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Virtual Tour Market

Virtual Tour Market to Reach $6.5 Bn, Globally, by 2030 at 31.0% CAGR

According to the Allied Market Research report, the global virtual tour industry generated $448.10 million in 2020, and is expected to reach $6.5 billion by 2030, witnessing a CAGR of 31.0% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

The surge in utilization by the real estate industry to display & commercialize their properties, increase engagement, and enhance the experience along with an increase in utilization in advertisements and promotions drive the growth of the global virtual tour market. However, lack of impactful user experience design and slow adoption of virtual reality solutions restrict the market growth. On the other hand, the rise in internet connectivity and technological advancements create new opportunities in the coming years.

Covid-19 Scenario

  • The adoption of virtual tours as a medium of promotion and advertising increased considerably during the Covid-19 pandemic, due to the closure of physical facilities and museums with lockdown restrictions.
  • Moreover, social distancing rules and the possibility of cross-contamination made people reluctant to go out. This, in turn, led players in the tourism, art galleries, and real estate sectors to organize virtual tours. The adoption of virtual services increased as a primary medium of communication in various sectors.

The 3D virtual tour segment to maintain its lead position during the forecast period

Based on type, the 3D virtual tour segment held the highest market share in 2020, contributing to more than two-fifths of the global virtual tour market, and is expected to maintain its lead position during the forecast period. This is due to the wide penetration of the internet and its implementation by social media platforms such as Facebook, Twitter, and others. However, the virtual reality tour segment is estimated to manifest the largest CAGR of 31.6% from 2021 to 2030, owing to its effectiveness in bringing a huge number of attendees to a single platform in a cost-effective manner and inclusion of interactive engagement features such as polling, question & answer sessions, and chat boxes.

virtual tour market by type

The tourism segment to maintain its leadership status during the forecast period

Based on application, the tourism segment contributed to the highest market share in 2020, accounting for more than one-third of the global virtual tour market, and is projected to maintain its leadership status during the forecast period. This is attributed to the offering of an immersive virtual reality (VR) experience and the usage of different input and output devices to create an engrossing environment for users.

Virtual Tour Market by application

However, the art gallery and museum segment is expected to witness the highest CAGR of 31.4% from 2021 to 2030. This is due to the offering of digital tours, shows, and exhibitions that enables people to immerse in their art regardless of location and geographical boundaries.

Asia-Pacific to maintain its dominance by 2030

Based on region, Asia-Pacific accounted for the highest market share in terms of revenue in 2020, contributing to more than two-fifths of the global virtual tour market, and is estimated to maintain its dominance by 2030. This is due to spending by businesses on virtual tours with the rise in popularity of IoT (Internet of Things) and the organization of events such as product launches, shows, and others. However, LAMEA is expected to manifest the fastest CAGR of 33.2% during the forecast period, owing to a rise in investments by leading players in advertising & marketing and an increase in demand for online events.

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.

 

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