NEW YORK – The metaverse market in travel and tourism industry report has been published by Technavio. Market growth is estimated to accelerate at a CAGR of 26.01% and register an incremental growth of USD 188.24 billion during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.
Company profiles
The metaverse market in travel and tourism industry report includes information on the key products and recent developments of leading vendors, including:
- Accenture Plc: The company offers metaverse in travel and tourism, such as XR, for unique travel experiences.
- Ariva Digital: The company offers ARV, which is a tourism cryptocurrency that eliminates the need to carry cash or debit cards.
- Infosys Ltd.: The company offers XR, DLT, 5G, AI, and IoT with Infosys metaverse foundry.
- LynKey International Ltd.: The company offers a luxury resort and vacation property with Blockchain and AI tech. It also offers holiday experience NFTs.
- Mytaverse Inc.: The company offers metaverse for a realistic scale model, a customizable world, stage meetings, events, showrooms, and training sessions in a virtual space.
- Powerbridge Technologies Co. Ltd.
- Qatar Airways Group
- Queppelin
- Wilkins Avenue AR
Regional analysis
Based on region, the global metaverse market in travel and tourism industry is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. North America is estimated to account for 37% of the growth of the global market over the forecast period. The growing investments in AR technology from key vendors, rising adoption of technologically advanced applications among consumers, and robust research activities to increase metaverse applications are driving the growth of the regional market.
Market dynamics
The market is driven by factors such as the increasing demand for AR and VR technology, the growing internet penetration and implementation of 5G, and the introduction of digital assets in metaverse. However, the privacy and security concerns over metaverse are hindering the market growth.
Competitive analysis
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others.
Market segmentation
- Based on application, the metaverse market in travel and tourism industry is segmented into AR, blockchain, VR, MR, and XR.
- Based on geography, the market is segmented into North America, APAC, Europe, South America, and Middle East and Africa.
Related Reports:
The metaverse market is estimated to grow at a CAGR of 40.06% between 2022 and 2027. The size of the market is forecasted to increase by USD 1,152.35 billion. The growing smartphone penetration and use of 5G are notably driving the market growth, although factors such as privacy and security concerns over the metaverse may impede the market growth.
The metaverse in entertainment market is estimated to grow at a CAGR of 9.07% between 2022 and 2027. The size of the market is forecasted to increase by USD 33,323.31 million. The growing adoption of AR/VR gaming by individuals is notably driving the market growth, although factors such as privacy and security concerns over the metaverse may impede the market growth.
Source: Technavio Research
