Press release
Virtual Reality in Tourism Market Report, Size, Share, Growth, Trends, Industry Outlook to 2033
Virtual Reality in Tourism Market
The new report published by The Business Research Company, titled Virtual Reality In Tourism Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the virtual reality in tourism market size has grown exponentially in recent years. It will grow from $3.93 billion in 2023 to $5.44 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The virtual reality in tourism market size is expected to see exponential growth in the next few years. It will grow to $19.91 billion in 2028 at a compound annual growth rate (CAGR) of 38.3%.
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What Is Driving The Growth Of The Global Virtual Reality In Tourism Market?
Enhancing Travel Experiences Virtual Reality In Tourism Market Set To Thrive Amid Rising Global Travel Demand
The increasing demand for travel and tourism is expected to propel the growth of the virtual reality in tourism market going forward. The demand for travel and tourism is rising due to increased disposable income, the relaxation of travel restrictions, and a growing desire for unique experiences. Virtual reality in travel and tourism services enables potential travelers to experience virtual tours of destinations, hotels, and attractions before making a booking, helping them make more informed decisions and increasing their confidence in their choices. For instance, in November 2022, according to the Office for National Statistics, a UK-based department, overseas visits to the UK in June 2022 reached 3.0 million, an increase from the 2.8 million visits recorded in May 2022. Therefore, the increasing demand for travel and tourism is driving the growth of the virtual reality in tourism market.
What Is The Key Trend In The Global Virtual Reality In Tourism Market?
Innovative Virtual Interactive Portals Boost Experiences Tourism
Major companies operating in the virtual reality in tourism market are focusing on innovative solutions such as a virtual interactive portal to enhance immersive travel experiences. A virtual interactive portal refers to an online platform that offers immersive, interactive experiences, allowing users to explore and engage with virtual environments or content. For instance, in February 2024, the Tokyo Metropolitan Government (TMG) and the Tokyo Convention and Visitors Bureau, a Japan-based official destination marketing and management organization, launched the Hello! Tokyo Friends platform on Roblox, which offers a virtual reality experience that immerses users in Tokyo's cultural and historical landmarks. Users explore modern icons such as Tokyo Tower and Shibuya Scramble Crossing through activities such as treasure hunts and games, with plans to include historical Edo period settings. Meanwhile, the Tokyo Hunt App blends augmented reality with real-world exploration, allowing users to capture AR photos with virtual characters at landmarks such as the Hachiko Statue and Asakusa Kaminarimon Gate. The app encourages visits to specific city checkpoints to collect emblems for redemption in the virtual world.
How Is The Global Virtual Reality In Tourism Market Segmented?
The virtual reality in tourism market covered in this report is segmented -
1) By Type: 3 Dimension (3D), 4 Dimension (4D), Other Types
2) By Device: Head-Mounted Displays (HMDs), Smartphones, Consoles, Personal Computers (PCs)
3) By Platform: Android, iPhone Operating System (IOS), Windows, Macintosh Operating System (Mac OS)
4) By Application: Travel Agency, Hotel, Tourist Attractions, Entertainment, Education, Retail, Healthcare
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How Is The Competitive Landscape Of The Global Virtual Reality In Tourism Market?
Major companies operating in the virtual reality in tourism market are Alphabet Inc., Samsung Electronics, Microsoft Corporation, Sony Group Corporation, Lufthansa Group, Nokia Corporation, Marriott International, TUI Group, National Geographic, Thomas Cook, HTC Corporation, EON Reality Inc, YouVisit, VironIT, 3D Walkabout, VeeR VR, AirPano, Travel World VR LLC, VR IMMERSION LTD, VR Gorilla, Cyber Tours Ltd
Contents Of The Global Virtual Reality In Tourism Market
1. Executive Summary
2. Virtual Reality In Tourism Market Report Structure
3. Virtual Reality In Tourism Market Trends And Strategies
4. Virtual Reality In Tourism Market - Macro Economic Scenario
5. Virtual Reality In Tourism Market Size And Growth
…..
27. Virtual Reality In Tourism Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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