Dublin, May 29, 2023 (GLOBE NEWSWIRE) -- The "Virtual Tour Software Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The virtual tour software market is projected to grow at a CAGR of 16.27%, reaching US$2,170.432 million in 2028 from US$755.556 million in 2021.
Virtual tour software integrates visualization technologies to create virtual and interactive representations of the targeted property or destination. Universities, real estate agents, professional photographers, travel agencies, hotels, and other accommodation businesses substantially employ virtual tour software and technology in their marketing and sales departments to expand their customer base and generate additional sales revenue.
Hence, the education, tourism, and real estate sectors are major end-users contributing significantly to the virtual tour software market.
Furthermore, the emergence of the corona pandemic and the implementation of lockdowns worldwide resulted in an augmented consumption of virtual tour software as promotional tools by several companies and agencies to attract and initiate transactions with potential customers. Virtual tour software contains video creation and editing features, rotation and zoom options for the customers, and the ability to personalize virtual tour templates to meet the company's or brand's marketing requirements.
Hence, considering the increase in the adoption of virtual tour software and enhancement in the quality and features of virtual tour software features, it can be anticipated that the virtual tour software market will significantly grow over the forecast period.
Market Drivers:
Expansion of the real estate and education sector
The advancement of the real estate sectors fueled by the increasing urbanization rates worldwide and the acceptance rates of international students by educational institutions in different geographical regions are generating high demand for virtual tour software applications. 360-degree tours and 3D tours are extensively used in the real estate sector to advertise the properties of a company.
A report compiled by Realtor, a real estate website, revealed that properties with virtual tour options generated approximately 87% more views. In comparison, the properties without any virtual tour features were skipped by more than 54% of the buyers. In addition, virtual tours' affordability and convenience make them a popular service by universities worldwide to allow students to explore the universities virtually. Therefore, expanding the real estate and education sectors will likely generate a proportionate increase in the demand for virtual tour software.
Application as a marketing strategy for the travel and tourism industry
Incorporating virtual tour technology as a promotional and market strategy by travel agencies and tourism departments of different national economies to provide an accurate visual representation of the destinations and attract more customers is contributing majorly to the market demand for virtual tour software.
Furthermore, the decline in the travel and tourism industry sales due to the pandemic has resulted in the innovation of virtual tour mechanisms to boost the growth of these sectors. For instance, the Soul Travel India organization provides virtual tour packages of different Indian cities where the customers can virtually visit these cities despite staying at their houses.
In addition, the Japan National Tourism Organization also introduced a 360-degree virtual tour scheme to allow visitors to virtually explore the various tourist destinations in Japan, including the Fushimi Inari Shrine in Kyoto. Therefore, the employment of virtual tour software as a promotional strategy by the travel and tourism industries and the expansion of the real estate sector are key factors propelling the demand for the virtual tour software market.
Displeasing virtual tour experiences could hinder the growth of the virtual tour software market.
The effective working of virtual tour software depends on internet connection stability. An unstable internet connection during a virtual tour could result in the customers being unable to view certain areas and paths demonstrated in the virtual tours. In addition, several virtual times last up to 2 hours, resulting in lowered concentration levels among the customers by the end of the virtual tour. Therefore, troublesome virtual tour experiences accounted for by the instability in internet speed and the prolonged length of virtual tours could hinder the growth of the virtual tour software market.
Asia Pacific holds a prominent share of the virtual tour software market and is expected to grow in the forecast period.
Virtual tour software in the Asia Pacific region is witnessing high demand due to the rapid developments in the virtual reality field and increasing real estate needs fueled by the growing population size of APAC countries. Klapty, RTV Inc., Kuula, Panoee, and Jaatre Technologies Inc are the key suppliers of virtual tour software in the Asia Pacific region.
Therefore, owing to the various factors contributing to its growth, it can be anticipated that the virtual tour software market in the Asia Pacific region will expand over the forecast period. In addition, virtual tour software companies in the APAC countries are developing creative campaigns to promote the growth of the virtual tour sector in this region.
For instance, North Asia CAPE collaborated with GlobaLink Internships in 2021 to provide an opportunity for students and young professionals seeking internships across particular fields to engage with Japanese businesses and markets through virtual tours. Hence, the virtual tour software in the Asia Pacific region is expected to expand over the forecast period.
Market Segmentation:
By End-Users
- Education
- Tourism
- Automotive
- Real Estate
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Singapore
- Indonesia
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $755.56 million |
| Forecasted Market Value (USD) by 2028 | $2170.43 million |
| Compound Annual Growth Rate | 16.2% |
| Regions Covered | Global |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. VIRTUAL TOUR SOFTWARE MARKET BY END-USERS
6. VIRTUAL TOUR SOFTWARE MARKET BY GEOGRAPHY
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
8. COMPANY PROFILES
Companies Mentioned
- CloudPano
- RTV Inc.
- Concept3D (3D BIM Design)
- Klapty
- Kuula LLC
- Matterport Inc.
- My360 (Plush Global Media)
- 3DVista
- EyeSpy360
- Capterra Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wfrmyh
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