Increasing popularity of the metaverse, increasing integration of virtual reality platforms in travel and tourism, and increasing use of cryptocurrencies
VANCOUVER, BRITISH COLUMBIA, CANADA, August 5, 2022 /EINPresswire.com/ — Virtual reality and augmented reality are making it possible to provide more immersive travel experiences and in turn, accelerating the integration of the travel and tourism industry metaverse. . Metaverse has the potential to change the way travelers engage in pre, post, and in-trip purchases and become an integral part of the travel ecosystem. The rapid adoption of technology by travel and tourism companies to create real-time travel substitutes, increased investment to create 3D virtual tours, and the increased use of metaverse platforms to promote hospitality services are some of the key factors that are expected to boost the revenue growth of the market during the forecast period. In addition, the increasing use of metaverse by travel and tourism companies to improve their destination reputation, create immersive marketing experiences, and offer valuable information to customers about room bookings, size room-on, and features is another key factor that is expected to boost the revenue growth of the market. continues.
The all-encompassing study related to market share, growth and size equips stakeholders, business owners, and marketing personnel in the field to gain a unique insight into the current environment of business to give a competitive advantage to the giants. The deep dive into past, present, and future industry trends included in the market intelligence report reveals several strategic capabilities that business owners can use to gain a solid footing. in the business world.
It sheds light on major companies that have contributed significantly to the global sector. The report examines the presence of these companies in major geographic regions and their individual business placements around the world. It helps to project the growth of the Travel and Tourism Metaverse over the years and to predict its expansion in the predicted time period.
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Metaverse aims to create virtual worlds focused on social interactions and connections and includes virtual reality experiences and augmented reality overlays. In the travel and tourism industry, metaverse enables seamless booking experiences and offers unique stay experiences to meet ever-evolving guest expectations. Metaverse can revolutionize the accommodation and reservation processes and enable hotels and resorts to offer 3D virtual tours to experience the destination before they check-in. 3D virtual tours can offer travelers a real-like experience of hotel rooms, decor, features, and amenities that can boost travelers’ confidence about their choice, in turn, increasing the booking and conversion rates. Metaverse has the ability to increase the try-it-before-you-buy-it concept and using the metaverse to select aspects of holidays can make it more fun and informative for travelers. Increasing awareness about the benefits and attributes of the tourism marketing metaverse, the rise of social media and smartphone penetration, and the growing number of tech-savvy individuals in the Gen Z and millennial generations are expected to increase which will increase the integration of the metaverse in the travel and tourism sector. This is expected to further increase the revenue growth of the market during the forecast period. In addition, favorable regulations regarding the use of cryptocurrencies and growing acceptance of cryptocurrencies as a means of payment by various tourism-focused companies are expected to contribute significantly to the market’s revenue growth going forward.
The global Travel and Tourism Metaverse market covers various segments, including product type view, application spectrum, end-user view, leading regions, and competitive analysis. The report further provides information on the value chain, emerging market sectors, and technological developments in the industry to benefit readers and businesses looking to invest in this industry.
Major Competitors in the Report Market Profile:
The Boeing Company
Color Star Technology Co. Ltd.
Powerbridge Technologies Co., Ltd.
Beyondvision Cultural Development Co., Ltd.
Meta Platform. Inc.
A closer look at aspects including but not limited to market segmentation by end-user, end-use, geography, type, and application forms part of the research report. In addition, in-depth analysis of critical factors such as cost effectiveness, gross margin, business environment and profitability for the forecast period 2021 – 2028 contains critical information and is based on curated facts and logical reasoning. arguments. Importantly, validating statistics recent acquisitions and mergers, collaborations and product launches serve as testimonies for stakeholders, field marketing personnel, product manufacturers and business evangelists on how one product will be installed in the real world in the coming years.
For the purpose of this report, Emergen Research has segmented the global travel and tourism market metaverse based on component, technology, end-use, and region:
Component 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
Trade Shows and Expos
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Hardware Segment to Register Rapid Revenue CAGR:
The hardware segment is expected to register strong revenue CAGR during the forecast period due to increasing adoption of advanced AR and VR-enabled devices for themed segment visits, in-flight entertainment , and virtual tours, advances in hardware technology, and the availability of advanced AR. and VR devices. Additionally, the availability of affordable AR-powered glasses, increasing investment to develop robust immersive tech, and rapid adoption of VR headsets and controllers are other factors expected to drive the segment revenue growth.
Destination Tours Segment Revenue to Support Market Growth:
The travel destinations segment is expected to account for a large share of the revenue in the global market during the forecast period due to the increasing awareness about the potential of the metaverse to change the dynamics of the experience of travelers. consumer choice of destinations, attractions, and accommodations. VR and AR and metaverse platforms enable users to experience destinations without physically traveling to the location, experience hotels and resorts and their facilities, and test drive various trips. and excursions that encourage bookings. This is another factor that is expected to contribute to the revenue growth of this segment.
Report target audience:
Large, medium-sized, and small businesses
Value-Added Resellers (VARs)
Third party knowledge providers
Key Geographies Covered in the Report:
North America (US, 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 & Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
The global Metaverse of Travel and Tourism market report evaluates the latest economic scenario in terms of value and volume. It highlights the main growth factors, constraints, production capacity, demand and supply ratio, import/export situation, growth rate, and other critical aspects. In addition, the report also conducts SWOT analysis, Porter’s Five Forces analysis, speculation attainability investigation, and venture return investigation.
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