Metaverse in Travel and Tourism Market

Metaverse in Travel and Tourism Market Technology, Applications, Recent Trends, Future Growth

The Global Metaverse in Travel and Tourism Market Research Report published by Emergen Research is furnished with the latest information about product specifications and portfolio, technological advancement, product type, and manufacturing. Major factors such as revenue, costs, and gross margin are taken into consideration while formulating this report. The report provides extensive data concerning the key market players along with their SWOT analysis, financial standing, technological and product development, and recent strategic business expansion plans.

Virtual reality and augmented reality have made it possible to provide more immersive travel experiences and in turn, accelerated integration of metaverse in travel and tourism industry. Metaverse has the potential to change the way travelers engage in pre, post, and in-trip purchases and become an essential part of the travel ecosystem. Rapid technological adoption by travel and tourism companies to create substitutes for real-time travel, increasing investment to create 3D virtual tours, and rising use of metaverse platforms to enhance hospitality services are some key factors expected to boost market revenue growth over the forecast period. In addition, increasing utilization of metaverse by travel and tourism companies to enhance their destination reputation, create immersive marketing experiences, and offer essential information to customers about room booking, room size, and features is another key factor expected to boost revenue growth of the market going ahead.

Key insights presented in the report:

  • Market revenue shares by major business players, by type, by application, and market scope of global Metaverse in Travel and Tourism market
  • Sales revenue by key players and new entrants
  • Competitive analysis of key players, including aspects such as company overview, product or services specification, vendors, and buyers
  • Recent mergers, acquisitions, product launches, recent investments, and joint ventures
  • Regional analysis to provide insight into recent trends and opportunities

The report provides comprehensive details about the market with respect to overall revenue, sales and consumption, pricing trends, gross margins, growth rate, and market size. Additionally, the report also covers details of the company, such as sales and distribution area, product portfolios, specifications, and others.

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Metaverse refers to the creation of virtual worlds that are focused on social interactions and connections and include virtual reality experiences and augmented reality overlays. In the travel and tourism industry, metaverse can enable seamless booking experiences and offer unique stay experiences to cater to ever-evolving guest 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 offer travels a real-like experience of hotel rooms, décor, features, and amenities which could boost confidence among travelers about their selection, in turn, boosting booking and conversion rates. Metaverse has the ability to augment the try-it-before-you-buy-it concept and utilization of metaverse to select aspects of holidays can make it more enjoyable and informational for travelers. Increasing awareness regarding benefits and attributes of metaverse in tourism marketing, rising social media and smartphone penetration, and growing number of tech-savvy individuals in the Gen Z and millennial generations is expected to further boost integration of metaverse in travel and tourism sector. This is expected to further boost revenue growth of the market over the forecast period. In addition, favorable regulations regarding use of cryptocurrencies and growing acceptance of cryptocurrencies as a mode of payment by various tourism-focused companies is expected to contribute significantly to revenue growth of the market going ahead.  

The report also discusses key players involved in the market, such as The Boeing Company, Mytaverse, Marriot International, First Airlines, LynKey, Ariva, Color Star Technology Co. Ltd., Powerbridge Technologies Co., Ltd., Beyondvision Cultural Development Co., Ltd., Meta Platforms. Inc., Google LLC, Microsoft, Inc.and others as well as new entrants in the market. The competitive analysis also includes regional analysis of major geographical regions. The report covers regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Key Questions Answered in the Report:

  • What will be the estimated growth rate of the Metaverse in Travel and Tourism market by 2032?
  • Who are the prominent distributors, vendors, and manufacturers of the market?
  • What are the driving and restraining factors of the growth of the Metaverse in Travel and Tourism market throughout the forecast period?
  • What are the current and future market trends of the Metaverse in Travel and Tourism market?
  • What are the sales and price analysis of the product by types, applications, and regions?
  • What are the expected opportunities for the companies and new entrants in the coming years?

The report demonstrates the progress and advancement achieved by the global Metaverse in Travel and Tourism market, including the historical analysis and progress through forecast years. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals. The report provides an accurate estimation by applying SWOT analysis and Porter’s Five Forces analysis. The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market.

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Hardware Segment to Register Rapid Revenue CAGR:

Hardware segment is expected to register robust revenue CAGR over the forecast period attributable to increasing adoption of advanced AR and VR-enabled devices for theme part visits, in-flight entertainment, and virtual tours, technological advancements in hardware equipment, and availability of advanced AR and VR devices. In addition, availability of affordable AR-powered glasses, increasing investment to develop robust immersive tech, and rapid adoption of VR headsets and controllers are some other factors expected to drive revenue growth of the segment.

Destination Tours Segment Revenue to Support Market Growth:

Destination tours segment is expected to account for a significantly large revenue share in the global market over the forecast period attributable increasing awareness about potential of metaverse to alter the dynamics of consumer experience in choosing destinations, attractions, and accommodations. VR and AR and metaverse platforms will enable users experience destinations without physically travelling to the location, experience hotels and resorts and their facilities, and test drive different trips and excursions which can encourage bookings. This is another factor expected to contribute to revenue growth of this segment.

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