Travel and tourism in the metaverse - statistics & facts
The metaverse is anticipated to be the next iteration of the internet. It is generally defined as a three-dimensional (3D) immersive version of the internet where people can experience life virtually using extended reality (XR), an umbrella term for all immersive technologies including augmented reality (AR), virtual reality (VR), and mixed reality (MR). In 2022, it was estimated that the size of the global metaverse market was 65.5 billion U.S. dollars. While metaverse technology is still in a developmental stage, travel and tourism companies are looking to invest in this future market. This is shown when looking at the global distribution of different sectors’ investments into the metaverse, where travel and hospitality companies accounted for six percent of investments as of 2022.
When thinking outside of the box, the metaverse has been utilized with success in the tourism industry. Some examples include travel inspiration and virtual events. Travel inspiration can include virtual spaces that are used by consumers to explore accommodation, landmarks, or experiences before booking. When surveyed in 2022, 53 percent of respondents from the United States said that they expected planning a trip or a vacation to be better in the metaverse. Meanwhile, virtual events, which became very popular during the coronavirus (COVID-19) pandemic, can includel music events, art exhibitions, corporate events, and more.
What is travel and tourism in the metaverse?
In essence, tourism in the metaverse is the opportunity to experience the travel and tourism industry virtually without physically having to go anywhere. To some, the most obvious form of metaverse tourism would be visiting tourist locations virtually. This idea is somewhat counterintuitive as travel and tourism is in its nature the act of physically going somewhere. This has left some questioning the potential success of monetizing the virtual market. That being said, the virtual tourism market size worldwide was predicted to reach 24.1 billion U.S. dollars by 2027.When thinking outside of the box, the metaverse has been utilized with success in the tourism industry. Some examples include travel inspiration and virtual events. Travel inspiration can include virtual spaces that are used by consumers to explore accommodation, landmarks, or experiences before booking. When surveyed in 2022, 53 percent of respondents from the United States said that they expected planning a trip or a vacation to be better in the metaverse. Meanwhile, virtual events, which became very popular during the coronavirus (COVID-19) pandemic, can includel music events, art exhibitions, corporate events, and more.
