Global Virtual Tour Market By Type (360 Virtual Tour, 3D Virtual Tour, and Virtual Reality Tour), By Deployment Mode (Web Based and Cloud-Based), By Device Type (Head Mounted and Gesture Tracking), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Virtual Tour Market size is expected to be worth around USD 1,273.0 Billion by 2032 from USD 340 Billion in 2022, growing at a CAGR of 14.50% during the forecast period from 2023 to 2032.

The virtual tour market is the industry of creating and delivering immersive digital experiences that simulate physical spaces and environments. For virtual tours, there is of use technologies such as 360-degree photography, video, and augmented or virtual reality to create a realistic representation of a location or property that can be explored remotely.

Players such as tourism boards and travel companies also use virtual tours to promote destinations and attractions to potential visitors. It is also involved in the education sector, virtual tours are used to provide students with immersive learning experiences, such as exploring historical sites or scientific phenomena.

Driving Factors

There are many driving forces in the industry for virtual tours. The main motivator is the rise in interest in the immersive and interactive experiences that virtual excursions can offer. Virtual tours are becoming more realistic and detailed as technology develops, giving users a sense of presence and interaction.

The increasing demand for remote access to places and events is the second factor driving the market for virtual tours. Without directly being there, users can explore and interact with spaces through virtual tours, which can help save time, resources, and the environment by lowering the carbon footprint of travel.

As a result of social isolation measures and travel restrictions, the COVID-19 pandemic also accelerated the development of the virtual tour industry. COVID-19 does not prevent companies and organizations from functioning because virtual tours provide a convenient and safe alternative to in-person experiences.

Additionally, the market for virtual tours is being boosted by the growing accessibility and cost of technology, including virtual reality headsets and 360-degree cameras. As a result, more companies and groups can develop and provide virtual tours as a part of their marketing and outreach initiatives.

Restraining Factors

Cost: Building premium virtual tours can be pricey, especially for small businesses or organizations with limited funding. The expense of the necessary tools, software, and employing consultants to make virtual tours can act as a barrier to entry.

Technology Limitations: Although technology is developing quickly, there are still some restrictions on what can be done with virtual tours. For instance, the speed of the internet connection or the screen resolution of the viewing gadget can have an impact on the quality of virtual tours.

Growth Opportunities

The virtual tour market gives several opportunities for growth and innovation. One of the significant opportunities is the expanded reach that virtual tours can provide for businesses and organizations. By providing virtual tours, businesses can showcase their products or services to a global audience, reaching a wider range of potential customers.

Virtual tours similarly present new revenue streams for businesses and organizations. For instance, tourist attractions and museums can charge for access to virtual tours, creating an additional source of income. Virtual tours can also enhance the customer experience by providing an immersive and interactive way for users to explore & engage with products or services.

This will increase customer satisfaction and loyalty. Also, to improve the customer experience, virtual tours can improve efficiency by reducing the need for physical travel or on-site visits. This can save time and resources for businesses and organizations, while also reducing their carbon footprint.

Virtual tours also provide a unique and innovative way to market products and services. Businesses can stand out from rivals and draw in new clients by creating captivating and interactive virtual excursions.

Trending Factors

Numerous current trends are influencing the growth and development of the virtual tour industry, which is constantly changing. The growing desire for immersive experiences is one of the biggest trends. Virtual tour providers are utilizing cutting-edge technologies like virtual reality (VR) and augmented reality (AR) to create more immersive experiences as users search for more interesting and realistic virtual tours.

Social media integration is another trend in the virtual tour industry. Users can easily share their experiences with others by integrating virtual tours into social media platforms, broadening the appeal and usability of virtual tours.

The market for virtual tours has also seen a rise in virtual events, especially since the COVID-19 epidemic has curtailed in-person events. Immersive encounters are being created for events like conferences, trade shows, and concerts using virtual tours.

The market for virtual tours is also emphasizing customization and personalization more and more. Whether it’s tailored tours for businesses or individualized tours for museum visitors, virtual tour providers are expanding their customization options to better serve their client’s unique requirements.

Type Analysis

Based on type, the market for virtual tours is segmented into 360 virtual tours, 3D virtual tours, & virtual reality tours. Among these types, the 3D virtual tour segment is the most lucrative in the virtual tour market, with a higher projected CAGR.

The increased use of the internet has led to the search of various websites and other available options. Social media platforms are also used as a medium for discussing tour plans. Consumers can experience 3D virtual tours for applications such as real estate, tourism, museums, and like other applications.

Deployment Mode Analysis

Based on deployment mode, the market for virtual tours is divided into web-based and cloud-based markets. Among these segments, the cloud-based segment dominates the market with the largest market share and revenue. This segment is dominant because of the increase in the use of advanced technologies.

Application Analysis

Based on application, the market is segmented into real estate professionals, tourism industries, marketing professionals, art galleries and museums, automotive, & other applications. From these applications, the tourism industry sector dominates the market with a major market share and revenue. After the COVID-19 pandemic huge increase in virtual tours held.

Virtual tours can be used to showcase tourist destinations and attractions, allowing potential visitors to preview the experience before making travel arrangements. Properties can be highlighted using virtual tours, which give potential buyers an immersive and engaging look at the area. Real estate agents may be able to save time and resources this way, and buyers may examine properties remotely.

Key Market Segments:

Based on Type

• 360 Virtual Tour
• 3D Virtual Tour
• Virtual Reality Tour

Based on the Deployment Mode

• Web Based
• Cloud-Based

Based on the Device Type

• Head Mounted
• Gesture Tracking

Based on Application

• Real Estate Professionals
• Tourism Industries
• Marketing Professionals
• Art Gallery and Museum
• Automotive
• Other Applications

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the virtual tour market. With travel restrictions in place and social distancing measures in effect, people are looking for new ways to experience the world without leaving their homes. As a result, virtual tours have become increasingly popular and have experienced a surge in demand.

One of the influential impacts of COVID-19 on the virtual tour market is the shift in consumer behavior. Using traditional forms of travel largely unavailable, many people have turned to virtual tours as a way to explore new destinations and experience different cultures. This has led to a significant increase in demand for virtual tours, with many tour operators and travel companies pivoting to offer virtual experiences.

The pandemic has also impacted many businesses to innovate and find new ways to engage with customers. In the tourist industry, this has meant developing new virtual tour offerings and investing in technology to create immersive and engaging experiences.

As an effect, the quality of virtual tours has improved significantly, with many operators using 360-degree video & other interactive elements to create an experience that is as close to the real thing as possible. It has also the impact of COVID-19 on the virtual tour market has also been the increased adoption of virtual and augmented reality technologies.

For many people unable or unwilling to travel, virtual reality has become an attractive alternative, offering a way to explore new destinations without leaving home. This has led to increased investment in VR and AR technologies, as well as new partnerships between virtual tour operators and technology companies.

Throughout, the COVID-19 pandemic has had a major impact on the virtual tour market, driving increased demand and innovation. Though the long-term effects of the pandemic on the travel industry remain uncertain, it is clear that virtual tours will continue to be an important part of the industry offering travelers a new way to experience the world.

Regional Analysis

North America is estimated to be the most lucrative market in the global virtual tour market, with the largest market share of 38.6%, and is expected to grow continuously during the forecast period. Due to the high level of internet penetration, advanced technology, and strong tourism industry. Europe market is also a significant market in the global virtual tour market.

Many European countries are invested in the virtual tour industry. In Latin America, the market is comparatively less developed, but it is growing now. After the COVID-19 pandemic, the market started to grow, and it is expected that it will remain growing. Asia Pacific region is growing with a higher CAGR, and it is expected that it will continue to grow throughout the forecast period. China and Japan are major players in this industry, with many virtual tours.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

To expand the various businesses in foreign markets, emerging key players are concentrating on a range of strategic policies.

The strategic policies help provide a competitive advantage. The virtual tour market is a highly competitive and rapidly evolving area, with several players offering a range of solutions to meet the needs of businesses and individuals alike.

Though demand for virtual tours continues to grow, new players will likely enter the market and existing players will continue to innovate and improve their offerings.

Market Key Players:

Listed below are some of the most prominent virtual tour industry 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
• RTV Inc
• Concept 3D Inc
• Klapty
• Kuula
• Matterport
• Roundme Limited
• Other Key Players

Recent Developments:

• In 2020: We see the growth in the use of augmented reality (AR) in virtual tours: AR technology has started to increasingly integrated into virtual tours, permitting users to see virtual objects in the real world and attracting the interactive experience.
• In 2019: The rising popularity of virtual tours for real estate: Real estate organizations started using virtual tours to show properties, providing prospective buyers with an added immersive experience of the property without having to visit it in person.

Report Scope: