Increase in demand for immersive online experiences amid the
COVID-19 pandemic has fueled adoption across industries such as
real estate, travel, and education. In addition, advancements in
virtual reality (VR) and augmented reality (AR) technologies have
enhanced the quality and accessibility of virtual tours, further
driving virtual tour market growth.
WILMINGTON, Del., April 24, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Virtual Tour Market
by Type (360 Virtual Tour, 3D Virtual Tour, and Virtual Reality
Tour) and Application (Tourism, Real Estate, Art Gallery and Museum, and Others): Global
Opportunity Analysis and Industry Forecast, 2024-2035".
According to the report, the "virtual tour market" was valued at
$0.96 billion in 2023, and is
estimated to reach $17.88 billion by
2035, growing at a CAGR of 27.9% from 2024 to 2035.
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Prime determinants of growth
Advancements in technology, such as high-quality cameras,
drones, and VR headsets, have significantly enhanced the immersive
experience of virtual tours, making them more appealing to
consumers. The COVID-19 pandemic has accelerated the adoption of
virtual tours as a safer alternative to traditional in-person
visits, particularly in industries such as real estate, travel, and
education. The convenience and accessibility of virtual tours
enable people to explore distant locations or properties from the
comfort of their homes, saving time and money. Moreover, businesses
are increasingly leveraging virtual tours as a powerful marketing
tool to showcase their products or services in a visually engaging
manner, further fueling the virtual tour market growth.
Report coverage & details
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2035
|
Base
Year
|
2023
|
Market Size In
2023
|
$0.96
Billion
|
Market Size In
2032
|
$17.9
Billion
|
CAGR
|
27.9 %
|
No. of Pages in
Report
|
258
|
Segments
Covered
|
Type, Application, and
Region
|
Regional
scope
|
North America, Europe,
Asia Pacific, Latin America, and Middle East &
Africa
|
Country
scope
|
U.S., Canada, Mexico;
UK, Germany, France, Italy, Spain, Russia; China, Japan, India,
South Korea, Australia, Indonesia, Malaysia; Brazil, Argentina,
Colombia; GCC, and South Africa
|
Drivers
|
•
Advancements in AR and VR
technology
•
Increased adoption due to COVID-19 safety
concerns
•
Convenience and accessibility
factor
•
Growing use virtual tour as a marketing
tool
|
Opportunities
|
•
Expansion into new industries
•
Integration with AI and AR technologies
for enhanced experiences
|
Restraints
|
•
Limited internet connectivity in some
regions
•
Initial investment and development
costs
|
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The 3D virtual tour segment to maintain its leadership status
during the forecast period
By type, the 3D virtual tour segment held the highest market
share in 2023, accounting for more than two-fifths of the global
virtual tour market revenue and is estimated to maintain its
leadership status during the forecast period. 3D virtual tours can
be created with beautiful details and a multitude of interactive
options. They can be deployed on the web or packaged into apps for
mobile, desktop, and other platforms. The emergence of the internet
has led to intense exposure of people to social media sites. People
first browse through websites, gather detailed information, and
review the required product or service before making a purchase. In
addition, social media such as Facebook, Twitter, and travel blogs
have become a common medium for people to discuss travel plans.
Consumers are experiencing the 3D virtual tour for various
applications such as tourism, real estate, museums, among
others.
The tourism segment to maintain its leadership status during
the forecast period
By application, the tourism segment held the highest market
share in 2023, accounting for more than one-third of the global
virtual tour market and is estimated to maintain its leadership
status during the forecast period. In virtual tourism experiences,
immersive VR aims to create an environment where users can fully
engage their five senses, facilitating natural interactions within
the virtual space. It employs a variety of output and input devices
that adhere to principles of motion, ensuring a seamless and
immersive virtual experience. In addition, this segment prioritizes
the user's experience within the virtual simulation. Virtual
tourism makes destinations accessible to millions of people across
the world, who may otherwise not be able to afford to travel to
them. Viewers are embracing the rise in virtual tourism
destinations and the increasing quality and availability of virtual
reality technology to see and experience things they never thought
possible. Moreover, virtual tourism has seen a huge growth in the
last few years owing to the arrival of the COVID-19 pandemic.
Asia-Pacific to maintain its
dominance by 2035
Region-wise, Asia-Pacific held
the highest market share in terms of revenue in 2023 and is
expected to dominate the market during the forecast period. With
rise in population and rapidly expanding internet access, countries
such as China, India, and Southeast Asian nations offer a
vast and diverse user base for virtual tour platforms. The
widespread connectivity serves as a driver for the adoption of
virtual tours across various sectors, including real estate,
tourism, hospitality, and education. In addition, the region's
emerging economies are experiencing rapid urbanization and
industrialization, driving demand for innovative solutions such as
virtual tours to showcase properties, attractions, and educational
institutions to a broader audience.
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Strategies:
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Leading Market Players: -
- Pan 3Sixty
- MI 360
- 360 Pano VR Solutions Private Limited
- 360 Imagery
- Exsight 360
- Blue Raven Studios
- Invision Studio, Inc
- Starts360
- TourVista
- Eye Revolution Ltd.
The report analyzes government regulations, policies, and
patents to provide information on the current market trends and
suggests future growth opportunities globally. Furthermore, the
study highlights Porter's five forces analysis to determine the
factors affecting market growth.
Country wise Reports We Have in this Industry:
○ U.S. Virtual Tour Market Opportunity Analysis and Industry
Forecast, 2020-2030
https://www.alliedmarketresearch.com/u-s-virtual-tour-market-A21051
○ Europe Virtual Tour Market Opportunity Analysis and Industry
Forecast, 2020-2030
https://www.alliedmarketresearch.com/europe-virtual-tour-market-A15791
○ U.K. Virtual Tour Market Opportunity Analysis and Industry
Forecast, 2020-2030
https://www.alliedmarketresearch.com/u-k-virtual-tour-market-A21052
○ UAE Virtual Tour Market Opportunity Analysis and Industry
Forecast, 2020-2030
https://www.alliedmarketresearch.com/uae-virtual-tour-market-A21055
○ Malaysia Virtual Tour Market Opportunity Analysis and Industry
Forecast, 2020-2030
https://www.alliedmarketresearch.com/malaysia-virtual-tour-market-A21053
○ Argentina Virtual Tour Market Opportunity Analysis and
Industry Forecast, 2020-2030
https://www.alliedmarketresearch.com/argentina-virtual-tour-market-A21054
○ U.S. Driving Vacation Market Opportunity Analysis and Industry
Forecast, 2021-2031
https://www.alliedmarketresearch.com/u-s-driving-vacation-market-A86031
○ Driving Vacation Market Opportunity Analysis and Industry
Forecast, 2021-2031
https://www.alliedmarketresearch.com/driving-vacation-market-A17517
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