virtual reality
Innovation Meets Experience: From Generative AI to Virtual Reality
MMGY Global | October 9, 2023
New MMGY Global Study Examines the Changing Role of Technology in Travel A new study released today by MMGY Travel Intelligence examines technology’s growing impact on travel from two distinct perspectives: the traveler and the marketer. The comparative study, titled Emerging Technologies in Travel & Tourism™, explores innovations such as artificial intelligence, virtual assistants and augmented reality through the lens of the travel industry. “What’s fascinating to me is what we learned about the concerns travelers have about emerging technologies and how they will impact their travel experiences in the coming years,” said...
Virtual Reality in Hospitality: A New Dimension of Luxury
Kevin D’costa | August 17, 2023
Immersive technologies such as virtual reality (VR) are becoming more popular by the day, redefining the entertainment industry with innovations like never before. Spatial computing, Metaverse and other new virtual adventures may have been more famous for their entertainment-based applications, but businesses increasingly realise their potential as an operational tool. VR is specifically helpful in delivering critical information to potential customers before making purchase decisions. But what are the other out-of-the-world experiences that VR promises to the hospitality industry? 1. Virtual travel Virtual explorations are one of th...
Re-Imagining Hotel Marketing: Unlocking New Revenue Streams With Next-Gen Technologies
Dr. Anil Bilgihan, Ph.D. | June 7, 2023
This article was co-authored by Peter Ricci. Dr. Ricci is the Director of the Hospitality and Tourism Management program at Florida Atlantic University (FAU). By Dr. Anil Bilgihan, Ph.D. - Associate Professor at Florida Atlantic University, College of Business As the hospitality industry becomes more competitive, the role of the sales and marketing department has never been more crucial. Add in the ever-improving sophistication of revenue optimization and you truly have a fast-moving evolution of the overall sales, marketing, and revenue process. Through the development of innovative programs to increase occupancy and make profitabl...
HVS Monday Musings: Hotel Industry Tapping the Metaverse
Mandeep S. Lamba | December 5, 2022
By Mandeep Lamba, Dipti Mohan The global revenue from the metaverse* is predicted to grow at a CAGR of 44% between 2022 and 2030, reaching US$1.5 trillion, and is expected to transform a number of industries around the world. Technically speaking, the metaverse is a shared interactive virtual environment where users can create virtual identities and avatars by combining various emerging technologies like virtual reality (VR), augmented reality (AR), artificial intelligence (AI), spatial computing, etc. It is a fully functional virtual environment that coexists with the actual physical world, supported by digital money, items, and assets,...
Booking.com Shares Travel Predictions for 2023
October 21, 2022
Travelers are set to make 2023 a big year for getting out and exploring the world. Excited about the year ahead, Booking.com has conducted extensive research to reveal the travel trends of 2023, including where travelers want to go, their inspirations for traveling, and how budget plays a big role in their plans. 2023 will be the year of reimagining travel As the world adapts to “the new normal” following a period of limited international travel and national lockdowns, travelers are eager to get out and see the world in earnest. As travel restrictions and Covid testing become a thing of the past, research reveals that 73% of people...
Business Opportunities: Is the Metaverse the Right Way to Go?
Dr Valentina Clergue | March 25, 2022
Maybe you are not involved in gaming and do not use virtual reality, and thus you think that the Metaverse is irrelevant for your business. Should you dismiss it completely? Maybe not. After all, most if not all of the major trends impact businesses sooner or later. It is already a necessity for companies to have a well thought digital strategy and to look for opportunities to maximize the business’s digital presence. The Metaverse could be one of these opportunities today. By Dr. Valentina Clergue Brand image: New opportunities The Metaverse is a virtual immersive environment where people can interact, play and buy...
How Digital Transformation Is Facilitating Servitization in the Hospitality Industry
EHL | October 19, 2021
Today, guests expect to be provided with a consumer-centric hotel experience from the word go, including when they are choosing a destination. They also want new experiences, faster customer service, the utmost comfort, ... and the list continues to grow. So, how can hotel operators meet these needs? An industry that is ready As various new technologies crop up and market disruptors get to their climax, businesses across various industries are faced with the need for a major overhaul. The hospitality industry is no exception. In 2020, the global hospitality market hit the $3486.77 billion mark and is forecasted to grow to $4132.5 ...
Pandemic May Allow VR to Shake Off ‘Gimmick’ Image in Tourism
GlobalData | March 5, 2021
The impact of COVID-19 may allow VR to permanently shake off its image of being a gimmick in the tourism sector. Hype behind the technology in recent years has often been greater than actual usage, especially for leisure purposes. However the longer this pandemic impacts travel for, the higher the chance that consumers and organizations adopt this technology on a more permanent basis, according to GlobalData, a leading data and analytics company. Ralph Hollister, Travel and Tourism Analyst at GlobalData, comments: “Spending considerably more time indoors with an abundance of spare time, combined with an urge to travel, has meant that asp...
