Dublin, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The "Virtual Reality in Tourism Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The virtual reality in tourism market size has grown exponentially in recent years, from $3.93 billion in 2023 to $5.44 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The growth during the historic period can be attributed to greater internet accessibility, the proliferation of mobile devices, the influence of the gaming industry, the expansion of social media platforms, and the adoption of new technologies in the entertainment sector.
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 CAGR of 38.3%. The anticipated growth during the forecast period can be attributed to the rising demand for personalized experiences, increased disposable income, the expansion of 5G networks, the popularity of virtual events, and greater awareness of VR applications.
Key trends expected include the integration of AI with VR, collaborations between technology and tourism sectors, the creation of VR content for cultural heritage sites, the growth of VR tourism education programs, and the rise of virtual tours for locations that are otherwise inaccessible.
The growing demand for travel and tourism is expected to boost the virtual reality (VR) market within this sector. This increase in demand is driven by higher disposable incomes, the easing of travel restrictions, and a desire for unique travel experiences. VR technology in travel and tourism allows prospective travelers to take virtual tours of destinations, hotels, and attractions before making bookings, aiding in more informed decisions and enhancing confidence in their choices. For example, in November 2022, the Office for National Statistics reported that overseas visits to the UK in June 2022 reached 3 million, up from 2.8 million in May 2022. This growing interest in travel and tourism is fueling the expansion of the VR in tourism market.
Leading companies in the VR tourism sector are focusing on innovative solutions such as virtual interactive portals to enhance travel experiences. These portals are online platforms that provide immersive, interactive experiences, allowing users to explore and engage with virtual environments. For instance, in February 2024, the Tokyo Metropolitan Government (TMG) and the Tokyo Convention and Visitors Bureau launched the Hello! Tokyo Friends platform on Roblox. This VR experience allows users to explore Tokyo's cultural and historical landmarks through activities such as treasure hunts and games, with future plans to include settings from the Edo period. Additionally, the Tokyo Hunt App combines augmented reality with real-world exploration, enabling users to capture AR photos with virtual characters at landmarks such as the Hachiko Statue and Asakusa Kaminarimon Gate. Users are encouraged to visit specific city checkpoints to collect emblems for use in the virtual world.
Major companies operating in the virtual reality in tourism market are Alphabet, Samsung Electronics, Microsoft Corporation, Sony Group Corporation, Lufthansa Group, Nokia Corporation, Marriott International, TUI Group, National Geographic, Thomas Cook, HTC, EON Reality Inc, YouVisit, VironIT, 3D Walkabout, VeeR VR, AirPano, Travel World VR LLC, VR Immersion, VR Gorilla and Cyber Tours Ltd.
This Virtual Reality In Tourism market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
This report focuses on virtual reality in tourism market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
- By Type: 3 Dimension (3D); 4 Dimension (4D); Other Types
- By Device: Head-Mounted Displays (HMDs); Smartphones; Consoles; Personal Computers (PCs)
- By Platform: Android; iPhone Operating System (IOS); Windows; Macintosh Operating System (Mac OS)
- By Application: Travel Agency; Hotel; Tourist Attractions; Entertainment; Education; Retail; Healthcare
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $5.44 Billion |
| Forecasted Market Value (USD) by 2028 | $19.91 Billion |
| Compound Annual Growth Rate | 38.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Virtual Reality in Tourism Market Characteristics
3. Virtual Reality in Tourism Market Trends and Strategies
4. Virtual Reality in Tourism Market - Macro Economic Scenario
5. Global Virtual Reality in Tourism Market Size and Growth
5.1. Global Virtual Reality in Tourism Market Drivers and Restraints
5.2. Global Virtual Reality in Tourism Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Virtual Reality in Tourism Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Virtual Reality in Tourism Market Segmentation
6.1. Global Virtual Reality in Tourism Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 3 Dimension (3D)
- 4 Dimension (4D)
- Other Types
6.2. Global Virtual Reality in Tourism Market, Segmentation by Device, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Head-Mounted Displays (HMDs)
- Smartphones
- Consoles
- Personal Computers (PCs)
6.3. Global Virtual Reality in Tourism Market, Segmentation by Platform, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Android
- iPhone Operating System (IOS)
- Windows
- Macintosh Operating System (Mac OS)
6.4. Global Virtual Reality in Tourism Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Travel Agency
- Hotel
- Tourist Attractions
- Entertainment
- Education
- Retail
- Healthcare
7. Virtual Reality in Tourism Market Regional and Country Analysis
7.1. Global Virtual Reality in Tourism Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Virtual Reality in Tourism Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8-29. Country Specific Virtual Reality in Tourism Market
30. Virtual Reality in Tourism Market Competitive Landscape and Company Profiles
30.1. Virtual Reality in Tourism Market Competitive Landscape
30.2. Virtual Reality in Tourism Market Company Profiles
- Alphabet
- Samsung Electronics
- Microsoft Corporation
- Sony Group
- Lufthansa Group
31. Virtual Reality in Tourism Market Other Major and Innovative Companies
- 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
- VR Immersion
- VR Gorilla
32. Global Virtual Reality in Tourism Market Competitive Benchmarking
33. Global Virtual Reality in Tourism Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Virtual Reality in Tourism Market
35. Virtual Reality in Tourism Market Future Outlook and Potential Analysis
35.1 Virtual Reality in Tourism Market in 2028 - Countries Offering Most New Opportunities
35.2 Virtual Reality in Tourism Market in 2028 - Segments Offering Most New Opportunities
35.3 Virtual Reality in Tourism Market in 2028 - Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/mvsoz5
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