According to Future Market Insights (FMI), the global virtual tourism market is projected to reach $12.3B by 2023, with long-term estimates suggesting it could reach around $26B by 2033. Virtual tourism is emerging as an alternative to physical travel, offering consumers a genuine preview of tourist sites and attractions and potential value propositions. Virtual tourism experienced a boost during the pandemic as people sought ways to escape boredom and isolation. - This led to increased online bandwidth and enhanced features for a more appealing tour experience.
- AR is identified as a growth driver for the virtual tourism sector, providing opportunities for expansion and reaching more people through modern smartphones.
- The virtual tourism sector faces technological shortcomings that must be addressed for future growth and development.
- Various governments, such as Greece and Italy, have implemented initiatives to promote virtual tourism.
- India also focuses on digital experiences and connectivity improvements to enhance the virtual tourism industry.
- Virtual tourism appeals to a wide range of age groups, with those between 18 and 34 more likely to engage in virtual experiences as a precursor to actual tours.
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