Dublin, July 3, 2023 /PRNewswire/ — “AR/VR in the Travel & Tourism Market – Global Industry Scale, Shares, Trends, Opportunities and Forecasts, 2018-2028” report added of ResearchAndMarkets.com Recruitment.
The global AR/VR in travel and tourism market is driven by the increasing demand for travel and hospitality services in virtual worlds around the world, increasing interest in the introduction of numerous AR and VR tourism and travel services.
The most prominent example of augmented reality is Pokemon Go. But technology has also expanded into the world of marketing. Market participants commonly use AR to add graphics and useful information to the environment viewed through the AR device.
Augmented reality technology experiences are available through smartphones, tablets, or other similar devices, making them a cheaper option for consumers than most virtual reality-enabled headsets. AR often also works with mobile technologies such as cameras and GPS tracking.
The greatest benefits of using AR travel applications include changing and improving the user’s perception of the physical environment. AR/VR technology works with users to provide interactive and immersive virtual experiences. The number of AR users is estimated to reach 2.4 billion by 2023. Travel agents are expected to capitalize on this trend and create unique customer offers.
Rise of the Metaverse Drives Market Growth
Considered the next version of the Internet, the Metaverse allows users to experience the physical and digital worlds simultaneously while sitting in one place. As social technology evolves, the metaverse will allow digital representations of people and avatars to interact with each other in a variety of settings. Users can experience the virtual world together with the try-on experience not only at work but also at home.
Additionally, the Metaverse provides a space for infinitely interconnected virtual communities using virtual reality (VR) headsets, AR glasses, and smartphone apps. Therefore, the increasing adoption of metaverse technology is driving the growth of AR/VR in travel and tourism around the world.
Improved User Experience Drives Market Growth
Virtual reality (VR) technology enhances a wide range of travel experiences by providing users with interactive 3D tours that facilitate virtual walkthroughs of different locations.
VR is a great tool for travel agencies looking to get more bookings and increase sales. For example, Amadeus developed and tested a virtual reality (VR) search and booking experience service as an online travel booking option for local residents.
VR is also expected to help customers by allowing them to encounter places before spending money on physical travel. Alternatively, an agency could sell her VR trips and provide users with special equipment such as helmets and other hardware to provide an immersive user-her experience.
Technological enhancements by major companies drive market growth
Leading companies are stepping up their technology to provide technologically advanced services to users in the tourism and travel sector. For example, HTC Corporation announced the HTC Vive, a VR wireless headset with input controllers that enhance the 360-degree VR experience.
Microsoft Corporation focuses primarily on the development and engineering of software, personal computer services, and many consumer electronics products. Microsoft also launched a mixed reality (MR) powered display that offers a holographic augmented reality experience.
- Rise of the Metaverse
- Improved user experience
- Strengthening technological capabilities by key players
- Security and privacy issues
- increasing health problems
Market trend and development
- portable augmented reality technology
- Expansion of practical application
- More advanced headsets and hardware
- 5G Drives the Evolution of AR and VR
- Growth of Augmented Reality (XR)
M&A/Recent Developments/New Entries
Company Profiles: An in-depth analysis of the key players present in the global AR/VR in the Travel & Tourism market.
- VizioFly Pte Ltd
- World Travel VR Co., Ltd.
- Ascape VR
- ZCO Co., Ltd.
- Gigaworks FZE
- Amsterdam VR Company BV
- Infinito VFX Studios Pvt Ltd
- Ignition Immersive Pty. Ltd.
AR/VR in the Travel & Tourism Market, by Technology:
- Augmented reality
- virtual reality
AR/VR in the Travel & Tourism Market, by Component:
AR/VR in the Travel & Tourism Market, by Application:
- in-flight entertainment
- Travel booking service
- AR gamification
AR/VR in the Travel & Tourism Market, by Product:
- Glasses with AR
- AR mobile app/software
- VR headset
AR/VR in the Travel & Tourism Market, by Region:
- Asia Pacific
- North America
- middle east & Africa
- Saudi Arabia
- United Arab Emirates
- south america
For more information on this report, please visit: https://www.researchandmarkets.com/r/de3lxn
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