Surge in utilization by the real estate industry to display & commercialize their properties, increase engagement, and enhance experience drives the growth of the global virtual tour market.
PORTLAND, Ore., June 20, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Virtual Tour Market By Type (360 Virtual Tour, 3D Virtual Tour, Virtual Reality Tour), By Application (Tourism, Real Estate, Art Gallery and Museum, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the 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.
Drivers, Restraints, and Opportunities
Surge in utilization by the real estate industry to display & commercialize their properties, increase engagement, and enhance experience along with 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, rise in internet connectivity and technological advancements create new opportunities in the coming years.
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The adoption of virtual tour as a medium of promotion and advertising increased considerably during the Covid-19 pandemic, due to 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 internet and 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 effectiveness in bringing the 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.
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 offering of immersive virtual reality (VR) experience and usage of different input and output devices to create an engrossing environment for users. 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 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 rise in popularity of IoT (Internet of things) and 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 rise in investments by leading players in advertising & marketing and increase in demand for online events.
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Leading Market Players
360 Pano VR Solutions Private Limited
Blue Raven Studios
Invision Studio, Inc.
Eye Revolution Ltd.
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