Virtual Reality in Tourism Market Scope
Virtual Reality can be experience with VR headset in which user feel digital environment designed with the help of images, sounds, other physical sensations. In this virtual world user can move, Play and interact with another user or technically animated personalities. Tourism and related industries use this technology for their better representation in market. In Virtual Reality user can virtually see and get unique experience of that place with the comfort of their home. Owing to increase in demand of virtual reality in tourism by Travel Company, virtual reality in tourism market is expected to grow at a significant rate during the forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Oculus VR (United States), Google (United States), Microsoft (United States), Magic Leap (United States), Samsung (South Korea), Worldviz (United States), Groove Jones (United States), Zco Corporation (United States), Cubix (United States), Giga Works (UAE), Viziofly (Singapore), The Amsterdam VR Company (Netherland), World Travel VR (United States), Infinito VFX Studio Pvt LTD (India), Immersion VR LTD (England) and Ascape VR (United States) |
CAGR | % |
Virtual Reality in Tourism market is a fragmented market due to the presence of various players. The players are focusing on increasing their manufacturing capacity and are offering competitive prices to gain high market share and establish their position in the market. Further, companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Oculus VR (United States), Google (United States), Microsoft (United States), Magic Leap (United States), Samsung (South Korea), Worldviz (United States), Groove Jones (United States), Zco Corporation (United States), Cubix (United States), Giga Works (UAE), Viziofly (Singapore), The Amsterdam VR Company (Netherland), World Travel VR (United States), Infinito VFX Studio Pvt LTD (India), Immersion VR LTD (England) and Ascape VR (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are 3D Walkabout (Australia), Ingition Immersive (Australia), VR Visage (United States), Meraki Studio (India) and VRdirect (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Virtual Reality in Tourism market by Type , by Application (Travel Agency, Hotel, Tourist Attractions and Other) and Region with country level break-up.
On the basis of geography, the market of Virtual Reality in Tourism has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In May 2022, Google acquired Raxium, Raxium is five-year-old bay area startup working on microLED display technology which is used for wearables and augmented virtual reality headsets. Google is focused on building software for innovative VR device. With this acquisition google expand its presence in Virtual Reality in Tourism market
In September 2020, Oculus VR launched Oculus Quest 2, the next generation of All-in-One VR. Oculus Quest 2 have new touch controllers and high-resolution display. With this new launch Oculus VR expand its presence in Virtual Reality and it help in tourism sector also
Influencing Trend:
Rising Inclination towards More Immersive Travel Experiences
Market Growth Drivers:
Increasing Demand of Virtual Reality in Tourism to Experience 360 Degree of Destination in High Resolution, Growing Demand of Virtual Reality in Tourism by Travel Company and Rise in Demand Virtual Reality in Tourism by Hotel So That User Can Explore Hotel
Challenges:
Creating Realistic And Three Dimensional Experience, Creative Blocks to Manufacturers and Increasing Incidence of Cybercrime and Data Privacy
Restraints:
High Cost of Manufacturing, Lack of Technical Awareness in Consumers and Negative Physical Effects of VR Devices
Opportunities:
Increasing Technological Advancement in Virtual Technology for Tourism
Key Target Audience
Virtual Reality in Tourism Provider, Virtual Reality Device Manufacturers, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others