A descriptive analysis of parent market, five forces model, market dynamics, and segmentation.

According to Technavio, the size of the global metaverse market in travel and tourism industry is estimated to grow by USD 188.24 billion from 2021 to 2026.

The market is estimated to grow at a CAGR of 26.01% during the forecast period. North America will account for a 37% share of the global market's growth during the forecast period.

Technavio categorizes the global metaverse market in travel and tourism industry as a part of the global information technology (IT) spending market, which covers revenue generated from the sales and subscription of IT services, communications services, cloud services, IT hardware, and IT software.

Global metaverse market in travel and tourism industry - Five forces

The global metaverse market in travel and tourism industry is fragmented, and the five forces analysis covers–

• Bargaining power of buyers
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter's five models helps to strategize the business, for more details – buy the report!

Global metaverse market in travel and tourism industry – Customer landscape

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global metaverse market in travel and tourism industry - Segmentation assessment

Segment overview

Technavio has segmented the market based on application (AR, Blockchain, VR, MR, and XR) and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• AR segment will account for the highest market share growth during the forecast period. Factors such as new product launches and growing adoption of AR in different application areas, including metaverse, are expected to drive the growth of the segment. The increasing use of AR-infused navigation for technological destination tours and the growing application of AR to improve local transit will also drive the growth of the segment during the forecast period.

Geography overview

Based on geography, the global metaverse market in travel and tourism industry is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global metaverse market in travel and tourism industry.

• North america will account for 37% of the market's growth during the forecast period. This region will grow at a faster rate when compared to other regions. Growing investments in AR technology from key vendors, rising adoption of technologically advanced applications among consumers, and robust research activities to increase metaverse applications are driving the growth of the market in the region.