Virtual Tour Market to Reach $17.88 billion, Globally, by 2035 at 27.9% CAGR: Allied Market Research

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

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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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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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SOURCE Allied Market Research