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Metaverse in Travel and Tourism Market Growth, Recent Trends, Outlook, Insights, Share and Forecasts Report 2030

Increasing popularity of metaverse, growing integration of virtual reality platforms in travel and tourism, and rising use of cryptocurrencies for luxurious travel experiences are some kjey factors expected to drive market growth

Market Dynamics:

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.

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

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Global Metaverse in Travel and Tourism Market Report – Segmental Analysis:

The global Metaverse in Travel and Tourism business vertical has been extensively categorized on the basis of product type, application gamut, end-user industries, and a competitive overview. The report inspects the current market scenario, its past performance, demand and supply ratios, production and consumption rates, sales, and numerous growth opportunities available in the market. It further estimates the prospective growth of the leading regional segments of the market, which is beneficial for readers to gain impactful insights into the Metaverse in Travel and Tourism business sector. A clear outline of the competitive landscape of the market is expected to help businesses involved in this sector decipher the optimal business moves to reach their desired business goals.

For the purpose of this report, Emergen Research has segmented the global metaverse in travel and tourism market on the basis of component, technology, end use, and region:

Component Outlook (Revenue, USD Billion; 2018-2030)

  • Hardware
  • Software

Technology Outlook (Revenue, USD Billion; 2018-2030)

  • Blockchain
  • Augmented Reality (AR)
  • Virtual Reality (VR)
  • Mixed Reality (MR)
  • Extended Reality (XR)

End Use Outlook (Revenue, USD Billion; 2018-2030)

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

Key Geographies Profiled in the Report:

  • North America(the U.S., Mexico, and Canada)
  • Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
  • Europe(the U.K., France, Germany, and Rest of Europe)
  • Latin America(Brazil and Rest of Latin America)
  • Middle East & Africa(GCC Countries and Rest of Middle East & Africa)

Competitive Outlook:

This section of the report performs a thorough investigation into the intensely competitive landscape of the global Metaverse in Travel and Tourism market, highlighting the leading manufacturers, strategic initiatives adopted by them, the existing growth prospects, market positions, and market shares held by each participant.  The report further emphasizes the developmental strategies undertaken by these companies, including product innovation, new product launches, and technological upgradation. Moreover, the report studies the notable business events observed in this industry, such as mergers & acquisitions, joint ventures, partnerships, corporate deals, and brand promotions.

The key industry participants include:

  • 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 Corporation

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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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Key Objectives of the Global Metaverse in Travel and Tourism Market Report:

  • An all-inclusive analysis and forecast estimation of the market have been included in this report.
  • The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Metaverse in Travel and Tourism market and its leading players.
  • The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.

The report, additionally, presents a comprehensive analysis of the key elements of the Metaverse in Travel and Tourism market that influence its growth over the projected timeline. These vital elements include the key drivers, constraints, opportunities, limitations, threats, and micro and macro-economic factors. The authors of the report have implemented a set of analytical tools, such as SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis, to offer strategic recommendations to the new entrants on how to overcome the entry-level barriers.

Thank you for reading our report. To know more about the report or for any queries regarding the customization of the report, please connect with us. We will make sure our team provides the necessary assistance and designs your report according to your requirements.

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The post Metaverse in Travel and Tourism Market Growth, Recent Trends, Outlook, Insights, Share and Forecasts Report 2030 appeared first on Market O Graphics.

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