Metaverse Market in Travel and Tourism Industry to grow by USD 188.24 billion from 2021 to 2026, Growth Driven by increasing demand for AR and VR technology - Technavio

NEW YORK, Oct. 18, 2023 /PRNewswire/ -- The "metaverse market in travel and tourism industry by application (AR, blockchain, VR, MR, and XR) and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2022-2026" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the metaverse market in travel and tourism industry between 2022 and 2026 is USD 188.24 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The increasing demand for AR and VR technology is a key factor driving the market growth. The use of VR and AR technology, both for professional and personal purposes, is becoming increasingly popular with customers. Metaverse is a mixed reality mashup of VR and AR, which can be accessed on an unlimited basis compared to normal VR programs. In addition, the value of AR on the global market should probably be enhanced by wearables technology platforms. Hence, these factors are expected to drive market growth during the forecast period. 

Market Challenge

The privacy and security concerns over the metaverse are significant challenges restricting market growth. Although enterprises and organizations constantly strive to improve their IT security systems, users of the metaverse are still concerned about data protection as well as safety. A vast amount of information about users and the environment is being collected and processed in this metaverse. As such, the issue of personal data protection is a major challenge in the global market. Hence, these factors are expected to restrict market growth during the forecast period. 

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The metaverse market in travel and tourism industry has been segmented by application (AR, blockchain, VR, MR, and XR) and Geography (North America, Europe, APAC, South America, and the Middle East and Africa). 

• The metaverse market share growth in travel and tourism industry by the AR segment will be significant during the forecast period. The growth of the segment is projected to be driven by factors such as new product launches and a rising acceptance of AR in other application areas, e.g., metaverse. Another factor that contributes to segment growth is the growing use of AR navigation for technological destination tours, as well as a growing trend towards AR applications in improving transit within cities. Hence, these factors are expected to drive segment growth during the forecast period. 

• 37% of the market's growth will originate from North America during the forecast period. 

View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Metaverse Market in Travel And Tourism Industry:

Accenture Plc, ALTERATION INDORUSSIA.COM, Ariva Digital, Infosys Ltd., LynKey International Ltd., Marriott International Inc., Mytaverse Inc., Powerbridge Technologies Co. Ltd., Qatar Airways Group, Queppelin, and Wilkins Avenue AR

Related Reports:

The metaverse in healthcare market size is estimated to grow at a CAGR of 34.92% between 2022 and 2027. The metaverse in healthcare market size is forecast to increase by USD 5,624.07 million.

The metaverse in e-commerce market market is estimated to grow at a CAGR of 39.65% between 2022 and 2027. The size of the market is forecast to increase by USD 85,885.22 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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