“Global Virtual Tour Market to reach a market value of USD 7.35 Billion by 2031 growing at a CAGR of 29.8%”
The Global Virtual Tour Market size is expected to reach $7.35 billion by 2031, rising at a market growth of 29.8% CAGR during the forecast period.
The North America region witnessed 36% revenue share in the market in 2023. This growth can be attributed to the high adoption of advanced technologies like virtual reality (VR) and augmented reality (AR), especially in the real estate, tourism, and entertainment industries. The region benefits from a large consumer base highly receptive to immersive digital experiences. Furthermore, major tech companies and startups in the U.S. have driven innovation in the virtual tour space, making it a hub for technological advancements.
As industries evolve, digitalization has become a cornerstone of business strategies, and the demand for immersive digital experiences has surged. These tours provide a unique and effective way to engage customers by offering fully interactive and 3D exploration of spaces, products, or services. For sectors like real estate, this means potential buyers can view homes and commercial properties remotely, significantly expanding their market reach and providing convenience. Thus, increased demand for immersive digital experiences across industries drives the market's growth.
Additionally, The rise of remote work has dramatically changed how businesses and teams collaborate. With employees spread across the globe, virtual tools have become critical in ensuring effective communication and collaboration. These tours are pivotal in this transformation by providing remote teams with ways to engage with products, locations, or even colleagues in a virtual environment. This can be particularly useful for real estate, architecture, and construction industries, where teams must evaluate spaces and designs remotely. Hence, the rise of remote work and virtual collaboration platforms propels the market's growth.
However, One of the primary challenges businesses face when adopting these tours is the high initial investment required to create high-quality experiences. Developing immersive, interactive virtual tours involves significant costs related to technology, software development, content creation, and specialized equipment. For businesses that are just starting or are working with limited budgets, these costs can be prohibitive, hindering their ability to capitalize on the benefits of these tours. In conclusion, high initial investment costs for developing high-quality virtual tours hinder the market's growth.
On the basis of technology, the market is segmented into non-immersive and semi & fully immersive. In 2023, the non-immersive segment attained 22% revenue share in the market. Non-immersive virtual tours generally involve viewing 360-degree images or videos on a screen without specialized VR or AR hardware. These tours are typically accessed through web browsers or mobile apps, making them more accessible and easier to integrate for various industries like real estate, tourism, and education.
Based on component, the market is divided into hardware, software, and services. The services segment held 12% revenue share in the market in 2023. This segment includes developing, customizing, and maintaining this tour platforms and solutions. With growing adoption across real estate, education, and tourism industries, businesses increasingly rely on specialized service providers to create and manage this tour content. These services include 3D modelling, virtual tour production, hosting, and integration with other digital tools.
Based on application, the market is categorized into real estate, tourism & hospitality, art galleries & museums, and others. The tourism & hospitality segment witnessed 33% revenue share in the market in 2023. These tours have enabled travelers to explore destinations, hotels, and resorts virtually before making travel decisions. Tourism businesses, including hotels and tour operators, have increasingly integrated these tour solutions to showcase their offerings, enticing potential customers with immersive experiences of attractions, accommodations, and amenities.
Free Valuable Insights: Global Virtual Tour Market size to reach USD 7.35 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated 28% revenue share in the market in 2023. The region is a leader in developing and adopting immersive technologies, particularly in countries like Japan, China, and South Korea, where there is a strong demand for digital experiences in sectors like tourism, retail, and real estate. The growing interest in VR and AR, combined with the increasing penetration of smartphones and high-speed internet, has contributed to the region's rapid expansion of this market.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 946 Million |
| Market size forecast in 2031 | USD 7.35 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 29.8% from 2024 to 2031 |
| Number of Pages | 187 |
| Number of Tables | 349 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Technology, Component, Application, Region |
| Country scope |
|
| Companies Included | Matterport, Inc., Kuula, Inc., RTV, Inc., Concept3D, Inc., Eye Revolution Ltd., CloudPano, Eyespy360 Ltd., Blue Raven Studios, and 360 Pano VR Solutions Private Limited |
By Technology
By Component
By Application
By Geography
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 