The Metaverse Market in the Travel and Tourism Industry size is expected to increase by USD 188.24 billion from 2021 to 2026, with an accelerated CAGR of 26.01% as per the latest market report by Technavio. 37% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for metaverse in the travel and tourism industry in North America. metaverse in travel
Market growth in this region will be faster than the growth of the market in the South American and MEA regions. The growing investments in AR technology from key vendors, rising adoption of technologically advanced applications among consumers, and robust research activities to increase metaverse applications will facilitate the metaverse market growth in the traveI and tourism industry in North America over the forecast period.
The Metaverse Market in TraveI and Tourism Industry is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.
- Accenture.com – The company offers metaverse in travel and tourism such as XR for unique travel experiences.
Latest Drivers & Trends Driving the Market metaverse in travel
- Metaverse Market in TraveI and Tourism Industry Driver:
The key factor driving growth in the metaverse market in the 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 the travel and tourism industry. For instance, Google is actively working on AR Smart Glasses for the global metaverse market in the traveI and tourism industry. Therefore, the growing application area of AR and VR technology will boost the growth of the global metaverse market in the travel and tourism industry.
- Metaverse Market in TraveI and Tourism Industry Trend:
The increasing focus on increasing booking volume by enhancing the booking experience is a metaverse market trend in the travel and tourism industry that is expected to have a positive impact in the coming years. Metaverse traveI and tourism solutions have the power to greatly enhance booking processes by providing valuable information which cannot be accurately delivered in any other way. This increases the probability of a customer completing their booking journey rather than backing out. 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 metaverse offering in the tourism and travel industry during a booking process is their ability to increase overall booking volumes. This occurs due to the enhanced customer experience due to the usage of metaverse wherein customers can gain inspiration from virtual and augmented reality travel technology, and the actual experience of booking hotels, travel, restaurant tables, and other services becomes more enjoyable, informative, and a tool for influencing buyers purchasing decisions.