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.

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Global metaverse market in travel and tourism industry - Parent market analysisTechnavio 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.

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Global metaverse market in travel and tourism industry - Five forcesThe 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 overviewTechnavio 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 overviewBased 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.

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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

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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)..

Metaverse Market In Travel And Tourism Industry Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 26.01%

Market growth 2022-2026

USD 188.24 billion

Market structure

Fragmented

YoY growth 2021-2022 (%)

25.34

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 37%

Key countries

US, Canada, China, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Accenture Plc, ALTERATION INDORUSSIA.COM, Ariva Digital, Infosys Ltd., LynKey International Ltd., Marriott International Inc., Mytaverse Inc., Powerbridge Technologies Co. Ltd., Qatar Airways Group, Queppelin, and Wilkins Avenue AR

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

4 Five Forces Analysis

4.1 Five forces summary

4.2 Bargaining power of buyers

4.3 Bargaining power of suppliers

4.4 Threat of new entrants

4.5 Threat of substitutes

4.6 Threat of rivalry

4.7 Market condition

5 Market Segmentation by Application

5.1 Market segments

5.2 Comparison by Application

5.3 AR - Market size and forecast 2021-2026

5.4 Blockchain - Market size and forecast 2021-2026

5.5 VR - Market size and forecast 2021-2026

5.6 MR - Market size and forecast 2021-2026

5.7 XR - Market size and forecast 2021-2026

5.8 Market opportunity by Application

6 Customer Landscape

6.1 Customer landscape overview

7 Geographic Landscape

7.1 Geographic segmentation

7.2 Geographic comparison

7.3 North America - Market size and forecast 2021-2026

7.4 Europe - Market size and forecast 2021-2026

7.5 APAC - Market size and forecast 2021-2026

7.6 South America - Market size and forecast 2021-2026

7.7 Middle East and Africa - Market size and forecast 2021-2026

7.8 US - Market size and forecast 2021-2026

7.9 China - Market size and forecast 2021-2026

7.10 Germany - Market size and forecast 2021-2026

7.11 Canada - Market size and forecast 2021-2026

7.12 UK - Market size and forecast 2021-2026

7.13 Market opportunity by geography

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

9.3 Landscape disruption

9.4 Industry risks

10 Vendor Analysis

10.1 Vendors covered

10.2 Market positioning of vendors

10.3 Accenture Plc

10.4 Ariva Digital

10.5 Infosys Ltd.

10.6 LynKey International Ltd.

10.7 Marriott International Inc.

10.8 Mytaverse Inc.

10.9 Powerbridge Technologies Co. Ltd.

10.10 Qatar Airways Group

10.11 Queppelin

10.12 Wilkins Avenue AR

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

11.3 Currency conversion rates for US$

11.4 Research methodology

11.5 List of abbreviations

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