Virtual Tour Market
According to a new report from Allied Market Research, “Virtual Tour Market by Type, by Application: Global Opportunity Analysis and Industry Forecast, 2020-2030.” Global Virtual Tours Market Size was estimated at US$448.10 million in 2020 and is projected to reach US$6.5 billion by 2030, growing at a CAGR of 31% from 2021 to 2030. Strategies, Drivers and Opportunities , market size and estimates, competitive landscape and changing market trends.
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The growth of the real estate and tourism industries and the increase in internet connectivity are the virtual tour market trends of the global virtual tour industry. Furthermore, the increasing usage of consumer electronic devices is expected to fuel the growth of the virtual tour market. However, lack of effective user experience design and slow adoption of virtual reality solutions in underdeveloped economies are the main factors hampering the market growth. Conversely, technological advancements and an increase in application areas across various industries are expected to create lucrative virtual tour market demand for the market growth.
The rise in usage by the real estate industry to showcase and market their properties, increase engagement and enhance the experience, as well as the increasing use of ads and promotions are driving the growth of the global virtual tours market. However, the lack of effective user experience design and the slow adoption of virtual reality solutions limit the market growth. On the other hand, the increase in internet connectivity and technological advances will create new opportunities in the coming years.
The global virtual tours market size was estimated at US$448.1 million in 2020 and is projected to reach US$6,537.1 million by 2030, growing at a CAGR of 31.0% from 2021-2030. The 3D virtual tour segment was the top revenue contributor to the market, and is estimated to reach $2,810.2 million by 2030, at a CAGR of 30.4%.
In 2020, 3D Virtual Tour held the largest virtual tour market share on the basis of type and is expected to maintain its dominance in the years to come. This is due to an increase in applications of virtual reality solutions in the construction, tourism, healthcare, education and real estate industries. However, the virtual reality tours segment is expected to see the greatest growth due to the benefits of AR and VR technology such as reduced training costs for field workers, faster repairs and higher customer satisfaction.
By application, the tourism segment held the largest 35.6% share of the global virtual tours market. Virtual reality technologically involves the use of a VR headset that helps immerse a user in a digital environment.
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The North America region held the largest share of the virtual tours market. This is attributed to the increase in technological advancements in the real estate and tourism sectors, the increasing penetration of the gambling industry and the remarkable growth of the e-learning market.
Major Players in Global Virtual Tours Market are Pan 3sixty, Mi 360, 360 Pano Vr Solutions Pvt. Ltd, 360 Imagery, Exsight 360, Blueravenstudios, Invision Studio Inc, Starts360, Tourvista and Eye Revolution Ltd.
Main benefits for stakeholders:
• This report provides a quantitative analysis of the market segments, recent trends, estimates and dynamics of the Virtual Tours market analysis from 2020 to 2030 to identify the prevailing Virtual Tours market opportunities.
• Market research is provided along with information on key drivers, restraints and opportunities.
• Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
• An in-depth analysis of the virtual tours market segmentation helps in determining the prevailing market opportunities.
• Major countries within each region are mapped according to their revenue contribution to the global virtual tour industry.
• The positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants.
• The report includes the analysis of regional as well as global Virtual Tours market trends, key players, market segments, application areas and market growth strategies.
Reason for purchase:
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Virtual Tours Market.
• Highlights key business priorities to guide companies in reforming their business strategies and establishing themselves across the broader geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Virtual Tours Market, thereby allowing players to develop effective long term strategies to garner their market revenues.
• Develop/modify business expansion plans by leveraging significant growth offerings in both developed and emerging markets.
• Examine in-depth global market trends and prospects in conjunction with the factors driving the market as well as those constraining growth to some extent.
• Improve the decision-making process by understanding the strategies driving commercial interest in terms of products, segmentation and industry verticals.
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global, medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR strives to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market space.
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