Global AR VR in Travel and Tourism Market Ecosystem By Raw Material; By Components; By Products, Parts and Devices; By Services & Solutions; By Application (3D modelling/ Design, Training, Monitoring/ Maintenance, Others), By Region & Forecast by 2023

Traveling is a great experience for every tourist and therefore, tourists usually do a detailed research before booking a travel destination. The rising demand for travel and tourism services from various regions across the globe is accelerating the market demand for AR VR in travel and tourism market ecosystem.

The ‘try before you buy’ concept is now applicable in the travel and tourism industry. Travel and tourism companies are investing in AR VR to enhance customer experience. Various apps are being developed using AR and VR technology to allow customers experience the real-time scenario of a destination they want to book. 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.

Companies are making investments in AR VR in travel and tourism ecosystem to improve their services and product offerings to provide tourists a great travel experience. In 2018, Rizort, a provider of luxury vacation travel planning, closed a seed funding of US$ 2.9 Mn to enhance VR-based recommendations for customers. The company raised this investment from Dream Incubator Japan and Blue Ventures, among others. In addition to this, in 2018, Scapic, a SaaS-based cloud platform raised US$ 500,000 seed funding from Newfort Capital, Axilor, and Speciale Invest. The fund will be utilized for product development and research in AR VR for travel and tourism ecosystem.

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AR VR in Travel and Tourism Market Ecosystem Snapshot

Segmentation of AR VR in Travel and Tourism Market Ecosystem

 

Raw Material	Components	Products, Parts and Devices	Services & Solutions	Application
Silicon	Sensors	Head-Up Displays	Documentation	3D modelling/ design
GaN	Camera	Head-Mounted Displays	Visualization	Training
Glass	IMU	Smart Glass	3D Modelling	Monitoring/ Maintenance
SiC	Processor	Handheld Devices	Navigation	Others
Metals	Modules		Workflow Optimization
Others	Graphics (Cards)		Others
	Audio (ICs)
	Memory
	Display
	Others

 

Head mounted displays accounted for a significant market share in the AR VR in travel and tourism ecosystem. Head mounted displays are used for navigation by tourists to locate their destinations easily. Moreover, they also provide a 3D view of the travel destination. The demand for VR headsets is increasing, as consumers are using their personal VR headsets to experience travel destinations at home.

North America held the largest share in 2018 in the AR VR in travel and tourism market ecosystem. The presence of major technology and solution providers in the region is contributing to the overall revenue growth in the AR VR in travel and tourism ecosystem market. The Asia Pacific region is expected to grow with a high CAGR during the forecast period, owing to growing investments in AR VR in travel and tourism in the region. For instance, in February 2017, the China National Tourism Administration and HTC Vive entered into a partnership to establish the China VR Tourism Cloud Data Service Platform. The partnership will be used to provide virtual experience to tourists, along with the integration of functions such as information sharing, instant messaging, big data analysis, and online entertainment.

Global AR VR in Travel and Tourism Market Ecosystem Size

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 among people.

AR VR in travel and tourism ecosystem is used for improving travel convenience, navigation, and for creating menus with an interactive 360-degree view of the food and the ingredients used in it, and others. 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, in Dubai, a VR park was opened to offer virtual games and experiences to tourists. Dubai is a tourism hub in the Gulf region and was the fourth most visited destination in 2017. The new VR park and other such investments are expected to accelerate the demand for AR VR in travel and tourism ecosystem during the forecast period in the Middle East and Africa region.

AR VR in Travel and Tourism Market Ecosystem: Statistics Glimpse

There are many trends that are having an impact on the market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.

The major players operating in the global AR VR in Travel and Tourism Market Ecosystem are as follows:

Company	Ecosystem Positioning	Total Revenue 2018	Industry	Region
Apple	Products, Parts and Devices, Services & Solutions	US$ 265.59 Bn	Consumer Electronics	Global
Facebook	Products, Parts and Devices	US$ 55.83 Bn	Social Networking	Global
Microsoft Corporation	Products, Parts and Devices	US$ 110.36 Bn	AR VR	Global
The Hub Hotel (Premier Inn)	End-user	US$ 2.61 Bn	Travel and Tourism	Global
HTC Corporation	Products, Parts and Devices	US$ 0.73 Bn	Consumer Electronics	Global

Very few markets have interconnectivity with other markets like AR VR. 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.

AR VR in Travel and Tourism Market Major Interconnectivities of Ecosystem

A Glance on the Global AR VR in Travel and Tourism Market Ecosystem Trends:

Trends	Application	Impact
Augmented reality and virtual reality are used in the tourism industry for guiding, educating, and communicating with customers. For instance, users can point their smartphones on a building to get insights on its architecture	Guiding	0.20%

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