Global Metaverse in Travel and Tourism Market Share Is Likely To Reach At A CAGR Of Around 26.6% By 2028

31-May-2022 | Facts and Factors

According to the Facts & Factors report, the global metaverse in travel and tourism market is predicted to grow to around 220.8 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 26.6% over the projected timeframe.

The metaverse, additionally endured as the ensuing replication of the internet, has the implicit power to transfigure the digital world and produce new openings in every end-use sector. Metaverse can be used in hospitality assiduity to produce truly indelible memories for locals and excursionists alike. The metaverse has enabled inventors to create realistic sights and sounds of spots in the digital world while generating 3D virtual tenures of hospices, event spaces, and amenities that offer a further immersive experience. The metaverse can also allow for less obscurity between actors and much more realistic situations that can train hostel workers for guest exchanges with both favorable and unfavorable inputs.

Browse the full “Metaverse in Travel and Tourism Market By Technology (VR, AR, MR, XR, and Blockchain), By Component (Hardware and Software), By End-Use (Destination Tours, Room Tours, Theme Parks & Museums, Trade Shows & Expos, Natural Attractions, and Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast Report 2022 – 2028"  report at https://www.fnfresearch.com/metaverse-in-travel-and-tourism-market

Virtual and augmented reality have enabled more immersive journeys, hastening the integration of the metaverse into the travel and tourism industry. The Metaverse has the potential to change the way travelers make pre-, post-, and in-trip purchases and to become an essential component of the travel ecosystem. Rapid technological implementation by travel and tourism businesses to develop substitutes for real-time travel; increased investment in creating 3D virtual tours; and increased use of metaverse platforms to improve hospitality services are some of the important components estimated to bolster the global metaverse in travel and tourism market revenue growth over the forecast period. Furthermore, increased use of the metaverse by travel and tourism companies to improve destination reputation, develop immersive marketing experiences, and provide essential information to customers about hotel reservations, room size, and characteristics is another key factor estimated to bolster market revenue growth in the future.

However, some of the aspects that may inhibit market growth during the forecast period include limited awareness of the metaverse, high prices of AR & VR devices and applications, and technical challenges associated with metaverse development. Moreover, restrictive cryptocurrency laws, rising concern about people's privacy in connected virtual worlds, and negative health effects of VR devices such as drowsiness, lightheadedness, and physical injuries are some of the factors that may affect the potential implementation of metaverse-related resources & devices and thus, restrict market revenue growth.

The global metaverse in travel and tourism market is segmented on the basis of technology, component, end-use, and region. By technology, the market is divided into VR, AR, MR, XR, and blockchain. Over the forecast period, the augmented reality (AR) segment is estimated to hold a sizable revenue share. By component, the market is divided into hardware and software. The hardware segment is expected to grow at a rapid pace over the forecast period, owing to increased demand for immersive AR & VR technology, rapid developments in AR & VR devices, and increased use of AR- & VR-enabled devices for virtual tours, in-flight entertainment, theme park visits, and trial runs of tourist destinations & points of interest. By end-use, the market is divided into destination tours, room tours, theme parks & museums, trade & expos, natural attractions, and others. The destination tours segment is projected to grow significantly in revenue over the forecast period, owing to the metaverse's growing potential to change the way customers shop for destinations, accommodations, and attractions.

As a result of increased awareness & adoption of metaverse technologies & cryptocurrencies, the expansion of luxury tourism, and increased collaboration among metaverse-related businesses & travel enterprises to securely exchange information directly, North America is estimated to hold a substantial share of the global metaverse in travel and tourism market. The region is expected to benefit from technological advances in AR & VR, a rise in the number of employees combining business trips with leisure ones because of work from anywhere models, and tourism businesses leveraging metaverse to accelerate recovery in a post-pandemic market, and a strong presence of major companies.

Report Scope

Some of the key global metaverse in travel and tourism market players are Color Star Technology Co. Ltd., Marriot International, Beyondvision Cultural Development Co., Ltd., First Airlines, Google LLC, The Boeing Company, Powerbridge Technologies Co., Ltd., Microsoft Corporation, LynKey, Meta Platforms. Inc., Metaverse, and Ariva.

Recent developments

• November 2021: Metaverse, a Miami-based company, launched its 3D platform, where businesspeople can generate their own personas and hold virtual events, meetings, showrooms, and training courses. With its business metaverse for professionals who travel across the world, the company hopes to make executive travel obsolete. The company's goal is to alleviate the stress caused by airport security screenings, jet lag, and other travel inconveniences.
• December 2021: Marriott Bonvoy, Marriott International's award-winning travel program with 30 elite hotel brands and countless experiences, announced a collaboration with emerging digital creatives to create three NFTs. Marriott Bonvoy will be the first hospitality brand to design its own NFTs, and it has introduced digital art inspired by the travel program's latest Power of Travel campaign.

The global metaverse in travel and tourism market is segmented as follows;

By Technology

• VR
• AR
• MR
• XR
• Blockchain

By Component

• Hardware
• Software

By End-Use

• Destination Tours
• Room Tours
• Theme Parks and Museums
• Trade Shows and Expos
• Natural Attractions
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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