Virtual Reality (VR) in Travel and Tourism, 2021 Update - Thematic Research

In the past, VR has been perceived as a gimmick within the travel and tourism industry, but a combination of technological advancements and macroeconomic impacts such as COVID-19 have meant that VR is now becoming an important part of marketing strategies, the experience economy, employee training, and sustainability. The technology will continue to lose its gimmick perception as younger generations that are more familiar with this technology - such as Gen Z - continue to grow in importance as a consumer segment.

This thematic research report takes an in-depth look at the utilization of VR in travel and tourism. Firstly, the players section identifies some of the leading companies in this theme. After a technology briefing which discusses the technology’s most critical aspects, a trends section is provided describing technology, macroeconomic, regulatory, media, and enterprise trends. An industry analysis is then provided with a mergers and acquisitions section, which also includes travel and tourism VR partnerships. After a timeline which tells the story of the development of VR in tourism and beyond, a tourism industry analysis is provided which looks at key industry signals such as patents, hiring and company filings trends. Finally, the leading companies in the VR theme are outlined, along with their competitive position and sector scorecards are delivered, showing how the different companies in each tourism sector compare in the theme of VR.

Using smart technology such as VR not only enhances other operational musts such as data collection, but it also creates buzz around a company that can often lead to positive PR and brand positioning.

Key Highlights

• The metaverse could create significant change for sectors in the tourism industry. Although it will not be available in the short-term, in future years theme parks, museums, natural attractions and destinations could be experienced by users in the comfort of their own home, with anyone else across the globe who is in the metaverse at the same time. While this prospect is exciting, it is also worrying for many sectors that rely on the physical movement of people across the globe for revenue generation.
• According to The publisher’s Q3 2021 Consumer Survey, 74% of global consumers are still either ‘quite’ or ‘extremely’ concerned regarding the impact of the COVID-19 pandemic. This ongoing level of concern is positive news for the technology’s chances of becoming a mainstay in the tourism space. As many travelers continue to stay at home instead of traveling because of the pandemic, a larger segment of the market will become used to VR for the creation and substitution of travel experiences. As more travelers become used to this technology, the more they may require VR experiences from tourism companies, whether this is in the form of VR room tours created by hotels or VR tours of destinations, which allows travelers to ‘try before they buy’.
• From Q3 2019 to Q3 2021, active job vacancies related to VR and AR increased by 344.6%. From Q3 2020 to Q3 2021, active job vacancies increased by 30.6%, showcasing strong growth through the pandemic. It is likely that many travel and tourism companies acknowledged the increased usage of this technology to recreate touristic experiences, which encouraged further investment into VR as a result.

Scope

• This report provides an overview of VR usage in travel and tourism.
• It identifies the need for VR to enhance internal and external operations.
• This report provides a detailed industry analysis of VR in travel & tourism, discussing how it is being utilized in a range of different ways.
• We highlight travel and tourism companies that are leading in the VR theme, such as Best Western, Delta Air Lines, and Fraport.

Reasons to Buy

• Understand the impact of VR on the tourism industry, using use cases to help you understand how you can adapt and understand this theme.
• Assess the strategies that companies are adopting when using VR.
• Discover companies that are leading in the space.
• To view real-world trends created by the adoption of VR from across the travel & tourism space.
• The publisher’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.