Travel in the Metaverse

Delivery

This report comes in PPT.

Key findings

Metaverse defined

The metaverse (MV) represents the next iteration of the internet, ushering in a new era of technological transformation and innovation. It is where consumers are increasingly going to socialise, work, play and explore. Travel brands and destinations are already testing the waters through the creation of immersive virtual and blended experiences for fun and discovery.

Powerful drivers

Technology and demographics are the primary drivers behind the emergence of the metaverse, whether through advances in network infrastructure, fintech such as cryptocurrencies and blockchain, the trading of digital assets and hardware such as smart wearables using AR/VR/MR. Gaming giants, Roblox Corp, Microsoft and Epic Games are leading the way in 3D technology.

Disruption ahead

The rise of Web 3.0 is ushering in change across customer experience, branding, marketing loyalty, rewards, payments, bookings and even operations. Every single brand interaction could undergo a MV metamorphosis as technology evolves. This will give rise to new blended experiences and new revenue streams.

Vast exploration

Business travel and MICE are expected to see a vast transformation as work and events migrate more to the metaverse. While net zero targets will be increasingly within grasp thanks to digital twins for smart cities enabling greater operational efficiencies across all physical spaces, especially airports, hotels and transport hubs.

Shared future

Despite controversies, the metaverse is already here and will continue to evolve. It is therefore important to start shaping how it functions and performs to ensure that it is safe, fair, inclusive and sustainable. For brands willing to take the plunge, a test and learn approach with a strong stomach for failure will be needed, with the MV concept not expected to be fully realised until 2030 at the earliest.