Technology has brought about a shift in consumer preferences, with a greater demand for personalized and experiential touchpoints. In the travel industry, this is reflected in the growing popularity of virtual and immersive video as a way for people to experience destinations without physically traveling. According to an industry trend, by 2033, about 51% of people are expected to use virtual travel as part of their decision-making process, amounting to approximately 750 million travelers.
The virtual and augmented reality market is projected to reach $451.5 billion by 2030, according to a report by Acumen Research and Consulting. This presents a significant opportunity for the travel industry to leverage technology to offer more immersive experiences to customers before, during, and after their travels.
This trend is transforming the way people research, plan, and experience travel. For instance, by marketing through the use of virtual tours of hotels and destinations, travelers can gain a better understanding of what to expect, which makes them more confident in their decision to book and better prepared for their real-world trips.
Providing Immersive 360 VR Experiences
One company taking advantage of this trend is Virtually Visiting, which is often referred to as the “Netflix for Travel“. They offer a platform that enables consumers to purchase immersive 360 VR travel experiences from around the world. Through the platform, Virtually Visiting helps users make informed decisions on a destination, reducing the number of cancellations, no-shows, and trips that don’t meet travelers’ expectations.
The travel industry has been greatly impacted by changing consumer preferences, as people are seeking personalized and experiential touchpoints. Virtual and immersive video has emerged as an increasingly popular way for people to experience destinations without actually traveling. In fact, it is projected that by 2033, 51% of people will be using virtual travel as part of their decision-making process, which amounts to approximately 750 million travelers. This presents a huge opportunity for the travel industry to leverage technology and provide more immersive experiences to customers.
Virtual tours have become a popular way for travelers to research and plan their trips. Companies such as Virtually Visiting have emerged, which offer a platform allowing consumers to purchase immersive 360 VR travel experiences from around the world. The success of virtual tours during the COVID-19 pandemic has led to tour companies incorporating virtual tour offerings alongside their real-life tours.
Potential of Virtual and Immersive Video in the Travel Industry
Investors have recognized the potential of virtual and immersive video in the travel industry and are supporting ventures in this space. The State of Travel Startups 2022 report by Phocuswright shows that after a 45% drop in funding due to the pandemic, annual funding for travel tech companies bounced back impressively in 2021, with virtual and augmented reality being among the top areas of investment.
Technology is changing the travel industry by providing unique and personalized experiences to customers. Virtual and immersive videos have become popular, allowing travelers to experience destinations without actually traveling. According to a report by Acumen Research and Consulting, the global virtual and augmented reality market is expected to reach $451.5 billion by 2030. This presents an opportunity for the travel industry to provide more immersive experiences to customers before, during, and after travel.
Virtual tours can stand alone as consumable entertainment, with viewers being transported to different locations. The success of virtual tours during the Covid-19 pandemic led to many tour companies offering virtual tours alongside their real-life tours. Investors have recognized the potential of virtual and immersive video in the travel industry and are supporting ventures in this space.
Travelers are seeking unique and memorable experiences, as reflected in the popularity of streaming services like Netflix and music festivals. Technology is fueling a shift in consumer behavior, and the industry is using VR, immersive video, and content to attract customers and remain competitive. Digital transformation is essential for success in the travel industry, as with all industries.