Press release
Virtual Tourism Market Report, Size, Share, Growth, Trends, Competitive Landscape to 2033
Virtual Tourism Market
The new report published by The Business Research Company, titled Virtual Tourism Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the virtual tourism market size has grown rapidly in recent years. It will grow from $10.52 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The virtual tourism market size is expected to see rapid growth in the next few years. It will grow to $23.9 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.
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What Is Driving The Growth Of The Global Virtual Tourism Market?
Growth In Real Estate Industry Fuels Expansion Of The Virtual Tourism Market
The increasing real estate industry is expected to drive the virtual tourism market going forward. Real estate industries are enterprises that buy, sell, lease, and manage residential, commercial, and industrial properties. The real estate industry is growing due to urbanization, economic development, and favorable investment conditions. Real estate companies leverage virtual reality (VR) and augmented reality (AR) technologies to offer immersive property tours, enabling global exploration without physical visits. This boosts virtual tourism by attracting buyers and tourists with detailed, interactive views of luxury properties. For instance, in July 2024, according to the United States Census Bureau, a US-based government administration, in June 2023, the number of privately owned housing units allowed by building permits was 1,493,000, which is 3.1 percent higher than the 1,399,000 units permitted in May 2023. Therefore, increasing the real estate industry will drive the virtual tourism market.
What Is The Key Trend In The Global Virtual Tourism Market?
Affordable AI-Powered 3D Virtual Tours Revolutionize Real Estate Experiences
Major companies operating in the virtual tourism market are developing advanced technology with AI-powered three-dimensional (3D) virtual tours to provide affordable and lightning-fast 3D solutions to revolutionize virtual real estate experiences. AI-powered three-dimensional (3D) virtual tours use artificial intelligence to create immersive, realistic digital simulations of real-world locations. They allow users to explore and interact with virtual environments in three dimensions, featuring adaptive content and personalized experiences. For instance, in January 2024, Planitar Inc., a Canada-based measurement technology provider, launched iGUIDE Instant. It offers a cost-effective solution at just USD 7.99 per project, allowing real estate photographers to rapidly create high-quality virtual tours and floor plans, often within minutes of capturing property data. It integrates seamlessly with social media and web platforms, providing customizable branding for listing agents. Additionally, iGUIDE Instant delivers analytics reports to track online engagement, helping agents assess listing effectiveness. The system captures high-resolution 360° imagery, enabling potential buyers to explore properties in exceptional detail and enhance the viewing experience.
How Is The Global Virtual Tourism Market Segmented?
The virtual tourism market covered in this report is segmented -
1) By Type: 360 Virtual Tour, Three-Dimensional (3D) Virtual Tour, Virtual Reality Tour
2) By Product Type: Cloud-Based, Web Based
3) By Technology: Three-Dimensional (3D) Scanning And Imaging, Photogrammetry, Computer Vision, Haptic Feedback, Spatial Audio, Other Technologies
4) By Direct Suppliers: Airlines, Hotel Campaigns, Tour Operators, Government Bodies
5) By End-Use: Travelers And Tourists, Hospitality And Accommodation, Cultural And Historical Sites, Entertainment And Recreation, Education And Training, Other End-Uses
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How Is The Competitive Landscape Of The Global Virtual Tourism Market?
Major companies operating in the virtual tourism market are Google LLC, Intel Corporation, Toshiba Corporation, Ricoh Co. Ltd., Zebra Technologies Corp., Autodesk Inc., Trimble Inc., Zillow Group, Leica Geosystems AG, Cvent Inc., Magic Leap Inc., Vuzix, Real Tour Vision (RTV) Inc., Vieweet, Urbanimmersive Inc., Blippar Group Limited, UNIMERSIV, Kuula Inc., Virtual Pictures Corp., Cupix Inc.
Contents Of The Global Virtual Tourism Market
1. Executive Summary
2. Virtual Tourism Market Report Structure
3. Virtual Tourism Market Trends And Strategies
4. Virtual Tourism Market - Macro Economic Scenario
5. Virtual Tourism Market Size And Growth
…..
27. Virtual Tourism Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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