Metaverse to bring $20 billion business opportunities to the tourism industry

Author: Yuanli Society

A recent global consumer survey conducted by S&P Global Market Intelligence shows that although the next stage of the metaverse may still be a few years away, people are already ready to explore it. In a survey of 4,000 adults in 42 countries, 80% of respondents expressed interest in the metaverse, with over half of them believing that it will have a significant impact on society in the next decade.

The survey also highlighted the growing interest in metaverse travel experiences. “Virtual exploration of new landmarks” was ranked as the third most anticipated experience, demonstrating the potential connection between the metaverse and the tourism industry. Mike Paxton, Senior Research Analyst at S&P Global Market Intelligence, pointed out that the role of the metaverse in the tourism industry goes beyond providing virtual exploration of new landmarks.

One key feature of the metaverse is its ability to recreate existing locations or events, allowing travelers to preview or relive a location in a virtual environment. This immersive and detailed “preview” can enhance the value of the travel experience and increase the likelihood of booking a specific destination for tourists.

The hotel and tourism industries have recognized the tremendous opportunities brought by the metaverse. The tourism knowledge platform Revfine pointed out that the pandemic has exposed the vulnerability of the industry, but the metaverse can reshape the way consumers interact with tourist attractions and provide alternative choices without affecting the physical tourism industry.

According to McKinsey data, the metaverse will bring $20 billion in business opportunities to the tourism industry by 2030.

To prepare for metaverse tourism and ensure interoperability between decentralized worlds, availability of immersive devices, and data security are crucial steps. According to Statista, the metaverse market is expected to experience exponential growth, reaching $936.6 billion by 2030, driven by increasing interest from tech giants including Apple, Nvidia, and Qualcomm.

Preparing for the growing trend of metaverse tourism and achieving interoperability between decentralized worlds, ensuring the availability of immersive devices, and guaranteeing data security are all crucial. According to Statista, the metaverse market is expected to experience exponential growth, reaching $936.6 billion by 2030, with significant investments from tech giants such as Meta, Apple, Nvidia, and Qualcomm driving the process.

In Asia, interest in metaverse tourism is on the rise. Malaysian tech company UnBound has been developing its UnBound metaverse since 2017, allowing users to travel the world with their loved ones. It is projected that Malaysia’s metaverse industry will grow by 47.6% annually, reaching $1.14 billion this year and expected to reach $8 billion by 2030.

Singapore is also actively embracing the metaverse by launching ChangiVerse on the metaverse platform Roblox, bringing its Changi Airport into a 3D space. ChangiVerse features the control tower of Changi Airport and other popular attractions, allowing users to experience real-world scenes in the metaverse. ChangiVerse also offers a variety of mini-games that simulate airport experiences.

It is expected that the metaverse market in Singapore will reach $3.41 billion this year and is projected to reach $23.2 billion within the next seven years.

The Tourism Authority of Thailand (TAT) has partnered with Bitkub blockchain technology to develop Bitkub Metaverse, in line with TAT’s “Smart Tourism” project. It is estimated that Thailand’s metaverse market will reach $260.9 million this year and is expected to soar to $2.69 billion by 2030.

The five giants in the metaverse content industry, Adobe, Apple, Autodesk, NVIDIA, and Pixar, announced this week that they have joined forces to establish the OpenUSD Alliance (AOUSD), which is a significant move to shape the future of the virtual world.

Their common goal is to promote the development and standardization of Pixar’s Universal Scene Description (USD) technology, laying the foundation for practical “metaverse” graphics standards. The alliance has partnered with the Joint Development Foundation of the Linux Foundation to achieve this ambitious goal.

The core work of OpenUSD is to create detailed industry specifications outlining the capabilities of OpenUSD, thereby encouraging other companies and organizations to adopt this standard. This initiative will enhance compatibility, promote wider adoption, integration, and implementation of the technology, and allow other standard organizations to merge with the specification.

As the metaverse continues to gain momentum in various fields and reshape industries, the participation of influential organizations like the OpenUSD Alliance will undoubtedly drive its growth and pave the way for breakthrough development in this metaverse. The potential for immersive experiences, enhanced previews, and monetization opportunities presents a constantly evolving future. The world is eagerly anticipating the limitless possibilities that this vibrant and ever-changing field will bring.

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