AR/VR in Tourism Industry Market - Introduction
Adoption of AR/VR technology in the travel & tourism industry plays an important role in influencing the choice of travelers and customers. AR/VR technology provides a virtual tour demo of a location and places which helps to enhance the customer experience. Solution providers are offering different digital platform solutions for the tourism industry for hotel selection & reviews, travel booking, transportation bookings to improve the decision-making process.
Travel companies are investing in digital technologies and AR/VR technology to increase awareness about different tour plans and tourist places that increases the penetration of AR/VR solutions among users. Travel companies are investing in AR technology-based digital walls and AR/VR headsets, which provide real-life experiences to customers and offers more information about places or tourist spots. Most large hotel chains provide an AR screen in every room so guests can check out all nearby tourist spots by using their phones.
Companies and hotels are adopting a try-before-you-buy marketing strategy by providing 360-degree videos and photos of their hotel spaces that increases the conversion rate of potential customers.
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Key Drivers of AR/ VR in Tourism Industry Market
Increasing adoption of digital technology to provide real-time tour experience to customers for tour and travel booking is expected to drive the market growth. Increasing consumer spending on AR/VR technology is expected to set a new trend of digital tours in the tourism industry. Increasing awareness about new technologies among users and guests is expected to create new revenue opportunities for solution providers and encourages the development of advanced solutions for the tourism industry.
Lack of awareness and low rate of adoption in small enterprises and developing countries to hinder the market
Lack of awareness and low rate of adoption of AR/VR technology in underdeveloped and developing countries are key factors that restrain the AR/VR in tourism industry market.
Small travel companies and agencies have budget constraints while investing in advanced digital solutions in the travel and tourism sector, which is also expected to hamper the AR/VR in tourism industry market.
Impact of COVID-19 on the Global AR/ VR in Tourism Industry Market
Increasing cases of COVID-19 in different regions leads to negative growth of the tourism industry. Most countries have closed their borders for travelers and tourists to control the pandemic situation. Travel & tourism service providers have also changed their business policies during the COVID-19 period to face similar future challenges. Tourism companies have reduced investment in advanced digital technologies due to low return on investment and low customer flow for travel bookings.
Demand for AR/ VR in the tourism industry is decreasing during the COVID-19 lockdown situation due to low investment by travel agencies on advanced technologies; however, it is likely to show better growth during the forecast period due to the increasing dependency of companies on digital platforms.
North America to Hold Major Share of the AR/ VR in Tourism Industry Market
North America holds a prominent share of the AR/ VR in tourism industry due to the presence of key solution providers and increasing investment by travel companies on advanced tools and technologies to improve the customer experience in the region.
The travel & tourism industry in Asia Pacific is expected to expand the fastest during the forecast period due to increasing government initiatives to promote and support the travel & tourism industry. Local players are increasing investment in travel & tourism technologies to enhance their market share.
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Key Players Operating in the Global AR/ VR in Tourism Industry Market
HTC Corporation
HTC Corporation is a leading global company that offers smartphone, virtual reality, and connected technology. The company recently introduced VR headset HTC Vive with a combination of input controller to enhance the 360 VR experience.
Microsoft Corporation
Microsoft Corporation engages in the development, manufacture, licensing, marketing, and sale of software, personal computers & services, and consumer electronics. The company recently launched its mixed reality head mounted display, which provides holographic augmented reality that provides viewers an enhanced experience of AR.
Other key players operating in the global AR/ VR in tourism industry include Apple Inc., Google, LLC, EON Reality, Inc., Dell Technologies Inc., and Barco N.V.
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