The North America Virtual Tour Market would witness market growth of 29.2% CAGR during the forecast period (2024-2031).
The US market dominated the North America Virtual Tour Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,818.1 million by 2031. The Canada market is experiencing a CAGR of 31.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 30.8% during (2024 - 2031).
This market has witnessed substantial growth in recent years, driven by advancements in immersive technology, increasing demand for remote experiences, and broadening applications across various industries. These tours allow users to explore spaces, locations, or objects interactively without physically being there. Leveraging technologies such as 360-degree photography, 3D modelling, augmented reality (AR), and virtual reality (VR), these tours have transformed how businesses engage with customers and how individuals experience environments.
In addition, these tours are widely used across various industries, tailoring the technology to meet specific needs. These tours have revolutionized real estate marketing, enabling potential buyers and renters to explore properties remotely. They provide a detailed and immersive view of properties, saving time for realtors and clients. Features like interactive floor plans, zoom capabilities, and embedded multimedia enhance user engagement and decision-making.
In Mexico, the real estate and rental sectors contributed significantly to the economy, generating a gross domestic product (GDP) of $2.66 trillion MX in the third quarter of 2023. This represents a growth of 2% compared to the previous quarter and 5.55% compared to the same period in the prior year. This growth indicates a robust demand for real estate, both for residential and commercial properties, creating a natural opportunity for these tours. Also, e-commerce has been steadily growing in Canada, with its share of total retail sales rising from 3.9% in 2021 to 6.2% in 2022. The e-commerce industry is expected to reach USD 40.3 billion in sales by 2025. This growth indicates a shift toward online shopping, where virtual experiences are crucial in enhancing the customer journey. In particular, these tours are gaining traction in the Canadian e-commerce space, particularly in industries like real estate, fashion, and retail. Thus, the rising real estate sector in Mexico and the expanding e-commerce sector in Canada are driving factors for the growth of the virtual tour market in both countries.
Free Valuable Insights: The Virtual Tour Market is Predict to reach USD 7.35 Billion by 2031, at a CAGR of 29.8%
Based on Technology, the market is segmented into Semi & Fully Immersive, and Non-immersive. Based on Component, the market is segmented into Hardware, Software, and Services. Based on Application, the market is segmented into Real Estate, Tourism & Hospitality, Art Galleries & Museums, and Other Application. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Technology
By Component
By Application
By Country
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![Virtual Tour Market Size, Trend & Forecast Report [2031]](https://www.kbvresearch.com/upload/cover/virtual-tour-market.jpg "Virtual Tour Market Size, Trend & Forecast Report [2031]")
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