The Metaverse will bring a $20 billion business opportunity to the tourism industry

Author: Yuanli Society

A recent global consumer survey conducted by S&P Global Market Intelligence suggests that while the next phase of the Metaverse may be years away, people are ready to explore it. In a survey of 4,000 adults in 42 countries, 80 percent expressed interest in the Metaverse, and more than half of them believed it would have an important impact on society within the next decade.

The survey also highlighted a growing interest in metaverse travel experiences. "Virtual exploration of new landmarks" was listed as the third most desired experience, demonstrating the potential relevance of the Metaverse to tourism. Mike Paxton, senior research analyst at S&P Global Market Intelligence, noted that the Metaverse's role in the travel industry goes beyond offering virtual exploration of new landmarks.

** A key feature of the Metaverse is its ability to recreate existing locations or events, allowing travelers to preview or re-experience a location in a virtual environment. This immersive and nuanced "preview" can add value to the travel experience and increase the likelihood that travelers will book a specific destination. **

The hospitality and travel industries have recognized the enormous opportunity presented by the Metaverse. Tourism industry knowledge platform Revfine pointed out that the epidemic has exposed the vulnerability of the industry, but Metaverse can reshape the way consumers interact with tourist attractions and provide alternatives without affecting the physical tourism industry.

**According to McKinsey data, by 2030, the metaverse will bring 20 billion US dollars of business opportunities to the tourism industry. **

Ensuring interoperable connections between decentralized worlds, availability of immersive devices, and ensuring data security are critical steps to embrace metaverse tourism. ** According to Statista, the metaverse market is expected to grow exponentially, reaching $936.6 billion by 2030, driven by growing interest from tech giants including Apple, Nvidia and Qualcomm. **

In order to prepare for an increasingly metaverse-oriented tourism, interoperable connections between decentralized worlds, availability of immersive devices, and data security are all critical. According to Statista data, the Metaverse market is expected to grow exponentially, reaching $936.6 billion by 2030, a process that will be driven by huge investments from Meta, as well as technology giants such as Apple, Nvidia, and Qualcomm.

In Asia, interest in metaverse tourism is on the rise. Malaysian technology company UnBound has been developing its UnBound Metaverse since 2017, which allows users to travel around the world with their loved ones. According to forecasts, the metaverse industry in Malaysia is expected to grow by 47.6% annually to reach US$11.4 billion this year and is expected to reach US$8 billion by 2030.

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

The Singapore dollar universe market size is expected to reach US$3.41 billion this year and is expected to reach US$23.2 billion in the next seven years.

The Tourism Authority of Thailand (TAT) has partnered with Bitkub blockchain technology to develop the Bitkub Metaverse to complement the Tourism Authority of Thailand's "Smart Tourism" project. Thailand’s metaverse market is expected to hit $260.9 million this year and will soar to $2.69 billion in 2030.

The five giants of the Metaverse content industry — Adobe, Apple, Autodesk, Nvidia, and Pixar — announced this week that they have teamed up to form the OpenUSD Alliance (AOUSD), an important move to shape the future of virtual worlds.

Their common goal is to drive the development and standardization of Pixar's Universal Scene Deion (USD) technology, laying the foundation for a practical "Metaverse" graphics standard. The alliance has partnered with the Linux Foundation's Joint Development Foundation to achieve this ambitious goal.

The core work of OpenUSD is to create detailed industry specifications outlining OpenUSD's functions, thereby encouraging other enterprises and organizations to adopt this standard. This move will enhance compatibility, facilitate wider adoption, integration and implementation of the technology, and allow other standards organizations to incorporate it into the specification.

As the Metaverse continues to be promoted in various fields and reshape all walks of life, the participation of influential organizations such as the OpenUSD Alliance will undoubtedly promote its growth and pave the way for the breakthrough development of this Metaverse. Its potential for immersive experiences, enhanced previews, and monetization opportunities presents an ever-changing outlook. The world looks forward to the endless possibilities this dynamic and ever-changing field will bring.