Market Size – The virtual reality in tourism market size has grown exponentially in recent years. It will grow from $3.93 billion in 2023 to $5.44 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The growth in the historic period can be attributed to increased internet accessibility, the growth of mobile devices, the gaming industry’s influence, the rise of social media platforms, and early adopters in entertainment.
The virtual reality in tourism market size is expected to see exponential growth in the next few years. It will grow to $19.91 billion in 2028 at a compound annual growth rate (CAGR) of 38.3%. The growth in the forecast period can be attributed to the growing demand for personalized experiences, an increase in disposable income, the expansion of 5G networks, the rise in virtual events, and increased awareness of VR applications. Major trends in the forecast period include the integration of AI with VR, collaborations between the tech and tourism sectors, the development of VR content for cultural heritage sites, the expansion of VR tourism education programs, and the rise in virtual tours for inaccessible locations.
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Scope Of Virtual Reality In Tourism MarketThe 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.
Virtual Reality In Tourism Market Overview
Market Drivers -The increasing demand for travel and tourism is anticipated to propel the growth of the virtual reality in tourism market in the coming years. This surge in demand is fueled by factors such as rising disposable income, the relaxation of travel restrictions, and an increasing desire for unique experiences. Virtual reality in travel and tourism services allows potential travelers to engage in virtual tours of destinations, hotels, and attractions prior to making bookings, which assists them in making more informed decisions and enhances their confidence in their choices. For example, as reported in November 2022 by the Office for National Statistics, a UK-based department, overseas visits to the UK in June 2022 reached 3.0 million, a notable increase from the 2.8 million visits recorded in May 2022. Thus, the growing demand for travel and tourism significantly drives the growth of the virtual reality in tourism market.
Market Trends – Major companies operating in the virtual reality in tourism market are focusing on innovative solutions such as a virtual interactive portal to enhance immersive travel experiences. A virtual interactive portal refers to an online platform that offers immersive, interactive experiences, allowing users to explore and engage with virtual environments or content. For instance, in February 2024, the Tokyo Metropolitan Government (TMG) and the Tokyo Convention and Visitors Bureau, a Japan-based official destination marketing and management organization, launched the Hello! Tokyo Friends platform on Roblox, which offers a virtual reality experience that immerses users in Tokyo’s cultural and historical landmarks. Users explore modern icons such as Tokyo Tower and Shibuya Scramble Crossing through activities such as treasure hunts and games, with plans to include historical Edo period settings. Meanwhile, the Tokyo Hunt App blends augmented reality with real-world exploration, allowing users to capture AR photos with virtual characters at landmarks such as the Hachiko Statue and Asakusa Kaminarimon Gate. The app encourages visits to specific city checkpoints to collect emblems for redemption in the virtual world.
The virtual reality in tourism market covered in this report is segmented –
1) By Type: 3 Dimension (3D), 4 Dimension (4D), Other Types
2) By Device: Head-Mounted Displays (HMDs), Smartphones, Consoles, Personal Computers (PCs)
3) By Platform: Android, iPhone Operating System (IOS), Windows, Macintosh Operating System (Mac OS)
4) By Application: Travel Agency, Hotel, Tourist Attractions, Entertainment, Education, Retail, Healthcare
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Regional Insights – Asia-Pacific was the largest region in the virtual reality in tourism market in 2023. The regions covered in the virtual reality in tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Alphabet Inc., Samsung Electronics, Microsoft Corporation, Sony Group Corporation, Lufthansa Group, Nokia Corporation, Marriott International, TUI Group, National Geographic, Thomas Cook, HTC Corporation, EON Reality Inc, YouVisit, VironIT, 3D Walkabout, VeeR VR, AirPano, Travel World VR LLC, VR IMMERSION LTD, VR Gorilla, Cyber Tours Ltd
Table of Contents 1. Executive Summary2. Virtual Reality In Tourism Market Report Structure3. Virtual Reality In Tourism Market Trends And Strategies4. Virtual Reality In Tourism Market – Macro Economic Scenario5. Virtual Reality In Tourism Market Size And Growth…..27. Virtual Reality In Tourism Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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