Metaverse Can Contribute $20 Bln To Traveling by 2030

The metaverse, with its related technologies, including VR and AR technologies, can change the current concept of traveling as the metaverse experiences can contribute $20 billion by 2030, according to a new report.

Research by McKinsey said that the metaverse could revolutionize the ways of exploring the world, including attending concerts, shopping, testing products, visiting attractions, and taking workshops virtually without going anywhere.

The report highlighted the early use cases of the metaverse in some historical sites and landmarks around the world. For example, French start-up Histovery produced an augmented exhibition on the history of Notre Dame de Paris aftermath of the fire that damaged the famous cathedral.

Also, in December 2021, MGM Resorts International applied a virtual solution in partnership with platform provider Strivr. MGM developed VR headsets that give aspirant front-of-house staff a realistic sense of what working at MGM casinos and hotels entails to speed up onboarding and upskilling and increase employee confidence.

The report also referred to Saudi Arabia’s Royal Commission for AlUla (RCU) recent announcement of launching the ancient city of Hegra in the metaverse to be the first UNESCO World Heritage Site to be placed in the metaverse.

It also noted that the BCB Group, a leading crypto banking group, has developed a metaverse city that hosts virtual replicas of the most visited destinations in the world in the metaverse, such as the Great Wall of China and the Statue of Liberty with a low cost not exceeding $2.5.

In January, Booking surveyed more than 24,000 travelers from 32 countries, finding that 43% plan to use VR for traveling in 2023. China (75%), Thailand (72%), and India (70%) lead in VR adoption. Moreover, VR experiences can influence destination choices, with 46% of respondents more willing to visit previously unconsidered places after exploring them virtually, 60% still find traditional traveling more satisfying.