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Augmented Reality In Travel And Tourism Market Poised to Hit $108.47 Billion by 2029 with Accelerating Growth Trends
Augmented Reality In Travel And Tourism Market
What Is the Expected CAGR for the Augmented Reality In Travel And Tourism Market Through 2025?
The market size for augmented reality in travel and tourism has witnessed exponential growth in the past few years. The market size is predicted to rise from $21.44 billion in 2024 to $29.39 billion in 2025, showing a compound annual growth rate (CAGR) of 37.1%. Factors contributing to this growth during the historic period include an improved user experience, support for local businesses, the spread of social media, and positive reactions from users.
What's the Projected Size of the Global Augmented Reality In Travel And Tourism Market by 2029?
The travel and tourism industry's augmented reality sector is anticipated to experience rapid expansion in the coming years, reaching $108.47 billion by 2029 with an annual compound growth rate of 38.6%. The projected increase during the forecast period is due to the advent of augmented travel booking, educational tourism, adventure and nature tourism, and user-generated content sharing. Notable advancements in the forecast duration encompass wearable augmented reality devices, solutions for wayfinding and navigation, touch-free experiences, and cultural narrative experiences.
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Top Growth Drivers in the Augmented Reality In Travel And Tourism Industry: What's Accelerating the Market?
The surge in travel and tourism is anticipated to boost the expansion of augmented reality in the respective sector. Travel and tourism encompass the activities undertaken by individuals journeying to various locations for leisure, business, or other objectives. The incorporation of augmented reality has escalated the demand in travel and tourism sectors for intelligent tourism and heightened travel experiences, enriching destinations with more immersive, educational, and captivating aspects. For example, reports from the UK Office for National Statistics, a government agency in the United Kingdom, disclosed that foreign residents made 38.0 million visits to the UK in 2023, topping the 31.2 million visits logged in 2022. Furthermore, these tourists expended $39.4 billion during their visits, indicating a rise of $5.84 billion in comparison to the preceding year. Consequently, the escalating demand for travel and tourism is fueling the expansion of augmented reality in the travel and tourism sector.
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What Trends Will Shape the Augmented Reality In Travel And Tourism Market Through 2029 and Beyond?
Principal firms in the augmented reality (AR) travel and tourism sector are employing strategic partnerships to craft innovative solutions in the industry. These partnerships benefit AR travel and tourism enterprises by merging their resources and skillset, improving R&D capabilities, broadening market penetration, and hastening product rollout, thereby fostering innovation and expansion in the AR travel and tourism field. An example of this was in January 2023, when Canada's ARway.ai joined forces with AI Safer, a company based in Saudi Arabia. The alliance was intended to upgrade visitor experiences at museums and cultural destinations within Saudi Arabia, thanks to the integration of ARway's superior AR navigation technology. The partnership aspires to offer visitors captivating and interactive experiences that enrich their comprehension of Saudi Arabia's cultural legacy.
What Are the Main Segments in the Augmented Reality In Travel And Tourism Market?
The augmented reality in travel and tourismmarket 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
Subsegments:
1) By Hardware: AR Glasses, Mobile Devices, Head-Mounted Displays (HMDs)
2) By Software: AR Applications, AR Development Tools, Content Management Systems (CMS)
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services
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Which Top Companies are Driving Growth in the Augmented Reality In Travel And Tourism Market?
Major companies operating 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.
Which Regions Will Dominate the Augmented Reality In Travel And Tourism Market Through 2029?
North America was the largest region in the augmented reality in travel and tourism market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in augmented reality (AR) in travel and tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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