Press release
Augmented Reality In Travel And Tourism Market Future Growth Potential, New Developments, Company Performance And Forecast 2033
Augmented Reality In Travel And Tourism Market Growth
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.
Market Overview -
Augmented reality (AR) in travel and tourism refers to the use of digital technology to enhance the travel experience for tourists. It makes it possible to access all kinds of information, offering the most complete and immersive experience possible. It also offers enhanced customer experiences and faster customer service.
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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.
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.
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Key Segments -
The augmented reality in travel and tourism market covered in this report is segmented -
1) By Component: Hardware; Software; Services
2) By Technology: Augmented Reality; Virtual Reality
3) By Application: Hospitality; In-Flight Entertainment; Travel Booking Services; Augmented Reality (AR) Gamification; Navigating
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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