Metaverse market in travel and tourism industry 2022-2026: A descriptive analysis of parent market, five forces model, market dynamics, and segmentation- Technavio

NEW YORK, Dec. 15, 2022 /PRNewswire/ -- According to Technavio, the size of the global metaverse market in travel and tourism industry is estimated to grow by USD 188.24 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 26.01% during the forecast period. North America will account for a 37% share of the global market's growth during the forecast period. 

For more insights on market size Request a sample report

Global metaverse market in travel and tourism industry - Parent market analysis
Technavio categorizes the global metaverse market in travel and tourism industry as a part of the global information technology (IT) spending market, which covers revenue generated from the sales and subscription of IT services, communications services, cloud services, IT hardware, and IT software. 

Find insights on parent market & value chain analysis, and download an exclusive sample!

Global metaverse market in travel and tourism industry - Five forces
The global metaverse market in travel and tourism industry is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter's five models helps to strategize the business, for more details – buy the report!

Global metaverse market in travel and tourism industry – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global metaverse market in travel and tourism industry - Segmentation assessment

Segment overview
Technavio has segmented the market based on application (AR, Blockchain, VR, MR, and XR) and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• AR segment will account for the highest market share growth during the forecast period. Factors such as new product launches and growing adoption of AR in different application areas, including metaverse, are expected to drive the growth of the segment. The increasing use of AR-infused navigation for technological destination tours and the growing application of AR to improve local transit will also drive the growth of the segment during the forecast period.

Geography overview
Based on geography, the global metaverse market in travel and tourism industry is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global metaverse market in travel and tourism industry.

• North america will account for 37% of the market's growth during the forecast period. This region will grow at a faster rate when compared to other regions. Growing investments in AR technology from key vendors, rising adoption of technologically advanced applications among consumers, and robust research activities to increase metaverse applications are driving the growth of the market in the region.

Download a Sample Report

Global metaverse market in travel and tourism industry – Market dynamics Key factor driving market growth

• One of the key factors driving growth in the metaverse market in travel and tourism industry is the increasing demand for AR and VR technology. 
• Customers are increasingly adopting VR and AR technology, either for professional or private use. Metaverse is a mixed reality (mixture of AR/VR) that has unlimited access, unlike usual VR programs.
• Technological innovations will further drive the demand for AR and VR applications during the forecast period, as these applications will enable users to use the technology in a more user-friendly manner. Wearable technology platforms will likely enhance the utility of AR in the global metaverse market in travel and tourism industry.
• Therefore, the growing application area of AR and VR technology will boost the growth of the global metaverse market in travel and tourism industry.

Leading trends influencing the market 

• The increasing focus on increasing booking volume by enhancing the booking experience is a metaverse market trend in travel and tourism industry that is expected to have a positive impact in the coming years. 
• Metaverse travel and tourism solutions have the power to greatly enhance booking processes by providing valuable information which cannot be accurately delivered in any other way. 
• Travel agencies can use VR tours to provide their customers with life-like experiences of a location they wish to travel to.
• The real value of metmetaverse's offering in the tourism and travel industry during a booking process is its ability to increase overall booking volumes.
• These factors are expected to support the growth of the market during the forecast period.

Major challenges hindering market growth

• The privacy and security concerns over metaverse will be a major challenge for the metaverse market in travel and tourism industry during the forecast period. 
• Even though companies and organizations keep revolutionizing their IT security systems, data privacy and security has been a long-running concern for users of the metaverse. The metaverse collects and processes vast amounts of information about users and their environment.
• Therefore, privacy concerns are a significant challenge in the global metaverse market in travel and tourism industry. User privacy can also be threatened if hackers gain access to the user's device. 
• Moreover, there are privacy-related concerns associated with smart gears used in the metaverse, such as smart glass, VR headsets, etc. 
• The development of such products may hamper the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights in a sample report!

What are the key data covered in this metaverse market in travel and tourism industry report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the metaverse market in travel and tourism industry between 2022 and 2026
• Precise estimation of the size of the metaverse market in travel and tourism industry size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the metaverse market in travel and tourism industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of metaverse market in travel and tourism industry vendors

Gain instant access to 17,000+ market research reports. 

Technavio's SUBSCRIPTION platform

Related reports:

The metaverse in e-commerce market size is expected to grow by USD 85,885.22 million with a CAGR of 39.65% between 2022 to 2027. The market is segmented by platform (computer, mobile, and headset), technology (AR and VR, blockchain, mixed reality, and others), and geography (APAC, North America, Europe, South America, and Middle east and Africa).

The metaverse market in finance is expected to grow by USD 107.06 billion with a CAGR of 21.33% between 2022 to 2027. The market is segmented by component (hardware and software), end-user (brokerage firms, investment banks, commercial banks, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).. 

Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

• 5.1 Market segments
• Exhibit 24: Chart on Application - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Application - Market share 2021-2026 (%)

• 5.2 Comparison by Application 
• Exhibit 26: Chart on Comparison by Application
• Exhibit 27: Data Table on Comparison by Application

• 5.3 AR - Market size and forecast 2021-2026 
• Exhibit 28: Chart on AR - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on AR - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on AR - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on AR - Year-over-year growth 2021-2026 (%)

• 5.4 Blockchain - Market size and forecast 2021-2026 
• Exhibit 32: Chart on Blockchain - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Blockchain - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Blockchain - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Blockchain - Year-over-year growth 2021-2026 (%)

• 5.5 VR - Market size and forecast 2021-2026 
• Exhibit 36: Chart on VR - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on VR - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on VR - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on VR - Year-over-year growth 2021-2026 (%)

• 5.6 MR - Market size and forecast 2021-2026 
• Exhibit 40: Chart on MR - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on MR - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on MR - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on MR - Year-over-year growth 2021-2026 (%)

• 5.7 XR - Market size and forecast 2021-2026 
• Exhibit 44: Chart on XR - Market size and forecast 2021-2026 ($ million)
• Exhibit 45: Data Table on XR - Market size and forecast 2021-2026 ($ million)
• Exhibit 46: Chart on XR - Year-over-year growth 2021-2026 (%)
• Exhibit 47: Data Table on XR - Year-over-year growth 2021-2026 (%)

• 5.8 Market opportunity by Application 
• Exhibit 48: Market opportunity by Application ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 50: Chart on Market share by geography 2021-2026 (%)
• Exhibit 51: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 52: Chart on Geographic comparison
• Exhibit 53: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026 
• Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026 
• Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026 
• Exhibit 62: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026 
• Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 70: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026 
• Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 China - Market size and forecast 2021-2026 
• Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.10 Germany - Market size and forecast 2021-2026 
• Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.11 Canada - Market size and forecast 2021-2026 
• Exhibit 86: Chart on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.12 UK - Market size and forecast 2021-2026 
• Exhibit 90: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 91: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 92: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 93: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 94: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 95: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 96: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 97: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 98: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 99: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 100: Matrix on vendor position and classification

• 10.3 Accenture Plc
• Exhibit 101: Accenture Plc - Overview
• Exhibit 102: Accenture Plc - Business segments
• Exhibit 103: Accenture Plc - Key news
• Exhibit 104: Accenture Plc - Key offerings
• Exhibit 105: Accenture Plc - Segment focus

• 10.4 Ariva Digital
• Exhibit 106: Ariva Digital - Overview
• Exhibit 107: Ariva Digital - Product / Service
• Exhibit 108: Ariva Digital - Key offerings

• 10.5 Infosys Ltd.
• Exhibit 109: Infosys Ltd. - Overview
• Exhibit 110: Infosys Ltd. - Business segments
• Exhibit 111: Infosys Ltd. - Key news
• Exhibit 112: Infosys Ltd. - Key offerings
• Exhibit 113: Infosys Ltd. - Segment focus

• 10.6 LynKey International Ltd. 
• Exhibit 114: LynKey International Ltd. - Overview
• Exhibit 115: LynKey International Ltd. - Product / Service
• Exhibit 116: LynKey International Ltd. - Key offerings

• 10.7 Marriott International Inc. 
• Exhibit 117: Marriott International Inc. - Overview
• Exhibit 118: Marriott International Inc. - Business segments
• Exhibit 119: Marriott International Inc. - Key offerings
• Exhibit 120: Marriott International Inc. - Segment focus

• 10.8 Mytaverse Inc.
• Exhibit 121: Mytaverse Inc. - Overview
• Exhibit 122: Mytaverse Inc. - Product / Service
• Exhibit 123: Mytaverse Inc. - Key offerings

• 10.9 Powerbridge Technologies Co. Ltd. 
• Exhibit 124: Powerbridge Technologies Co. Ltd. - Overview
• Exhibit 125: Powerbridge Technologies Co. Ltd. - Product / Service
• Exhibit 126: Powerbridge Technologies Co. Ltd. - Key offerings

• 10.10 Qatar Airways Group
• Exhibit 127: Qatar Airways Group - Overview
• Exhibit 128: Qatar Airways Group - Product / Service
• Exhibit 129: Qatar Airways Group - Key offerings

• 10.11 Queppelin
• Exhibit 130: Queppelin - Overview
• Exhibit 131: Queppelin - Product / Service
• Exhibit 132: Queppelin - Key offerings

• 10.12 Wilkins Avenue AR
• Exhibit 133: Wilkins Avenue AR - Overview
• Exhibit 134: Wilkins Avenue AR - Product / Service
• Exhibit 135: Wilkins Avenue AR - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 136: Inclusions checklist
• Exhibit 137: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 138: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 139: Research methodology
• Exhibit 140: Validation techniques employed for market sizing
• Exhibit 141: Information sources

• 11.5 List of abbreviations 
• Exhibit 142: List of abbreviations

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.

Contact
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