invest in this industry.
Key Market Competitors Featured in the Report:
The Boeing Company
Color Star Technology Co. Ltd.
Powerbridge Technologies Co., Ltd.
Beyondvision Cultural Development Co., Ltd.
Meta platforms. Inc.
Further examination of aspects including but not limited to market segmentation by end-user, end-use, geography, type, and application is an integral part of the research report. Also, an in-depth analysis of critical factors such as spending ability, gross margin, business environment and earnings for the forecast period 2021-2028 contains critical information and is based on selected facts and logical arguments . Importantly, validating statistics on recent acquisitions and mergers, collaborations, and product launches serve as testimonials for stakeholders, field marketing personnel, product manufacturers, and business evangelists on how of which a product will be positioned in the real world in the years to come.
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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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.
Target audience of the report:
Large, medium and small businesses
Value Added Resellers (VAR)
Third-Party Knowledge Providers
Main 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, United Arab Emirates, South Africa, Rest of MEA)
The Global Metaverse in Travel and Tourism Market report assesses the latest economic scenario in terms of both value and volume. It highlights key growth drivers, restraints, production capacity, demand/supply ratio, import/export status, growth rate and other critical aspects. In addition, the report also conducts SWOT analysis, Porter’s five forces analysis, speculation accessibility survey, and business return survey.
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