The virtual reality in tourism market size has experienced exponential growth in recent years, projected to rise from $3.93 billion in 2023 to $5.44 billion in 2024, at a compound annual growth rate (CAGR) of 38.2%. This growth in the historic period can be attributed to increased internet accessibility, the rise of mobile devices, the gaming industry's influence, the growth of social media platforms, and early adopters in entertainment. In the upcoming years, the virtual reality in tourism market size is expected to reach $19.91 billion in 2028, with a CAGR of 38.3%. The growth during the forecast period is expected to be fueled by the rising demand for personalized experiences, an increase in disposable income, the expansion of 5G networks, the rise in virtual events, and increased awareness of VR applications. Key trends anticipated during this period include the integration of AI with VR, collaborations between the technology and tourism sectors, the development of VR content for cultural heritage sites, the expansion of VR tourism education programs, and the growth of virtual tours for inaccessible locations.
Global Virtual Reality In Tourism Market Key Driver
The increasing demand for travel and tourism is anticipated to propel the growth of the virtual reality in tourism market in the coming years. This surge in demand is fueled by factors such as rising disposable income, the relaxation of travel restrictions, and an increasing desire for unique experiences. Virtual reality in travel and tourism services allows potential travelers to engage in virtual tours of destinations, hotels, and attractions prior to making bookings, which assists them in making more informed decisions and enhances their confidence in their choices. For example, as reported in November 2022 by the Office for National Statistics, a UK-based department, overseas visits to the UK in June 2022 reached 3.0 million, a notable increase from the 2.8 million visits recorded in May 2022. Thus, the growing demand for travel and tourism significantly drives the growth of the virtual reality in tourism market.
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Global Virtual Reality In Tourism Market Segments
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
By Geography:The regions covered in the virtual reality in tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the virtual reality in tourism market in 2023.
Major Virtual Reality In Tourism Industry Players
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
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Virtual Reality In Tourism Market Overview
Virtual reality (VR) in tourism involves using immersive technology to create virtual experiences of destinations, allowing travelers to explore places before visiting. It offers interactive tours, previews of accommodations, and simulated activities, enhancing trip planning and decision-making. Virtual reality can also provide remote access to attractions, broadening the reach of tourism experiences.
Virtual Reality In Tourism Global Market Report 2023 provides data on the global virtual reality in tourism market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The virtual reality in tourism market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
