Growing awareness of AR/VR (Augmented Reality/Virtual Reality), advances in technology, and rising consumer spendings, is driving the global AR/VR in Travel & Tourism market.
According to TechSci Research report, “AR/VR in Travel & Tourism Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” The global AR/VR in Travel & Tourism market is driving on account of the accelerated investments in AR/VR in the travel and tourism ecosystem to enhance the demand for their products and services. VR technology in travel & tourism has immense potential as a marketing device for helping to increase consumer awareness and create strong marketing driver for increasing revenue. While the tourism industries increased AR study aims to improve tourism activities by assisting visitors, it is mainly attributable to information to enhance their knowledge of a tourist spot, all while boosting the tourist experience and creating elevated levels of leisure.
The potential for effectively implementing tourism policy and proper management has widened with the assistance of AR/VR technologies in tourism. There is also a significant potential to entertain and educate people via games, interactive activities, and Artificial Intelligence-based Collaborative Systems, driving the market growth. By efficiently modeling and scripting new AR and VR travel tourism experiences, they may be incorporated into current applications and used for geographical marketing, resulting in market development.
The Covid-19 pandemic has created a significant shift in the industry with a greater demand for competitive pricing to prevent loss of market share, targeted marketing to build loyalty, optimizing company staff, and real-time inventory tracking, all of which require real-time data analysis. Companies must revamp themselves into agile, connected travel platforms that go beyond the realms of smartphones and other wearable devices. Technology advances can enable highly personalized user experiences across a host of devices. For instance, form factors would not be limited to AR/VR glasses alone but extend to wearables like contact lenses. Hearing devices could cater to selective hearing or provide real-time translation.
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Based on Technology, the market is segregated into Augmented Reality and Virtual Reality. Based on Component, the market is divided into Hardware, Software, and Services. Based on Application, the market is divided into Hospitality, In-Flight Entertainment, Travel Booking Services, AR Gamification, and Navigating. Based on Product, the market is distributed into AR-Powered Glasses, AR Mobile Apps/Software and VR Headsets. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Top companies are spending a lot of money on evaluation and analysis of different advancement techniques to improve the product offerings and enhancement in user experience for the AR/VR in Travel & Tourism across the globe. Operational effectiveness, technological advancements, and performance optimization are all products of R&D activities. One of the main factors driving the expansion of the market for AR/VR in Travel & Tourism is the rise in demand for the non-cadmium-based quantum dots across the globe.
Key market players in the AR/VR in Travel & Tourism market include:
- VizioFly Pte Ltd
- World Travel VR, INC
- Ascape VR
- Zco Corporation
- Cubix
- VARS
- Giga Works FZE
- The Amsterdam VR Company B.V.
- InfinitoVFX Studios Pvt Ltd
- Ignition Immersive Pty. Ltd.
Recent Developments
- The Patagonia project is an Oculus 360 tour that allows users to visit Monte Fitzroy, the most famous mountain in Argentina, along with its glacial lake, Laguna Sucia.
- Atlantis, the Palm in Dubai, has created a 360 panoramic VR video that provides a whistle-stop tour of the hotel’s main features. These include the lobby, the hotel’s biggest suite (the Royal Bridge), the renowned Nobu restaurant, and more.
- Google Maps is similarly equipped with AR functionality, which simplifies navigation for users who travel on foot by placing virtual signs with easy-to-follow directions on top of real-world roads. The signs guide users on which direction to walk and where to turn, making direction-finding much easier.
“Ongoing advancements for the AR/VR in Travel & Tourism associated with the rising adoption of the Metaverse across the globe is expected to lead to break the barriers between virtual worlds are boosting the global AR/VR in Travel & Tourism market in the forecast years. The extensive need for the improved user experience with various AR services including interactive hotel elements, augmented tourist destinations and beacon technology with push notifications is boosting the market globally. Moreover, the evolution of the 5G technology across the globe with emerging advancements in advance headsets and hardware has also been positively influencing the market with a continuous urge for launching new products and services in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“AR/VR in Travel & Tourism Market By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Hospitality, In-Flight Entertainment, Travel Booking Services, AR Gamification, Navigating), By Product (AR-Powered Glasses, AR Mobile Apps/Software, VR Headsets), By Region, Competition”, has evaluated the future growth potential of AR/VR in Travel & Tourism and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global AR/VR in Travel & Tourism Market.
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