Press release
Global Augmented Reality In Travel And Tourism Market Comprehensive Study: Forecasted Market Size And Growth Rate | TeamViewer SE, Apple Inc., Google LLC, Delta Air Lines, Marriott International Inc.
Augmented Reality In Travel And Tourism Market Size
The Business Research Company offers in-depth market insights through Augmented Reality In Travel And Tourism Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The augmented reality in travel and tourism market size has grown exponentially in recent years. It will grow from $15.52 billion in 2023 to $21.44 billion in 2024 at a compound annual growth rate (CAGR) of 38.1%. The growth in the historic period can be attributed to enhanced user experience, promotion of local businesses, social media expansion, positive user feedback.
The augmented reality in travel and tourism market size is expected to see exponential growth in the next few years. It will grow to $78.14 billion in 2028 at a compound annual growth rate (CAGR) of 38.2%. The growth in the forecast period can be attributed to augmented travel booking, educational tourism, adventure and nature tourism, user-generated content sharing. Major trends in the forecast period include wearable ar devices, wayfinding and navigation solutions, contactless experiences, cultural storytelling.
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Market Segmentation:
The main components of augmented reality in travel and tourism are hardware, software, and services. Hardware in augmented reality (AR) for travel and tourism refers to the devices and equipment used to deliver AR experiences to travelers. AR-enabling hardware comes in various forms, including smartphones, eyewear, and AR headsets. The technologies include augmented reality and virtual reality, which are used for several applications, including hospitality, in-flight entertainment, travel booking services, augmented reality (AR) gamification, and navigation.
Major Driver - Rising Travel And Tourism Demand Fuels Augmented Reality's Role In Enhancing Experiences
The increasing demand for travel and tourism is expected to propel the growth of augmented reality in the travel and tourism market going forward. Travel and tourism refer to the activities of people traveling to and visiting places for leisure, recreation, business, or other purposes. Augmented reality has created demand in the travel and tourism industries for smart tourism and enhanced travel experiences that make destinations more immersive, informative, and engaging. For instance, in June 2022, according to reports shared by the US Department of Commerce 2021 Highlights, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to 22.1 million in 2021 from 19.2 million in 2020. Therefore, the increasing demand for travel and tourism is driving the growth of augmented reality in travel and tourism.
Competitive Landscape:
Major players in the augmented reality in travel and tourism market are TeamViewer SE, Apple Inc., Google LLC, Delta Air Lines, Marriott International Inc., Booking.com, Expedia Group Inc., Hilton Worldwide Holdings Inc., TUI Group, Airbnb Inc., EasyJet PLC, Japan Airlines Co. Ltd., Holiday Inn, Accor S.A, InterContinental Hotels Group (IHG), Whitbread PLC, Virgin Atlantic Airways Limited, Air New Zealand Limited, TripAdvisor Inc., Trivago N.V., Argo Group International Holdings Ltd., Hamad International Airport, WayRay, Blippar Group Limited, SmartGuide s.r.o., Wikitude GmbH, Layar.
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Top Trend - Innovation In Augmented Reality Travel And Tourism
Major companies operating in the augmented reality (AR) travel and tourism market are adopting new technologies, such as AR-based adventure apps, to sustain their position. AR-based adventure app is a mobile application that uses augmented reality technology to create an immersive and interactive user experience. For instance, in August 2021, Social Bee, a Germany-based mobile app service for augmented reality, launched the Social Bee Adventures app for augmented reality in travel and tourism. This innovative app uses technology to provide self-directed guided tours and offers augmented reality in the travel and tourism industries. This allows users to create and share their own AR experiences, such as tours, scavenger hunts and events. Furthermore, users can discover and buy experiences made by other users, which they can access whenever convenient. Additionally, creators can charge a fee or provide their experiences for free.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Augmented Reality In Travel And Tourism Market Characteristics
3. Augmented Reality In Travel And Tourism Market Trends And Strategies
4. Augmented Reality In Travel And Tourism Market - Macro Economic Scenario
5. Augmented Reality In Travel And Tourism Market Size And Growth
…..
27. Augmented Reality In Travel And Tourism Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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