According to AllTheResearch’s analysis, the global AR VR in travel and tourism market ecosystem was valued at US$ 74.6 million in 2018 and is expected to reach US$ 304.4 million by the year 2023, growing at a CAGR of 32.5%. The growth of the AR VR in travel and tourism ecosystem is primarily due to the increasing demand for travel and tourism services among people.
Customers research a lot before they travel, and the search does not stop when they arrive at their destinations. AR ensures that the information is available 24/7 to customers. Companies in the travel industry are developing apps with augmented reality that allow tourists to enhance physical locations and tourist attractions by providing the relevant information at any time. The app allows user to get real-time information about a place, building, or a landmark by pointing their smartphones at the object. The Hub Hotel, one of the largest hotel chains in the U.K. has created an interactive wall in every room using AR. Guests just need to point their phones at the wall to check all the nearby tourist attractions.
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AR VR in travel and tourism ecosystem is used for navigation, for improving travel convenience, and for creating menus with an interactive 360-degree view of the food and the ingredients used in it, and others. The ‘try before you buy’ concept is being used to promote the travel and tourism industry. The Virgin Holidays has created solutions that allow stores to occupy its waiting customers with a virtual tour of Virgin Holiday’s destinations. This has helped improve the sales of holidays to Riviera Maya, which is one of the Virgin Holiday’s destinations.
In 2018, a VR park was opened in Dubai, which offers virtual games and experiences. Dubai is a tourism hub in the Gulf region and was the fourth most visited destination in 2017. This is further expected to accelerate the demand for AR VR in travel and tourism ecosystem during the forecast period.
Global AR VR in Travel and Tourism Ecosystem:
Companies are making investments in AR VR in travel and tourism ecosystem to improve their services and product offering to provide tourists a great travel experience. In 2018, Rizort a provider of luxury vacation travel planning has closed a seed funding of US$ 2.9 Mn to enhance VR based recommendations for the customers to choose their destinations. The company raised the investment from Dream Incubator Japan, and Blue Ventures among others. In addition, in 2018, Scapic a SaaS based cloud platform raised US$ 500,000 as seed funding from Newfort Capital, Axilor and Speciale Invest. The funds will be utilized for product development and research in AR VR for travel and tourism ecosystem.
North America held the largest market share in the year 2018 among all the regions, followed by Asia Pacific, Europe, and Rest of the World. The Asia Pacific region is expected to hold a significant market share by the year 2023, owing to huge investments being made in the travel and tourism industry in the region.
For analyzing the AR VR in travel and tourism ecosystem, we have studied various trends that are impacting the market and interconnected markets. Our Interconnectivity module focuses on the key nodes of heterogeneous markets in detail. Artificial Intelligence, Beacon Technology, Chatbots, 5G technology, and 3D printing markets are some of our key researched markets.
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