The augmented reality in travel and tourism global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Augmented Reality In Travel And Tourism Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The augmented reality in travel and tourism market size has grown exponentially in recent years. It will grow from $15.52 billion in 2023 to $21.44 billion in 2024 at a compound annual growth rate (CAGR) of 38.1%. The growth in the historic period can be attributed to enhanced user experience, promotion of local businesses, social media expansion, positive user feedback.
The augmented reality in travel and tourism market size is expected to see exponential growth in the next few years. It will grow to $78.14 billion in 2028 at a compound annual growth rate (CAGR) of 38.2%. The growth in the forecast period can be attributed to augmented travel booking, educational tourism, adventure and nature tourism, user-generated content sharing. Major trends in the forecast period include wearable ar devices, wayfinding and navigation solutions, contactless experiences, cultural storytelling.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing demand for travel and tourism is expected to propel the growth of augmented reality in the travel and tourism market going forward. Travel and tourism refer to the activities of people traveling to and visiting places for leisure, recreation, business, or other purposes. Augmented reality has created demand in the travel and tourism industries for smart tourism and enhanced travel experiences that make destinations more immersive, informative, and engaging. For instance, in June 2022, according to reports shared by the US Department of Commerce 2021 Highlights, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to 22.1 million in 2021 from 19.2 million in 2020. Therefore, the increasing demand for travel and tourism is driving the growth of augmented reality in travel and tourism.
Market Trends –
Major companies operating in the augmented reality (AR) travel and tourism market are adopting new technologies, such as AR-based adventure apps, to sustain their position. AR-based adventure app is a mobile application that uses augmented reality technology to create an immersive and interactive user experience. For instance, in August 2021, Social Bee, a Germany-based mobile app service for augmented reality, launched the Social Bee Adventures app for augmented reality in travel and tourism. This innovative app uses technology to provide self-directed guided tours and offers augmented reality in the travel and tourism industries. This allows users to create and share their own AR experiences, such as tours, scavenger hunts and events. Furthermore, users can discover and buy experiences made by other users, which they can access whenever convenient. Additionally, creators can charge a fee or provide their experiences for free.
The augmented reality in travel and tourism market covered in this report is segmented –
1) By Component: Hardware; Software; Services
2) By Technology: Augmented Reality; Virtual Reality
3) By Application: Hospitality; In-Flight Entertainment; Travel Booking Services; Augmented Reality (AR) Gamification; Navigating
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Regional Insights –
North America was the largest region in the augmented reality in travel and tourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in augmented reality (AR) in travel and tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major players in the augmented reality in travel and tourism market are TeamViewer SE, Apple Inc., Google LLC, Delta Air Lines, Marriott International Inc., Booking.com, Expedia Group Inc., Hilton Worldwide Holdings Inc., TUI Group, Airbnb Inc., EasyJet PLC, Japan Airlines Co. Ltd., Holiday Inn, Accor S.A, InterContinental Hotels Group (IHG), Whitbread PLC, Virgin Atlantic Airways Limited, Air New Zealand Limited, TripAdvisor Inc., Trivago N.V., Argo Group International Holdings Ltd., Hamad International Airport, WayRay, Blippar Group Limited, SmartGuide s.r.o., Wikitude GmbH, Layar.
Table of Contents
1. Executive Summary
2. Augmented Reality In Travel And Tourism Market Report Structure
3. Augmented Reality In Travel And Tourism Market Trends And Strategies
4. Augmented Reality In Travel And Tourism Market – Macro Economic Scenario
5. Augmented Reality In Travel And Tourism Market Size And Growth
…..
27. Augmented Reality In Travel And Tourism Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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