Virtual Reality in Tourism Market Report 2024 (Global Edition)

Global Virtual Reality in Tourism Market Report 2024 Market Size Split by Type (3D, 4D, Other), by Application (Travel Agency, Hotel, Tourist Attractions, Other), by Product Type (Hardware, Software)

Virtual Reality in Tourism Market Report Description

We have various report editions of Virtual Reality in Tourism Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Virtual Reality in Tourism Market

The competitive landscape of Virtual Reality (VR) in the Tourism market is characterized by key players such as Oculus VR, Google LLC, Samsung Electronics Co., Ltd., Microsoft Corporation, and HTC Corporation. These companies are at the forefront of developing VR hardware and software solutions for the tourism sector. Intense competition fosters innovation, driving advancements in VR technologies. Additionally, collaborations between VR providers and tourism stakeholders enhance market dynamics, creating a diverse and evolving landscape focused on delivering immersive and engaging travel experiences.

Virtual Reality in Tourism Industry News:

• In March 2022, DPVR, a Shanghai-based company specializing in the design and manufacture of virtual reality devices, introduced the DPVR 4G/5G module for its all-in-one VR headsets. The company emphasizes that this new module is specifically crafted to facilitate various sectors, including training, healthcare, education, and conferences, where the integration of VR headsets in scenarios involving mobile usage or remote work is essential. Notably, the enhanced DPVR supports a global range of frequency bands, encompassing 2G, 3G, 4G, and 5G, providing versatile connectivity options for users worldwide.

(Source: www.auganix.org/dpvr-announces-new-plug-and-play-4g-5g-module-for-its-virtual-reality-headsets-enabling-access-to-vr-experiences-in-remote-areas/)

Top Companies Market Share in Virtual Reality in Tourism Industry: (In no particular order of Rank)

• Oculus VR (owned by Meta Platforms Inc.)
• Google LLC
• Samsung Electronics Co. Ltd.
• Microsoft Corporation
• HTC Corporation
• Sony Corporation
• Jaunt VR
• Matterport
• Leap Motion
• VRIDEO
• Panedia Pty Ltd.
• Icaros GmbH
• YouVisit
• Quark VR
• Woofbert VR
• Unimersiv
• Vizor
• Lucid VR
• VisitScotland
• Virtually Live
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

In terms of revenue, the Asia Pacific Virtual Reality in Tourism Market share was 38% of the total market

According to Cognitive Market Research, Asia Pacific dominated the market in 2023 and accounted for around 38% of the global revenue. North America has captured the largest market share in the Virtual Reality (VR) Tourism market due to its advanced technological landscape, high consumer awareness, and well-established tourism industry. The region hosts major VR technology developers and content creators, contributing to the rapid adoption of VR solutions in the tourism sector. High disposable incomes, a tech-savvy population, and a strong emphasis on innovative digital experiences drive consumer engagement with VR-enhanced travel content. Additionally, the presence of key players like Oculus VR, Google, and Microsoft further solidifies North America's leadership, as these companies continuously innovate and collaborate to deliver immersive and captivating virtual travel experiences.

The Asia Pacific region is witnessing the highest Compound Annual Growth Rate (CAGR) in the Virtual Reality (VR) Tourism market due to various factors. The region's rapid economic growth, increasing disposable incomes, and a burgeoning middle class are fostering a rise in tourism. The diverse cultural and natural attractions in Asia Pacific enhance the appeal of VR-enhanced travel experiences. Additionally, the widespread adoption of smartphones and a tech-savvy population contribute to the rapid integration of VR technologies. Government support and infrastructure development further propel the dynamic growth of VR in the tourism market in Asia Pacific.

The current report Scope analyzes Virtual Reality in Tourism Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Virtual Reality in Tourism Market

According to Cognitive Market Research, North America held the major market share in 2023 and accounted for more than 38% of the global revenue. North America is expected to grow at a CAGR of 30.0% in the forecast period. North America is experiencing growth in the Virtual Reality (VR) Tourism market due to its advanced technological infrastructure, high consumer adoption of VR devices, and well-established tourism industry. The region's tech-savvy population and high disposable incomes contribute to the demand for immersive digital experiences. The 3D type is growing in North America as it offers visually compelling and interactive virtual tours, enhancing the exploration of destinations, accommodations, and attractions. The popularity of 3D technology aligns with the region's preference for rich and engaging content, driving its notable growth within the VR Tourism market in North America. North America's growth in the Virtual Reality Tourism market is propelled by its advanced technological infrastructure, high consumer adoption, and a well-established tourism industry, fostering demand for immersive digital experiences and innovative VR applications.

Europe Virtual Reality in Tourism Market

According to Cognitive Market Research, The European Virtual Reality In Tourism market accounted for approximately 25% of the global revenue. Europe is expected to grow at a CAGR of 31.0% in the forecast period. Europe is witnessing growth in the Virtual Reality (VR) in the Tourism market due to its robust tourism industry, cultural diversity, and technological adoption. The region's extensive historical sites and attractions make it conducive to immersive virtual experiences. The growth of the 3D type in the European market can be attributed to the visually compelling and interactive nature of 3D virtual tours. European travelers appreciate the realistic exploration of destinations, accommodations, and cultural landmarks offered by 3D technology. The demand for engaging and dynamic content aligns with the region's emphasis on high-quality travel experiences, contributing to the notable growth of the 3D type within the VR Tourism market in Europe. Europe's growth in the Virtual Reality in Tourism market is fueled by its robust tourism industry, cultural diversity, and technological adoption. The region's emphasis on high-quality travel experiences aligns with the demand for engaging VR content.

Asia Pacific Virtual Reality in Tourism Market

According to Cognitive Market Research, Asia Pacific held a considerable market share in 2023, accounting for more than 40% of the global revenue. Asia Pacific is expected to grow at a CAGR of 35.0% in the forecast period. Asia Pacific is experiencing growth in the Virtual Reality (VR) in Tourism market due to rapid economic development, increasing disposable incomes, and a rising middle class, leading to a surge in tourism. The region's diverse cultural and natural attractions make it a key market for immersive virtual experiences. The 3D type is growing in Asia Pacific as it provides visually captivating and interactive virtual tours, aligning with the preferences of tech-savvy consumers. The demand for realistic and engaging content enhances the appeal of 3D technology, contributing to its notable growth within the VR in Tourism market in the Asia Pacific region. Rapid economic development, a rising middle class, and a diverse cultural landscape drive Asia Pacific's growth in the Virtual Reality Tourism market. Increasing disposable incomes and tech-savvy consumers contribute to the demand for immersive virtual experiences.

South America Virtual Reality in Tourism Market

According to Cognitive Market Research, Latin America accounted for more than 5% of the global Virtual Reality In Tourism revenue in 2023. Latin America is expected to grow at a CAGR of 32.0% in the forecast period. Latin America is growing in the Virtual Reality (VR) Tourism market due to a burgeoning tourism industry, increasing digital adoption, and a rich cultural and natural heritage. The region's diverse landscapes and historical sites create opportunities for immersive virtual experiences. The 3D type is gaining traction in Latin America as it offers visually captivating and interactive virtual tours, resonating with the preferences of travelers seeking dynamic and engaging content. The demand for realistic and personalized travel exploration aligns with the region's emphasis on cultural experiences, contributing to the notable growth of the 3D type within the VR Tourism market in Latin America. Latin America's growth in the Virtual Reality Tourism market is attributed to a flourishing tourism sector, increasing digital adoption, and the region's rich cultural and natural heritage, fostering demand for immersive virtual exploration.

Middle East and Africa Virtual Reality in Tourism Market

According to Cognitive Market Research, The Middle East and Africa accounted for more than 4% of the global revenue. Middle East and Africa are expected to grow at a CAGR of 32.2% in the forecast period. Middle East and Africa are witnessing growth in Virtual Reality (VR) in the Tourism market due to expanding tourism sectors, technological advancements, and a focus on enhancing visitor experiences. The region's historical landmarks and natural wonders create opportunities for immersive virtual exploration. The 3D type is growing in the Middle East and Africa as it provides visually compelling and interactive virtual tours, aligning with the preferences of travelers seeking dynamic and engaging content. The demand for realistic and personalized travel experiences resonates with the region's emphasis on cultural and heritage tourism, contributing to the notable growth of the 3D type within the VR Tourism market in the Middle East and Africa. Middle East and Africa's growth in the Virtual Reality Tourism market is propelled by expanding tourism sectors, technological advancements, and a focus on enhancing visitor experiences, fostering demand for immersive virtual exploration.

Virtual Reality in Tourism Market Analysis

Type Segment Analysis of Virtual Reality in Tourism Market

According to Cognitive Market Research, the 3D type held the major market share over the forecast period. The 3D type has captured the largest market share in the Virtual Reality (VR) Tourism market due to its ability to deliver immersive and visually compelling experiences. 3D virtual tours and simulations provide users with a lifelike exploration of destinations, accommodations, and attractions. This type of content goes beyond traditional 2D representations, offering a more dynamic and interactive experience for travelers. The demand for richer and more engaging travel content, coupled with the widespread availability of 3D-capable devices, solidifies the dominance of 3D technology in the VR Tourism market.

The 4D type is experiencing the highest Compound Annual Growth Rate (CAGR) in the Virtual Reality (VR) Tourism market due to its ability to provide a multisensory and more immersive experience beyond traditional visuals. Incorporating elements such as touch, smell, and sound enhances the realism of virtual tourism, making it more engaging and memorable for users. As travelers seek heightened experiences and a closer approximation to real-world sensations, the demand for 4D technology grows, contributing to its rapid adoption and notable growth in the dynamic VR in the Tourism market.

• 3D
• 4D
• Other

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Virtual Reality in Tourism Industry. Request a Free Sample PDF!

Application Segment Analysis of Virtual Reality in Tourism Market

According to Cognitive Market Research, hotel application holds a prominent market. Hotel applications have captured the largest market share in the Virtual Reality (VR) Tourism market because they serve as central platforms for travel-related services. These applications provide users with features such as virtual hotel tours, 360-degree views of rooms, and immersive experiences, enhancing the decision-making process for travelers. The convenience of booking accommodations, accessing amenities, and personalizing stays through VR-driven hotel applications contributes to their widespread adoption. The dominance of hotel applications highlights the integral role of accommodation experiences in the overall virtual tourism landscape, solidifying their market leadership.

Tourist attractions applications are experiencing the highest Compound Annual Growth Rate (CAGR) in the Virtual Reality (VR) Tourism market due to their ability to provide engaging and immersive experiences at specific destinations. These applications leverage VR to offer interactive guides, augmented reality features, and real-time information about attractions, making them increasingly popular among tech-savvy travelers seeking enriched exploration. The demand for personalized and unique travel experiences, coupled with the growing use of smartphones for travel planning, contributes to the rapid adoption of Tourist Attractions applications, driving their notable growth.

• Travel Agency
• Hotel
• Tourist Attractions
• Other

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Virtual Reality in Tourism Product Type Segment Analysis

According to Cognitive Market Research, hardware product type holds a prominent market. Hardware products have captured the largest market share in the Virtual Reality (VR) Tourism market due to their foundational role in delivering immersive experiences. VR hardware, including headsets and devices, forms the essential infrastructure for users to engage with virtual travel content. The widespread availability and adoption of VR-enabled devices contribute to their dominance. Additionally, advancements in hardware technologies, improved device affordability, and the seamless integration of hardware with diverse VR applications solidify their central role, making hardware products indispensable for accessing and experiencing virtual tourism content.

The software product type is experiencing the highest Compound Annual Growth Rate (CAGR) in the Virtual Reality (VR) Tourism market due to its dynamic and adaptable nature. Continuous innovations in VR software, including applications, platforms, and content creation tools, drive its growth. The demand for interactive and immersive virtual travel experiences, coupled with evolving consumer preferences, fuels the rapid adoption of innovative software solutions. Software's ability to deliver diverse functionalities, personalized content, and seamless user experiences positions it as a key driver in the dynamic and fast-evolving landscape of VR in the tourism sector.

• Hardware
• Software

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

LinkedIn

Profile

Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion