Virtual Reality in Tourism Market Report 2024

This Virtual Reality In Tourism market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The virtual reality in tourism market size has grown exponentially in recent years. It will grow from $3.93 billion in 2023 to $5.44 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The growth during the historic period can be attributed to greater internet accessibility, the proliferation of mobile devices, the influence of the gaming industry, the expansion of social media platforms, and the adoption of new technologies in the entertainment sector.

The virtual reality in tourism market size is expected to see exponential growth in the next few years. It will grow to $19.91 billion in 2028 at a compound annual growth rate (CAGR) of 38.3%. The anticipated growth during the forecast period can be attributed to the rising demand for personalized experiences, increased disposable income, the expansion of 5G networks, the popularity of virtual events, and greater awareness of VR applications. Key trends expected include the integration of AI with VR, collaborations between technology and tourism sectors, the creation of VR content for cultural heritage sites, the growth of VR tourism education programs, and the rise of virtual tours for locations that are otherwise inaccessible.

The growing demand for travel and tourism is expected to boost the virtual reality (VR) market within this sector. This increase in demand is driven by higher disposable incomes, the easing of travel restrictions, and a desire for unique travel experiences. VR technology in travel and tourism allows prospective travelers to take virtual tours of destinations, hotels, and attractions before making bookings, aiding in more informed decisions and enhancing confidence in their choices. For example, in November 2022, the Office for National Statistics reported that overseas visits to the UK in June 2022 reached 3 million, up from 2.8 million in May 2022. This growing interest in travel and tourism is fueling the expansion of the VR in tourism market.

Leading companies in the VR tourism sector are focusing on innovative solutions such as virtual interactive portals to enhance travel experiences. These portals are online platforms that provide immersive, interactive experiences, allowing users to explore and engage with virtual environments. For instance, in February 2024, the Tokyo Metropolitan Government (TMG) and the Tokyo Convention and Visitors Bureau launched the Hello! Tokyo Friends platform on Roblox. This VR experience allows users to explore Tokyo's cultural and historical landmarks through activities such as treasure hunts and games, with future plans to include settings from the Edo period. Additionally, the Tokyo Hunt App combines augmented reality with real-world exploration, enabling users to capture AR photos with virtual characters at landmarks such as the Hachiko Statue and Asakusa Kaminarimon Gate. Users are encouraged to visit specific city checkpoints to collect emblems for use in the virtual world.

In November 2021, American Express Global Business Travel (GBT) acquired Egencia (Expedia Group) for an undisclosed amount. This acquisition is part of GBT's growth strategy through strategic mergers and acquisitions, aimed at enhancing its service offerings and technological capabilities in the managed travel sector. Egencia, a corporate travel management company based in the US, offers 360° virtual reality tours.

Major companies operating in the virtual reality in tourism market are Alphabet Inc., Samsung Electronics, Microsoft Corporation, Sony Group Corporation, Lufthansa Group, Nokia Corporation, Marriott International, TUI Group, National Geographic, Thomas Cook, HTC Corporation, EON Reality Inc, YouVisit, VironIT, 3D Walkabout, VeeR VR, AirPano, Travel World VR LLC, VR IMMERSION LTD, VR Gorilla, Cyber Tours Ltd.

Asia-Pacific was the largest region in the virtual reality in tourism market in 2023. The regions covered in the virtual reality in tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the virtual reality in tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Virtual reality (VR) in tourism uses immersive technology to create virtual representations of destinations, enabling travelers to explore and experience places before physically visiting them. It provides interactive tours, previews of accommodations, and simulated activities, enhancing the trip planning process and aiding in decision-making. VR also offers remote access to attractions, expanding the reach of tourism experiences.

The primary types of VR in tourism are 3D, 4D, and others. 3D virtual reality involves digital experiences that mimic real-world destinations, allowing users to interact with virtual environments as though they were actually there. This is achieved through devices such as head-mounted displays (HMDs), smartphones, consoles, and personal computers (PCs), and is accessible on platforms such as Android, iOS, Windows, and macOS. Applications of 3D VR include travel agencies, hotels, tourist attractions, entertainment, education, retail, and healthcare.

The virtual reality in tourism market research report is one of a series of new reports that provides virtual reality in tourism market statistics, including the virtual reality in tourism industry's global market size, regional shares, competitors with a virtual reality in tourism market share, detailed virtual reality in tourism market segments, market trends and opportunities, and any further data you may need to thrive in the virtual reality in tourism industry. This virtual reality in tourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The virtual reality in tourism market consists of revenues earned by entities by providing services such as virtual reality (VR)-based destination marketing services, virtual heritage site explorations, and virtual reality (VR)-enhanced travel planning consultations. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual reality in tourism market also includes sales of virtual reality headsets and specialized virtual reality controllers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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