NEW YORK – The metaverse market in travel and tourism industry is growing at a CAGR of 26.01% and is expected to register an incremental growth of USD 188.24 billion between 2021 and 2026. The report analyses the market behavior, and growth, and provides accurate predictions on the size of the market.
- The report recognizes the following as the key players in the metaverse market in travel and tourism industry: Accenture Plc, ALTERATION INDORUSSIA.COM, Ariva Digital, Infosys Ltd., and LynKey International Ltd. among others.
- The global metaverse market structure in the travel and tourism industry is fragmented in nature.
- North America to have a significant share in the metaverse market in travel and tourism industry.
- Market to observe 25.34% YOY growth in 2022.
The metaverse market in travel and tourism industry is segmented by application (AR, Blockchain, VR, MR, and XR).
The AR segment will generate maximum revenue in the market during the forecast period. The segment will be driven by new product launches and the growing adoption of AR in different application areas, including the metaverse.
The global metaverse market in travel and tourism industry is analyzed across five regions — North America, Europe, APAC, South America, and the Middle East and Africa.
North America is currently the dominating region, occupying 37% of the global market share. 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 metaverse market in North America.
The metaverse market in travel and tourism industry is expected to witness substantial growth during the forecast period, primarily due to the increasing demand for AR and VR technology. The adoption of virtual technologies such as AR and VR has increased significantly worldwide over the last decade. AR is widely being adopted to provide metaverse travel and tourism solutions like developing interactive hotel elements, VR tours, digital avatars, and other solutions to provide customer details about the property and make the customers aware of the facilities offered to them. Similarly, VR is being adopted to offer unique experiences to consumers in education, entertainment, commerce, and service industries. Such expanding application areas of AR and VR technologies are expected to drive the growth of the market during the forecast period.
The metaverse market in travel and tourism industry is fragmented due to the presence of several players and a few well-established players. Vendors in the market compete based on several factors such as innovation, price, service, distribution, and marketing. Some vendors are focusing on acquiring smaller brands to increase their market presence. The market is in the innovation stage and it is expected to witness a large entry of pureplay technology or other players during the forecast period.
Here are some of the products offered by key vendors:
Accenture Plc: The company offers metaverse in travel and tourism such as XR for unique traveler experiences.
Ariva Digital: The company offers ARV that is the tourism cryptocurrency that eliminates the need to carry cash or debit cards.
Infosys Ltd.: The company offers XR, DLT, 5G, AI, IoT with Infosys metaverse foundry.
LynKey International Ltd.: The company offers luxury resort and vacation property with Blockchain and AI tech. It also offers holiday experience NFTs.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the metaverse market in travel and tourism industry report:
- Further breakdown of the market segmentation at requested regions.
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the recovery phase.
Source: Technavio
