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Ar Vr In The Hospitality Market

AR VR in the Hospitality Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Product Type (Hardware, Software, Service); By Device Type (Handheld Devices, Head Mounted Displays, Smart Glasses and others); By Application (Documentation, 3D Modelling, Visualization, Workflow Optimization, Navigation, Others); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America)

  • Published Date: March 2022
  • Report ID: BWC22077
  • Available Format: PDF
  • Page: 184

Report Overview

The global AR VR in the hospitality market is anticipated to grow owing to the rising trend in tourist arrivals coupled with government assistance in uplifting the hospitality and travel sector. It has called for higher adoption of the latest technologies to augment the experience of travelers and provide an engaging experience with the help of AR and VR technology devices, which is bolstering the demand for AR VR in the hospitality...

Global AR VR in the Hospitality Market - Industry Trends & Forecast Report 2028

The global AR VR in the hospitality market is expected to grow at a CAGR of 34.2% during the forecast period (2022-2028). The growth of the global AR VR in the hospitality market is driven by the rising adoption rate of AR and VR devices across the tourism industry owing to the increasing interest in technology and rising leisure expenditure by travelers over the years.

AR VR in the Hospitality Overview

AR technology provides an experience of reality that gets upgraded with the help of virtual pictures and domains. AR beings about the capability for adding the search experiences by providing interactive as well as engaging information. With the assistance of mobile apps, these experiences could be made more extensive for travelers by simplifying their traveling search. On the other hand, in case of VR, the object projecting a 3D structure offers a virtual experience to the users, which is otherwise a difficult affair to be incorporated in PCs and other devices. It enables the travelers to experience the place without having to lay their foot inside the place, thus enabling an experience of its own.

Global AR VR in the Hospitality Market Trend

Growth Drivers

The rising number of travelers across the world

Before the pandemic, there was a rising dependence on travel services by some of the countries, including Maldives, Aruba, Macao, Bahamas, Thailand, and others, with the services sector constituting a major proportion of their GDP. According to the World Bank, Travel services (% of service exports, BoP) refers to the proportion out of the total goods and services acquired by the travelers during their visit to a country. It registered a rise of 91.4% in 2017 to 93.3% in 2018 before finally settling at 93.6% in 2019 for the Maldives. The statistic recorded a 1% hike in Macao over the same period (2017-2018), thus showcasing a growing inclination towards tourism across these countries. It has resulted in offering VR services to its customers. In December 2020, Maldives Marketing and Public Relations Corporation (MMPRC) announced that the company signed an agreement with Visit Maldives Initiative to offer a 360-degree VR capability tour to its potential tourists. Such initiatives have bolstered the growth of the global AR VR in the hospitality market.

 

Rising tourism expenditures have called for more immersive experiences thus enabling higher demand for the AR VR devices

Over the past few years, there has been a growing inclination toward international tourism which has resulted in rising international tourism expenditure. According to the World Bank, the United States recorded a jump of USD 176.8 billion (2018) to USD 186.0 billion (2019). The most visited country on the planet, France, recorded a hike of USD 600 million in international expenditure from the same period. It is bringing about a change in the way the tourism industry is carried out across the world. The AR capabilities have been transforming the tourism experience via higher interactivity, navigation solutions, customized as well as more engaging tours, along with interfaces to tackle language barriers, thus offering real-time information for a more convenient journey. It has thus resulted in the growing demand for such technologies across the tourism sector, which is propelling the growth of the global AR VR in the hospitality market.

Restraints

Higher implementation costs coupled with recent reduction in emphasis on tourism across some countries is impeding market growth

Although the tourism and hospitality sector may have provided a safe haven for some countries, the pandemic has resulted in overshadowing the importance of tourism and made some of the developing and emerging economies shift their focus towards other sectors of the economy to uplift their standard of living. It has resulted in reduced emphasis on tourism lately across some of the countries. In addition to this, the technologies require a higher cost of implementation. Being in a growing phase across some developing nations, which have already been stricken by the pandemic, such technologies haven’t been able to garner much-needed attention, which has resulted in a declining trend in the adoption of the technology. It has thus resulted in impeding the growth of the global AR VR in the hospitality market.

Impact of COVID-19 – Global AR VR in the Hospitality Market

The COVID-19 pandemic has laid out a lot of damage for the economies across the world, leaving some organizational operations to be shut for the meantime upon the governmental orders. It levied the biggest upset for the tourism and travel industry, as the lockdown restrictions posed a challenge for the people to undertake leisure activities, which happens to be the core area of growth of the tourism and hospitality sector. It resulted in negatively impacting the growth of the global AR VR in the hospitality market. In addition to this, the pivotal raw materials required for developing AR and VR capability-driven devices also witnessed a shortcoming, which hampered the supply side of the market, thus enabling even more damage to the global AR VR in the hospitality market. However, the recent discretion across some countries including the United Kingdom, Netherlands have resulted in rising expenditure in the tourism sector, which is anticipated to propel the demand for more immersive travel experience, thus enabling opportunities for the growth of the global AR VR in the hospitality market.

Global AR VR in the Hospitality Market: By Product Type

Based on product type, the global AR VR in the hospitality market is categorized into Hardware, Software, and Service. The software segment acquired the largest share in the market in 2021. The demand for a more engaging experience for the guests hosted at the restaurants, hotel, and amid travel tours have enabled a demand for robust software solutions, which could allow for more interactive content. In such a pursuit, many restaurant owners, hotel owners, travel guides have started incorporating such technologies to offer a comprehensive tour of their premises and allied locations, which has resulted in rising demand for such technology software across the global AR VR in the hospitality market.

AR VR in the Hospitality Market

Global AR VR in the Hospitality Market: Regional Insights

Geographically, the global AR VR in the hospitality market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Europe garnered the largest share in the market in 2021. However, the Asia-pacific region is anticipating to receive the fastest CAGR growth in the coming years. Being majorly driven by its hospitality segment, Europe has been an epicenter for tourism. France and Spain have been found to be some of the most visited places on the planet. Some hotels and spas have started incorporating virtual tours in their travel packages to lure more customer traffic across the countries, which has resulted in augmenting the experience of the end-users, thus enabling a higher growth of such devices in the global AR VR in the hospitality market.

Competitive Landscape

Some of the key players in the global AR VR in the hospitality market are Apple Inc., Google, LLC, EON Reality, Inc., Dell Technologies Inc., Barco N.V., HTC Corporation, Microsoft Corporation, Sony Corporation, Sega Corporation, Shanghai Lexiang Technology Co. Ltd (DPVR), and other prominent players. The companies operating across the global AR VR in the hospitality market are planning on delving deep into adopting the customer requirements to enhanced the experience in travel and dining, which could enhance the demand for such technologies and devices, thereby enabling a robust revenue stream for the market players. As a result, the already established players have started earmarking huge investments toward to launch new products & technologies and indulge in mergers & acquisitions to gain a competitive edge over their counterparts in the global AR VR in the hospitality market.

 

Scope of the Report

Attribute Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Million
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Argentina, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Power Type/Service Segmentation By product type, device type, application, and region
Key Players Some of the key players include Apple Inc., Google, LLC, EON Reality, Inc., Dell Technologies Inc., Barco N.V., HTC Corporation, Microsoft Corporation, Sony Corporation, Sega Corporation, Shanghai Lexiang Technology Co. Ltd (DPVR), and other prominent players

 

By Product Type

  • Hardware
  • Software
  • Service

By Device Type

  • Handheld Devices
  • Head Mounted Displays
  • Smart Glasses
  • Others

By Application

  • Documentation
  • 3D Modelling
  • Visualization
  • Workflow Optimization
  • Navigation
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary and Secondary Sources
    2. Quantitative Research
      1. Primary and Secondary Sources
    3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Industry Participants
    5. Key Questionnaire asked during Primary Interviews
    6. Key Primary Responses
    7. Market Size Estimation
    8. Assumption for the Study
    9. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Global AR VR in the Hospitality Market – Industry Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunity
      4. Challenges
    3. Recent Developments / Technical Landscape
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
  5. Global AR VR in the Hospitality Market Overview
    1. Market Estimates & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
        1. Hardware
        2. Software
        3. Service
      2. By Device Type
        1. Handheld Devices
        2. Head Mounted Displays
        3. Smart Glasses         
        4. Others
      3. By Application
        1. Documentation
        2. 3D Modelling
        3. Visualization
        4. Workflow Optimization
        5. Navigation
        6. Others
      4. By Region
        1. North America
        2. Europe
        3. The Asia-Pacific
        4. Latin America
        5. The Middle-East & Africa
  6. North America AR VR in the Hospitality Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2018-2028
    2. Market Share and Forecast
      1. By Product Type
      2. By Device Type
      3. By Application
      4. By Country
        1. U.S.
        2. Canada
  7. Europe AR VR in the Hospitality Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2018-2028
    2. Market Share and Forecast
      1. By Product Type
      2. By Device Type
      3. By Application
      4. By Country
        1. Germany
        2. U.K.
        3. Russia
        4. France
        5. Italy
        6. Spain
        7. Rest of Europe
  8. Asia-Pacific AR VR in the Hospitality Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2018-2028
    2. Market Share and Forecast
      1. By Product Type
      2. By Device Type
      3. By Application
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of APAC
  9. Latin America AR VR in the Hospitality Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2018-2028
    2. Market Share and Forecast
      1. By Product Type
      2. By Device Type
      3. By Application
      4. By Country
        1. Mexico
        2. Brazil
        3. Rest of Latin America
  10. Middle East & Africa AR VR in the Hospitality Market Overview
    1. Market Size and Forecast
      1. By Value (USD Million), 2018-2028
    2. Market Share and Forecast
      1. By Product Type
      2. By Device Type
      3. By Application
      4. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Producers and Their Offerings
    2. Market Share / Ranking Analysis (2021)
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Developments & Growth Strategies
  12. Impact of COVID-19 Across Industry
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Apple Inc.
    2. Google, LLC
    3. EON Reality, Inc.
    4. Dell Technologies Inc.
    5. Barco N.V.
    6. HTC Corporation
    7. Microsoft Corporation
    8. Sony Corporation
    9. Sega Corporation
    10. Shanghai Lexiang Technology Co. Ltd (DPVR)
    11. Other prominent players
  14. Key Strategic Recommendations

 

* Financial information of non-listed Companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

 

List of Figures

 

Figure 1: Global AR VR in the Hospitality Market Segmentation

Figure 2: Global AR VR in the Hospitality Market Porters Analysis

Figure 3: Global AR VR in the Hospitality Market Industry Value Chain Analysis

Figure 4: Global AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Figure 5: Global AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Figure 6: Global AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Figure 7: Global AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Figure 8: Global AR VR in the Hospitality Market Share, By Region, By Value, 2018-2028

Figure 9: North America AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Figure 10: North America AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Figure 11: North America AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Figure 12: North America AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Figure 13: North America AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Figure 14: Europe AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Figure 15: Europe AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Figure 16: Europe AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Figure 17: Europe AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Figure 18: Europe AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Figure 19: Asia-Pacific AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Figure 20: Asia-Pacific AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Figure 21: Asia-Pacific AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Figure 22: Asia-Pacific AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Figure 23: Asia-Pacific AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Figure 24: Latin America AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Figure 25: Latin America AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Figure 26: Latin America AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Figure 27: Latin America AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Figure 28: Latin America AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Figure 29: Middle East & Africa AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Figure 30: Middle East & Africa AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Figure 31: Middle East & Africa AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Figure 32: Middle East & Africa AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Figure 33: Middle East & Africa AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Figure 34: Global AR VR in the Hospitality Market Company Market Share Analysis, 2021

 

List of Tables

 

Table 1: Global AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Table 2: Global AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Table 3: Global AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Table 4: Global AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Table 5: Global AR VR in the Hospitality Market Share, By Region, By Value, 2018-2028

Table 6: North America AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Table 7: North America AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Table 8: North America AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Table 9: North America AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Table 10: North America AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Table 11: Europe AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Table 12: Europe AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Table 13: Europe AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Table 14: Europe AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Table 15: Europe AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Table 16: Asia-Pacific AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Table 17: Asia-Pacific AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Table 18: Asia-Pacific AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Table 19: Asia-Pacific AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Table 20: Asia-Pacific AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Table 21: Latin America AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Table 22: Latin America AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Table 23: Latin America AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Table 24: Latin America AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Table 25: Latin America AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Table 26: Middle East & Africa AR VR in the Hospitality Market Size, By Value (USD Million), 2018-2028

Table 27: Middle East & Africa AR VR in the Hospitality Market Share, By Product Type, By Value, 2018-2028

Table 28: Middle East & Africa AR VR in the Hospitality Market Share, By Device Type, By Value, 2018-2028

Table 29: Middle East & Africa AR VR in the Hospitality Market Share, By Application, By Value, 2018-2028

Table 30: Middle East & Africa AR VR in the Hospitality Market Share, By Country, By Value, 2018-2028

Table 31: Apple Inc. Financial Analysis

Table 32: Google, LLC Financial Analysis

Table 33: EON Reality, Inc. Financial Analysis

Table 34: Dell Technologies Inc. Financial Analysis

Table 35: Barco N.V. Financial Analysis

Table 36: HTC Corporation Financial Analysis

Table 37: Microsoft Corporation Financial Analysis

Table 38: Sony Corporation Financial Analysis

Table 39: Sega Corporation Financial Analysis

Table 40: Shanghai Lexiang Technology Co. Ltd (DPVR) Financial Analysis

Market Segmentation

By Product Type

  • Hardware
  • Software
  • Service

By Device Type

  • Handheld Devices
  • Head Mounted Displays
  • Smart Glasses
  • Others

By Application

  • Documentation
  • 3D Modelling
  • Visualization
  • Workflow Optimization
  • Navigation
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
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Frequently Asked Questions (FAQs):

Ans: Global AR VR in the hospitality market is expected to grow at a CAGR of 34.2% during the forecast period (2022-2028).
Ans: The major factors driving the growth of the Global AR VR in the Hospitality Market are the rising number of travelers across the world, and rising tourism expenditure for more immersive experience and others.
Ans: The key players in the Global AR VR in the Hospitality Market Apple Inc., Google, LLC, EON Reality, Inc., Dell Technologies Inc., Barco N.V., HTC Corporation, Microsoft Corporation, Sony Corporation, Sega Corporation, Shanghai Lexiang Technology Co. Ltd (DPVR), and other prominent players.
Ans: The hardware segment accounted for the fastest CAGR in the Global AR VR in the Hospitality Market.
Ans: Europe accounted for the largest share in the Global AR VR in the Hospitality Market.