Augmented Reality In Travel And Tourism Market
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How Large Will the Augmented Reality In Travel And Tourism Market Size By 2025?
The market size for augmented reality in travel and tourism has seen remarkable growth in the past years. In terms of revenues, it’s projected to grow from $21.44 billion in 2024 to $29.58 billion in 2025, with a compound annual growth rate (CAGR) of 38.0%. The significant growth during the historical period is due to factors such as improved user experience, support for local enterprises, the rise of social media, and favorable user reviews.
How Big Is the Augmented Reality In Travel And Tourism Market Size Expected to Grow by 2029?
In the forthcoming years, the market size of augmented reality in travel and tourism is predicted to experience rapid expansion. By 2029, its predicted valuation is $109.13 billion, progressing at an impressive compound annual growth rate (CAGR) of 38.6%. The forecasted growth can be ascribed to factors such as increased usage in travel booking, educational tourism, adventure and nature tourism, and the sharing of user-generated content. Notable trends during the forecast period are expected to be the usage of wearable augmented reality devices, solutions for wayfinding and navigation, contactless experiences, and cultural storytelling.
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Which Key Market Drivers Powering Augmented Reality In Travel And Tourism Market Expansion and Growth?
The growth of the augmented reality sector in the travel and tourism industry is being driven by a boom in demand for travel and tourism, which encompasses activities such as leisure, sports, business ventures, and more. Augmented reality has sparked interest in the areas of smart tourism and monitoring journeys, making the experience more interactive, enlightening, and enticing for tourists. For instance, the UK Office for National Statistics, a government organization in the UK, reported that the number of foreign visitors to the UK had risen to 38.0 million in 2023, an increase from the 31.2 million visits observed in 2022. During these visits, the travelers spent $39.4 billion, marking an increase of $5.84 billion from the previous year. Market Propellant in Augmented Reality for Travel and Tourism Market: Accelerated Adoption of Augmented and Virtual Reality
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Which Fast-Growing Trends Are Poised to Disrupt the Augmented Reality In Travel And Tourism Market?
Primary businesses in the AR Travel and Tourism sector are leveraging strategic alliances to create innovative products and solutions for the travel and tourism industry. Using shared resources and expertise, these strategic partnerships bolster research and development, widen their market footprint, quicken the pace of commercialization, ultimately propelling advancement and expansion in the AR travel and tourism market. For example, in January 2023, a collaboration took place between ARway.ai, a firm based in Canada, and AI Safer, an agency originated from Saudi Arabia. The collaboration centres on improving visitor engagement at museums and cultural sites in Saudi Arabia, utilizing ARway’s cutting-edge AR navigation technology. This partnership aims to offer immersive, interactive experiences that enrich visitors’ comprehension of Saudi Arabia’s cultural legacy.
What Are the Emerging Segments in the Augmented Reality In Travel And Tourism Market?
The augmented reality in travel and tourism market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Augmented Reality, Virtual Reality
3) By Application: Hospitality, In-Flight Entertainment, Travel Booking Services, Augmented Reality (AR) Gamification, Navigating
Subsegments:
1) By Hardware: AR Glasses, Mobile Devices, Head-Mounted Displays (HMDs)
2) By Software: AR Applications, AR Development Tools, Content Management Systems (CMS)
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services
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Who Are the Global Leaders in the Augmented Reality In Travel And Tourism Market?
Major companies operating in the augmented reality in travel and tourism market are TeamViewer SE, Apple Inc., Google LLC, Delta Air Lines, Marriott International Inc., Booking.com, Expedia Group Inc., Hilton Worldwide Holdings Inc., TUI Group, Airbnb Inc., EasyJet PLC, Japan Airlines Co. Ltd., Holiday Inn, Accor S.A, InterContinental Hotels Group (IHG), Whitbread PLC, Virgin Atlantic Airways Limited, Air New Zealand Limited, TripAdvisor Inc., Trivago N.V., Argo Group International Holdings Ltd., Hamad International Airport, WayRay, Blippar Group Limited, SmartGuide s.r.o., Wikitude GmbH, Layar.
Which are the Top Profitable Regional Markets for the Augmented Reality In Travel And Tourism Industry?
North America was the largest region in the augmented reality in travel and tourism market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in augmented reality (AR) in travel and tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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