Global AR/VR in Travel & Tourism Market Research Report 2023: Trends, Opportunities, and Forecasts, 2018-2023 & 2023-2028

DUBLIN, July 3, 2023 /PRNewswire/ -- The "AR/VR in Travel & Tourism Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to  ResearchAndMarkets.com's offering.

Global AR/VR in Travel & Tourism Market is driven by the increased demand for travel and hospitality services in the virtual world across the globe, raising the interest adoption of numerous AR and VR tourism and travel services.

The most prominent instance of augmented reality is Pokemon Go. However, technology has expanded into the world of marketing. The market players usually use AR to add graphics and useful information to an environment viewed through an AR device.

The experience of augmented reality technology has been gained through a smartphone, tablet, or other similar devices, which is the less expensive option for consumers than most virtual reality-enabled headsets. In many cases, AR also works with mobile technologies, including cameras and GPS tracking.

The most substantial benefits of using AR travel applications include alteration and improvements of the perceptions of the user of their physical surroundings. The AR/VR technology engages with the users to offer them an interactive and immersive virtual experience. It is estimated that the number of AR users will reach 2.4 billion by 2023. Travel agencies are expected to take advantage of this trend to create unique customer offers.

Rise in the Metaverse is Fueling the Market Growth

The metaverse is regarded as the next iteration of the internet, where the user can experience the physical and digital worlds all together while seating in one place. As the evolution of social technologies is rising, the metaverse allows digital representations of people and avatars to interact with each other in a variety of settings. The user can experience the virtual world at work as well as at home, along with the experience of trying on clothes.

Additionally, the metaverse provides a space for endless, interconnected virtual communities using virtual reality (VR) headsets, AR glasses, and smartphone apps. Thus, the rise in the adoption of metaverse technology is, in turn, augmenting the growth of AR/VR in Travel & Tourism across the globe.

Enhancement in the User Experience is Driving the Market Growth

Virtual reality (VR) technologies augment a wide range of travel experiences by offering users interactive 3D tours that promote virtual walkthroughs around various locations.

VR is an excellent tool for travel agencies that want to attract more bookings and enhance sales. For instance, the company Amadeus has developed and tested its Virtual Reality (VR) Search and Booking Experience service as an online travel booking option for the local public.

VR is also expected to help customers by enabling them to encounter the place before spending money on an actual trip. Alternatively, agencies can sell VR trips and provide users with special equipment like helmets and other hardware for delivering an immersive user experience.

Technology Enhancement by Key Players is Driving the Market Growth

The key players are enhancing their technologies to offer technologically advanced services to the users of the Tourism & Travel Sector. For instance, HTC Corporation has introduced a VR Wireless Headset, HTC Vive, equipped with an input controller to enhance the 360-degree VR experience.

Microsoft Corporation focuses primarily on developing and engineering software, personal computer services, and numerous consumer electronics. Microsoft has also launched its mixed reality (MR) mounted display, which offers a holographic Augmented Reality experience.

Market Dynamics

Drivers

• Rise in the Metaverse
• Enhancement in the User Experience
• Technology Enhancement by Key Players

Challenges

• Security and Privacy Concerns
• Increasing Health Issues

Market Trends & Developments

• Portable Augmented Reality Technology
• Increasing Practical Applications
• More Advanced Headsets and Hardware
• 5G to Expedite AR and VR Evolution
• Growth of Extended Reality (XR)

Mergers & Acquisitions/Recent Developments/New Entrants

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global AR/VR in the Travel & Tourism market.

• 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.

Report Scope:

AR/VR in Travel & Tourism Market, By Technology:

• Augmented Reality
• Virtual Reality

AR/VR in Travel & Tourism Market, By Component:

• Hardware
• Software
• Services

AR/VR in Travel & Tourism Market, By Application:

• Hospitality
• In-Flight Entertainment
• Travel Booking Services
• AR Gamification
• Navigating

AR/VR in Travel & Tourism Market, By Product:

• AR-Powered Glasses
• AR Mobile Apps/Software
• VR Headsets

AR/VR in Travel & Tourism Market, By Region:

• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Spain
• Italy
• Middle East & Africa
• Israel
• Turkey
• Saudi Arabia
• UAE
• South America
• Brazil
• Argentina
• Colombia

For more information about this report visit https://www.researchandmarkets.com/r/de3lxn

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