Metaverse in the Travel and Tourism Market
Metaverse refers to a virtual reality world or space that is developed by integrating digital technologies used for creating a virtual environment. Developers are using various advanced technologies to integrate interactive features of social media, Virtual Reality (VR), Augmented Reality (AR), and cryptocurrencies in a range of products and solutions.
The use of metaverse in different travel and tourism applications offers an immersive experience using 3D features, enabling customers to engage and interact with various locations travelers would prefer to visit. The use of metaverse in travel and tourism applications is gradually gaining traction in the market as it enables customers to experience and explore a virtual environment.
Key market players in the travel and tourism industry are increasingly using various metaverse technology solutions to help businesses and customers connect and offer important data about different locations. The use of metaverse helps users experience a location in the virtual environment, which could increase their willingness to purchase tickets and travel to those locations.
Leading manufacturers are using metaverse in travel and tourism industry, which helps in integrating virtual interfaces and booking solutions. While there are various factors driving the adoption of a metaverse in travel and tourism solutions, prominent companies prefer opting for alternative technology solutions. The use of metaverse in travel and tourism solutions may not be able to update customers regarding the updated weather conditions. Adoption of a metaverse in travel and tourism is also hindered due to health concerns among travelers and consumers. These factors are expected to impact the adoption of a metaverse in travel and tourism in various countries.
Leading companies are focusing on adopting various marketing strategies to maintain their lead in the market. Key companies are undertaking strategies, such as product innovation, product launch and development, and expansions. On 20 April 2022, the Tourism 3.0 project was launched by The Split-Dalmatia County Tourist Board to help businesses interact with customers and offer different travel deals and packages.
Asia Pacific market revenue is expected to expand at a rapid CAGR over the forecast period attributable to the emergence of metaverse-related startup companies and increasing investment in the travel and tourism sector to accelerate the recovery of cross-border travel. In addition, the growing focus of major companies to bring regional travel on track, increasing collaboration among travel and tourism companies and metaverse companies, adoption of AR and VR tech, and rising penetration of high-speed internet and smartphones in the region are some other factors expected to drive market revenue growth in the region going ahead.
Major Companies in the Market Include:
- The Boeing Company
- Marriot International
- First Airlines
- Color Star Technology Co. Ltd.
- Powerbridge Technologies Co., Ltd.
- Beyondvision Cultural Development Co., Ltd.
- Meta Platforms. Inc.
- Google LLC
- Microsoft Corporation