Press release
Virtual Tour Market to Reach $17.88 Billion by 2035; Tourism Sector Leads Growth
Virtual Tour Market, 2035
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Advancements in virtual reality (VR) and augmented reality (AR) technologies have significantly surged the demand for virtual tour experiences in the Virtual Tour industry. VR and AR technologies offer unprecedented levels of immersion and interactivity, allowing users to explore virtual environments with astonishing realism. With VR headsets becoming more affordable and accessible, consumers are increasingly seeking out immersive experiences that transport them to different places without leaving their homes. Thus, the presence of increased sense of engagement with advancement in technologies fuels the demand for virtual tour market trends across various industries, including travel, real estate, education, and entertainment.
Moreover, AR technologies enable users to overlay digital information onto the real world, creating interactive and informative experiences. In virtual tours, AR enhances the user experience by providing contextual information about landmarks, historical sites, or properties in real-time. This blend of virtual and physical worlds opens new possibilities for engaging and educational tours, appealing to a wide range of audiences. As VR and AR technologies continue to evolve and improve, the demand for virtual tours is expected to grow further, driving innovation and expansion in the virtual tour market.
The Virtual Tour Market Analysis is done on the basis of type, application, and region. On the basis of type, the market is categorized into 360 virtual tour, 3D virtual tour, and virtual reality tour. By application, it is segregated into tourism, real estate, art gallery & museums, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Indonesia, Malaysia, and rest of Asia-Pacific), Latin America (Brazil, Argentina, Colombia, and rest of Latin America), and Middle East and Africa (GCC, South Africa, and rest of Middle East and Africa).
By type, the 3D virtual tour segment dominated the global virtual tours market in 2023 and is anticipated to maintain its dominance during the forecast period. 3D virtual tours are experiencing rapid growth in the virtual tour market due to their ability to provide immersive and interactive experiences. Unlike traditional 2D images or videos, 3D tours allow users to navigate through spaces from multiple angles, providing a realistic sense of presence. This immersive nature enhances engagement and enables potential buyers or visitors to explore properties, venues, or destinations in detail without physically being there.
By application, the tourism segment dominated the global virtual tours market in 2023 and is anticipated to continue the same trend during the forecast period, as virtual tours offer travelers the opportunity to explore destinations from the comfort of their homes, appealing to those who seek immersive experiences without the constraints of physical travel. In addition, virtual tours provide an accessible platform for promoting lesser-known destinations and cultural heritage sites, expanding the reach of tourism marketing efforts.
Region-wise, North America is anticipated to dominate the market with the largest share during the forecast period. The region has a mature technology infrastructure and a high level of digital adoption, providing suitable ground for the development and adoption of virtual tour solutions. In addition, North America has many leading virtual reality and augmented reality technology companies, driving innovation and growth in the market. Moreover, the diverse industries in the region, including real estate, tourism, and education, have incorporated virtual tours as a means of enhancing customer engagement and improving operational efficiency, further contributing to dominance of North America in the virtual tour market.
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The major players operating in the global virtual tours market are Pan 3Sixty, MI 360, 360 Pano VR Solutions Private Limited, 360 Imagery, Exsight 360, Blue Raven Studios, Invision Studio, Inc, Starts360, TourVista, and Eye Revolution Ltd.
Analyst Review
As per the perspective of top-level CXOs, the global virtual tours market is expected to offer various business opportunities in the coming years. CXOs view virtual tours as more than just a temporary solution during times of crisis like the COVID-19 pandemic; rather, they see them as a fundamental aspect of future business strategies. Virtual tours are expected to offer unparalleled opportunities for innovation, customer engagement, and cost-effectiveness.
According to the CXOs, rapid development of the events in sports, gaming, and entertainment sectors over the past decade and increase in use of technology such as Internet of Things (IOT), artificial intelligence, and augmented & virtual reality to streamline the events from start to end are the prime factors that drive the market growth. Furthermore, many real estate and manufacturing industries are investing in virtual tour software to increase security of their information and data shared online and reduce compliances issues in the organization. Adoption of advanced technologies such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) is further expected to create lucrative opportunities for the industry players in the coming years.
Key Benefits For Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the virtual tour market analysis from 2023 to 2035 to identify the prevailing virtual tour market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the virtual tour market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global virtual tour market trends, key players, market segments, application areas, and market growth strategies.
Reason to Buy Virtual Tour Market Report:
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Virtual Tour Market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Virtual Tour Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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