Global Virtual Tour Market By Type (360 Virtual Tour, 3D Virtual Tour, and Virtual Reality Tour), By Industry Vertical (Travel and Tourism, Education, Hospitality, Retail and E-commerce, Automobile, Museums & Galleries, Other Industry Verticals), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033
- Published date: March 2024
- Report ID: 102357
- Number of Pages: 286
- Format:
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Report Overview
The Global Virtual Tour Market size is expected to be worth around USD 414.9 Million by 2033 from USD 136.0 Million in 2023, growing at a CAGR of 11.8% during the forecast period from 2023 to 2032.
A virtual tour refers to a simulated experience that allows users to explore and navigate a location or environment remotely, typically through the use of technology such as virtual reality (VR) or 360-degree panoramic images. It provides users with a realistic and immersive way to virtually visit places without physically being present. Virtual tours have gained significant popularity in various industries, including real estate, tourism, education, and hospitality.
The virtual tour market encompasses the industry that caters to the demand for virtual tour solutions and services. It includes companies specializing in creating and providing virtual tour platforms, software applications, and content creation services. The market has witnessed substantial growth due to several factors, including advancements in technology, the increasing availability of VR devices, and the need for remote experiences.
Note: Actual Numbers Might Vary In Final Report
Virtual tours have become an essential tool for businesses and organizations to showcase their properties, destinations, or products to a global audience. In the real estate industry, virtual tours enable potential buyers or renters to explore properties remotely, saving time and resources for both the buyers and sellers. The tourism sector utilizes virtual tours to promote destinations, attractions, and hotel accommodations, enticing travelers to visit specific locations.
In the education sector, virtual tours offer a valuable tool for remote learning, allowing students to virtually visit museums, historical sites, and cultural landmarks from the comfort of their classrooms or homes. Similarly, the hospitality industry uses virtual tours to provide potential guests with a comprehensive view of hotel rooms, amenities, and facilities, enhancing the booking experience.
In light of recent studies, a significant 73% of attendees at virtual events reported satisfactory experiences, underscoring the capability of virtual tours and exhibits to deliver comprehensive experiences akin to those of in-person engagements. This high level of satisfaction indicates that virtual platforms are effectively facilitating user engagement with content.
Furthermore, an impressive surge of 258% in virtual college tours highlights a shift in how prospective students navigate their educational choices. This increase reflects a growing preference among students to utilize online resources for exploring educational institutions, thereby making well-informed decisions regarding their academic futures.
Regarding generational engagement with technology, over 30% of individuals belonging to Gen Z and millennials have experimented with virtual reality (VR) technologies. Among those who have tried VR, a noteworthy 80% describe their experiences as either “very positive” or “somewhat positive,” illustrating a broad base of positive reception and interest in VR experiences.
Key Takeaways
- The Virtual Tour Market is expected to reach approximately USD 414.9 million by 2033, with a remarkable Compound Annual Growth Rate (CAGR) of 11.8%. This signifies substantial growth opportunities within the industry.
- 360 Virtual Tour Dominates the market in 2023, offering immersive experiences with 45% market share.
- In 2023, the Travel and Tourism segment held a dominant market position in the Virtual Tour market, capturing more than a 20% share.
- North America is the most lucrative market, with a 38% market share, driven by advanced technology and a strong tourism industry. Asia Pacific is also growing rapidly, with China and Japan leading the way.
- 79% of consumers acknowledge that virtual experiences have unveiled new opportunities, suggesting a broadened scope for engagement and exploration through digital means.
- 66% of consumers recognize a greater return on investment (ROI) with virtual compared to physical events, highlighting the cost-effectiveness and broader reach of virtual platforms.
- Customers aged 18 to 34 are 130% more likely to make a booking if a virtual tour is available, underscoring the significant impact of virtual tours on decision-making among younger demographics.
- 50% of adult internet users depend on virtual tours to inform their research and decision-making processes, indicating a substantial reliance on virtual experiences for information gathering.
- Websites featuring virtual tours see customers spending 5 to 10 times more time on their site, which can translate into higher engagement and conversion rates.
- 67% of individuals express a desire for more businesses to offer virtual tours, pointing to a growing consumer expectation for immersive digital experiences.
- The USA Travel Association reports that 68% of people discover activities for their trips online, highlighting the importance of online presence and virtual tours in the travel and tourism industry.
- Businesses providing virtual tours experience an increase in bookings and look-to-book conversion ratios by 16% to 67%, demonstrating the tangible benefits of integrating virtual tours into marketing strategies.
- Among surveyed participants, 67% would prefer more opportunities for virtual tours, whereas 26% are indifferent, and only 7% deem virtual tours unnecessary.
Type Analysis
360 Virtual Tour
In 2023, the 360 Virtual Tour segment held a dominant market position in the Virtual Tour market, capturing more than a 45% share. This type of virtual tour is highly favored for its immersive and interactive experience, allowing users to view a location from every angle as if they are physically present. Real estate, tourism, and education are just a few sectors that heavily utilize 360 Virtual Tours to showcase properties, destinations, and campuses. The popularity of this segment stems from its ease of creation and the ability to provide a realistic sense of the place or item being viewed, making it a preferred choice for businesses looking to offer virtual experiences.
3D Virtual Tour
The 3D Virtual Tour segment is also a significant part of the Virtual Tour market. Unlike 360 tours, 3D Virtual Tours provide a more detailed and dimensional view of the space, creating a lifelike digital twin of the property or location. This type of tour is particularly useful for industries where spatial layout and design are crucial, such as interior design, architecture, and real estate. 3D Virtual Tours are appreciated for their detailed representation and the ability to add interactive elements like information points, which enhance the user’s experience and understanding of the space.
Virtual Reality Tour
Virtual Reality (VR) Tours represent a more technologically advanced segment of the market. These tours offer the most immersive experience, allowing users to explore a virtual environment as if they are actually moving through it. VR Tours are commonly used in sectors like gaming, education, and training, where experiencing a lifelike simulation can be beneficial. The growth in this segment is driven by the increasing accessibility of VR headsets and the desire for more engaging and interactive virtual experiences. While the market share for VR Tours is currently smaller compared to 360 and 3D Virtual Tours, it’s expected to grow rapidly as the technology becomes more mainstream and affordable.
Industry Vertical
Travel and Tourism
In 2023, the Travel and Tourism segment held a dominant market position in the Virtual Tour market, capturing more than a 20% share. This industry has embraced virtual tours as a powerful tool to showcase destinations, accommodations, and experiences to potential travelers. With immersive 360-degree views and interactive elements, virtual tours offer an enticing preview of what tourists can expect, helping them make informed decisions about their travel plans. The ability to virtually visit a location before booking has revolutionized how people explore and choose their destinations, significantly boosting customer engagement and satisfaction in the travel and tourism sector.
Education
The Education sector is increasingly utilizing virtual tours to enhance learning experiences. Virtual tours in this sector allow students to explore campuses, historical sites, and even distant galaxies from the comfort of their classrooms or homes. This interactive form of learning helps to engage students more effectively and provides access to educational resources that might otherwise be inaccessible. As educational institutions continue to incorporate technology into their teaching methods, the adoption of virtual tours is expected to increase, offering students richer and more varied learning experiences.
Hospitality
In the Hospitality industry, virtual tours have become an essential marketing tool. Hotels, resorts, and restaurants use virtual tours to give potential guests a glimpse of the amenities, rooms, and atmosphere they can expect. This transparency and immersive preview significantly enhance customer trust and satisfaction, leading to higher booking rates and repeat business. As the hospitality sector continues to compete on customer experience, the role of virtual tours is set to become even more critical.
Retail and E-commerce
Retail and E-commerce have also started capitalizing on virtual tours to provide customers with an interactive shopping experience. Virtual tours allow customers to navigate through stores and products in a way that mimics the in-person shopping experience. This level of interactivity is particularly beneficial for customers looking to make informed purchasing decisions from the comfort of their homes. As online shopping continues to grow, so does the potential for virtual tours to enhance the customer journey and drive sales.
Automobile
The Automobile industry is leveraging virtual tours to offer detailed views of vehicle interiors and exteriors, allowing customers to explore every angle and feature as if they were examining the car in person. This is especially useful for customers who cannot visit showrooms or prefer to start their buying journey online. Virtual tours in the automobile sector are not just about viewing cars but experiencing them, and as such, they are becoming an integral part of the customer decision-making process.
Museums & Galleries
Museums and Galleries have found a unique use for virtual tours, providing access to art and history to people worldwide. These virtual tours allow users to explore exhibits in detail, often with additional information and interactive elements to enhance the learning experience. During times when physical visits to museums and galleries are limited, virtual tours offer a valuable alternative for cultural education and enjoyment.
Note: Actual Numbers Might Vary In Final Report
Key Market Segments
Type
- 360 Virtual Tour
- 3D Virtual Tour
- Virtual Reality Tour
Industry Vertical
- Travel and Tourism
- Education
- Hospitality
- Retail and E-commerce
- Automobile
- Museums & Galleries
- Other Industry Verticals
Driving Factors
- Pandemic-Driven Demand: The COVID-19 pandemic has accelerated the adoption of virtual tours across industries, as businesses sought innovative ways to showcase their products and services while adhering to social distancing measures.
- Enhanced User Experience: Virtual tours offer an immersive and interactive experience, allowing users to explore spaces and products in detail. This heightened user engagement is driving the demand for virtual tour solutions.
- Cost-Efficiency: Compared to physical showrooms and travel expenses, virtual tours are a cost-effective way for businesses to reach a global audience. This cost-efficiency is particularly appealing in challenging economic times.
- Technological Advancements: Advances in 360-degree photography, augmented reality, and virtual reality technologies are enhancing the quality and realism of virtual tours. This technological progress is attracting more businesses to invest in virtual tour solutions.
Restraining Factors
- Limited Accessibility: Virtual tours depend on internet connectivity and compatible devices, which may limit access for some individuals, particularly in regions with poor internet infrastructure.
- Content Creation Challenges: Creating high-quality virtual tour content requires specialized equipment and expertise. Many businesses face challenges in producing compelling virtual tours in-house.
- Privacy Concerns: Collecting data during virtual tours for marketing or analytics purposes raises privacy concerns. Striking a balance between providing personalized experiences and respecting privacy regulations can be challenging.
- Competition and Saturation: As the virtual tour market grows, competition is intensifying. Saturation in some sectors may lead to price wars and reduced profit margins for virtual tour providers.
Growth Opportunities
- Education Sector: The education sector offers significant growth opportunities for virtual tours, with the potential to revolutionize remote learning by enabling virtual campus visits and interactive educational content.
- Healthcare Industry: Virtual tours can be used in the healthcare sector for remote patient consultations, virtual hospital tours, and medical training, presenting a growing niche market.
- Integration with E-commerce: Further integration of virtual tours with e-commerce platforms can enhance the online shopping experience, driving growth in the retail sector.
- Emerging Markets: Exploring untapped markets, especially in developing countries with increasing internet access, presents substantial growth opportunities for virtual tour providers.
Challenges
- Quality Assurance: Maintaining high-quality, glitch-free virtual tours across various devices and platforms can be challenging, requiring ongoing testing and optimization.
- Data Security: Ensuring the security of user data collected during virtual tours is paramount, as any data breaches or misuse can lead to trust issues and legal consequences.
- Changing Consumer Preferences: Adapting to evolving consumer preferences and technological advancements is crucial, as the virtual tour industry is dynamic and subject to rapid change.
- Regulatory Compliance: Staying compliant with data privacy and copyright regulations in different regions can be complex, especially for global virtual tour providers.
Key Market Trends
- Augmented Reality Integration: Virtual tours are increasingly incorporating augmented reality (AR) elements, enhancing the interactivity and realism of the experience.
- Mobile-Friendly Tours: With the proliferation of smartphones, virtual tours are being optimized for mobile devices, making them more accessible to a broader audience.
- Customization and Personalization: Virtual tour providers are offering more customizable and personalized experiences to cater to the unique needs and preferences of businesses and consumers.
- Sustainability Focus: Some virtual tour providers are emphasizing sustainability and eco-friendly practices, aligning with the broader trend toward environmentally conscious consumerism.
Regional Analysis
In 2023, North America held a dominant market position, capturing more than a 37.5% share in the Virtual Tour Market. The demand for Virtual Tour in North America was valued at US$ 51.0 billion in 2023 and is anticipated to grow significantly in the forecast period.
This regional dominion was support by several factors. Firstly, North America boasts a high level of internet penetration and advanced technological infrastructure, facilitating widespread adoption of virtual tours across various industries. Secondly, the robust tourism industry in this region leveraged virtual tours extensively to showcase destinations and accommodations, influencing traveler decisions.
Furthermore, North American businesses, particularly in real estate and education, relied on virtual tours to enhance customer engagement and learning experiences. As a result, North America emerged as the leading market player, offering a fertile ground for virtual tour providers to thrive.
Moving to Europe, it represented a significant market share in the global Virtual Tour Market. European countries invested substantially in the virtual tour industry, capitalizing on the technology’s potential. In countries like Germany, France, the UK, and Spain, virtual tours found applications in diverse sectors, from real estate to education and tourism. The region’s commitment to technological innovation and the desire to adapt to changing consumer preferences bolstered the growth of virtual tours in Europe.
In the Asia Pacific (APAC) region, there was a remarkable surge in growth with a higher CAGR. China and Japan emerged as major players in the virtual tour industry, offering numerous virtual tours to meet diverse demands. The APAC market’s growth was attributed to the increasing accessibility of VR headsets and the desire for more immersive and interactive virtual experiences. The region’s diverse consumer base and the adoption of virtual tours across sectors like gaming, education, and training contributed significantly to its expansion.
Latin America, while comparatively less developed in the virtual tour market, witnessed growth as the market started to flourish post-COVID-19. The pandemic accelerated the adoption of virtual tours, prompting businesses in the region to explore new ways of engaging customers and showcasing their offerings. As a result, Latin America entered the virtual tour arena, with Brazil and Mexico emerging as key players in the region’s budding virtual tour market.
Lastly, the Middle East and Africa (MEA) region also experienced growth in the virtual tour industry. Countries like South Africa, Saudi Arabia, and the UAE embraced virtual tours as a means to attract tourists, showcase their heritage, and offer immersive experiences. The MEA market held promise as businesses recognized the potential of virtual tours in enhancing customer engagement and promoting tourism.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
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.
Listed below are some of the most prominent virtual tour industry players.
- SeekBeak
- 360 Imagery
- Exsight 360
- Invision Studio Inc.
- Blue Raven Studios
- Starts360
- Eye Revolution Ltd
- RealTourVision
- Other Key Players
Recent Developments
- 360 Imagery: 360 Imagery unveiled a partnership with a leading real estate agency in June 2023 to provide virtual tour services for their property listings. This collaboration aims to enhance the agency’s online presence and attract more potential buyers through immersive virtual experiences.
- Exsight 360: Exsight 360 announced the acquisition of a startup specializing in augmented reality (AR) technology in September 2023. This strategic acquisition is expected to bolster Exsight 360’s capabilities in integrating AR features into their virtual tour solutions, enhancing interactivity and engagement.
- Invision Studio Inc.: Invision Studio Inc. launched a new line of virtual reality (VR) headsets in March 2023, targeting both consumer and enterprise markets. These VR headsets are designed to provide a seamless and immersive experience for users exploring virtual environments created by Invision Studio Inc.
- Blue Raven Studios: Blue Raven Studios introduced a groundbreaking technology called “Dynamic Scene Mapping” in August 2023. This technology automatically adjusts lighting and textures in virtual tours based on real-time environmental factors, providing a more realistic and immersive experience for users.
Report Scope
Report Features Description Market Value (2023) USD 136.0 Mn Forecast Revenue (2033) USD 414.9 Mn CAGR (2023-2032) 11.8% Base Year for Estimation 2023 Historic Period 2018-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type (360 Virtual Tour, 3D Virtual Tour, and Virtual Reality Tour), By Industry Vertical (Travel and Tourism, Education, Hospitality, Retail and E-commerce, Automobile, Museums & Galleries, Other Industry Verticals) Regional Analysis 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; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape SeekBeak, 360 Imagery, Exsight 360, Invision Studio Inc., Blue Raven Studios, Starts360, Eye Revolution Ltd, RealTourVision, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the Virtual Tour Market?The Virtual Tour Market refers to the industry that provides immersive, digital experiences allowing users to explore and navigate virtual representations of real-world spaces, locations, or properties.
How are advancements in technology impacting the Virtual Tour Market?Technological advancements, including augmented reality (AR) or virtual reality (VR)], play a pivotal role in enhancing the capabilities of virtual tours. This results improved user experiences, realistic simulations, and expanded market applications.
How big a Virtual Tour Market?The Global Virtual Tour Market size is expected to be worth around USD 414.9 Million by 2033 from USD 136.0 Million in 2023, growing at a CAGR of 11.8% during the forecast period from 2023 to 2032.
Which industries are major contributors to the Virtual Tour Market?Virtual tours find substantial application across various industries such as [real estate, tourism, education, and hospitality]. These sectors leverage virtual tours for [specific purposes, e.g., property showcasing, destination exploration, virtual learning environments].
Who are the key players in the Virtual Tour Market?SeekBeak, 360 Imagery, Exsight 360, Invision Studio Inc., Blue Raven Studios, Starts360, Eye Revolution Ltd, RealTourVision, Other Key Players
- SeekBeak
- 360 Imagery
- Exsight 360
- Invision Studio Inc.
- Blue Raven Studios
- Starts360
- Eye Revolution Ltd
- RealTourVision
- Other Key Players
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