AR/VR in Travel & Tourism Market Analysis: Exploring Global Industry Size, Share, and Trends
May 01, 2024
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TechSci Research's report on the "Global AR/VR in Travel & Tourism Market" indicates a driving force attributed to accelerated investments in AR/VR within the travel and tourism sector, aimed at enhancing product and service demand. VR technology serves as a potent marketing tool to bolster consumer awareness and revenue generation within travel and tourism. Additionally, AR initiatives aim to enrich tourism experiences by providing informative insights into tourist spots, thereby enhancing visitor knowledge and overall satisfaction.
The market analysis categorizes AR/VR in Travel & Tourism based on technology (Augmented Reality and Virtual Reality), components (Hardware, Software, and Services), application (Hospitality, In-Flight Entertainment, Travel Booking Services, AR Gamification, and Navigating), and product (AR-Powered Glasses, AR Mobile Apps/Software, VR Headsets), with regional segmentation covering North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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The implementation of AR/VR technologies in tourism facilitates effective policy formulation and management, offering opportunities for entertainment, education, and interactive experiences. These technologies enable the creation of immersive gaming experiences, interactive activities, and AI-based Collaborative Systems, thereby propelling market growth. Moreover, the modeling and scripting of new AR and VR travel experiences contribute to geographical marketing and market expansion.
The COVID-19 pandemic has spurred industry shifts towards competitive pricing strategies, targeted marketing efforts, optimized staff allocation, and real-time inventory tracking, necessitating real-time data analysis. Companies are evolving into agile, connected travel platforms beyond smartphones, leveraging technological advancements to offer highly personalized user experiences across various devices. These advancements extend beyond AR/VR glasses to include wearables like contact lenses and hearing devices, catering to diverse user needs.
Key market players in the AR/VR in Travel & Tourism market include:
- 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.
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The expansion of the market is driven by the rising demand for non-cadmium-based quantum dots globally.
Recent developments include projects like the Patagonia Oculus 360 tour and Atlantis, the Palm's panoramic VR video, offering immersive experiences to users. Moreover, Google Maps integrates AR functionality for simplified navigation, enhancing user experience during travel.
Mr. Karan Chechi, Research Director at TechSci Research, emphasizes the ongoing advancements in AR/VR and the rising adoption of the Metaverse globally, expected to revolutionize the AR/VR in the Travel & Tourism market. The growing demand for improved user experiences, driven by interactive AR services and beacon technology, coupled with advancements in 5G technology and hardware, further fuels market growth.
The report, "AR/VR in Travel & Tourism Market," provides comprehensive insights into market trends, drivers, challenges, and opportunities, aiming to assist decision-makers in making informed investment decisions and understanding the evolving landscape of AR/VR in Travel & Tourism.
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