Pune,India, April 03, 2023 (GLOBE NEWSWIRE) -- The global virtual tour software market size was valued at USD 340.7 million. The market is projected to grow from USD 384.0 million in 2023 to USD 941.3 million by 2030, exhibiting a CAGR of 13.7% during the forecast period. Virtual tour software uses images, audio, video clips, and 3D maps to generate a 360-degree view of the place. Demand for smartphone-based virtual tourism among consumers and expansion is set to propel market growth. Rising adoption of AI-assisted chatbot virtual tours to bolster market expansion. Fortune Business Insights™ shares this information in its report titled “Virtual Tour Software Market, 2023-2030.”
Key Industry Development-
Concept3D, Inc. announced a partnership with a higher education engagement hub, Pathify for offering campus tours using virtual mapping.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.7% |
| 2030 Value Projection | USD 941.3 Million |
| Base Year | 2022 |
| Virtual Tour Software Market Size in 2022 | USD 340.7 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Deployment, End User, Region |
Key Takeaways-
- Virtual Tour Software Market is expected to flourish & reach USD 941.3 Million in 2030
- The new platform plan helped collect media content on the sale of real estate from all Zillow users to access the 3D platform for free.
- The marketing strategy should enhance the customer experience through the virtual solution and drive interactive sessions.
- Due to the rising demand for virtual reality-based software among consumers, the leisure and hospitality sector is expected to expand at the greatest CAGR during the projection period.
- Virtual Tour Software Market Size in North America was USD 142.2 Million 2022
Drivers and Restraints
Technological Developments for Enhancing the Application to Propel Market Growth
An increasing number of technological developments to enhance the application of the software is projected to drive the virtual tour software market growth. One of the growing applications of virtual reality is supporting destination-based marketing. Various industries, such as education, automotive, manufacturing, security, real estate, tourism, and hospitality, are prominently adopting this software as a new marketing strategy to enhance customer engagement.
However, lack of awareness and information to customers about virtual tour software and services impedes market expansion.
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Regional Insights-
North America to Dictate Market Share Due to High Adoption of the Software
North America is expected to hold majority virtual tour software market share due to high adoption of the software. The market reached the valuation of USD 142.2 million in 2022. As per the National Association of Realtors in the U.S., virtual tours have received more than 87% more views than those without 360 virtual tours. Additionally, more than 50% of buyers would not prefer to visit the website to shortlist the property if they don't provide a 360 virtual tour.
Europe is projected to show important progression due to rising digitization and growing adoption of AI technology in the real estate.
Asia Pacific is anticipated to have the highest CAGR, owing to the rising adoption of advanced analytics tools across China and India.
Report Coverage-
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments-
Cloud Segment to be Prime Part Due to Adoption of Advanced Technologies
According to deployment, the market is bifurcated into cloud and on-premise. Cloud segment to hold the largest part due to growing adoption of advanced technology-enabled tour software in real estate, educational institutes, tourism, and hospitality.
Real Estate Segment to Lead Due to Rising Demand from Home Buyers
According to end-user , the market is divided into real estate, education, tourism & hospitality, automotive, and others. The real estate segment is set to dominate due to the rising demand from home buyers for household properties using virtual tours. The tourism & hospitality segment is also expected to grow at a high CAGR due to the growing demand for virtual reality-based software among users.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Competitive Landscape-
Introduction of New Services by the Key Players to Propel Market Progress
Key players have been focusing on the development of advanced solutions and services by incorporating AI, cloud computing, and others. The players have been expanding their services and solutions by offering solutions across developing nations. In June 2021, Kuala Lumpur Convention Center introduced an overview of the venue for potential global visitors using an interactive virtual tour on its website. It will focus on providing a self-exploration and guided tour using Skye's chatbot, which offers dive into space functionalities.
List of Key Players Profiled in the Report-
- RTV, Inc. (U.S.)
- Concept3D, Inc. (U.S.)
- Klapty (Switzerland)
- Kuula LLC (U.S.)
- Matterport, Inc. (U.S.)
- CloudPano (U.S.)
- My360 (Spain)
- Eyespy360 (England)
- 3DVista Stitcher (Spain)
- Roundme Limited (U.S.)
Major Table of Contents-
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Virtual Tour Software Key Players Market Share/Ranking, 2022
- Global Virtual Tour Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By End-user (USD)
- Real Estate
- Education
- Tourism & Hospitality
- Automotive
- Others (Healthcare, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Virtual Tour Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By End-user (USD)
- Real Estate
- Education
- Tourism & Hospitality
- Automotive
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Virtual Tour Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By End-user (USD)
- Real Estate
- Education
- Tourism & Hospitality
- Automotive
- Others
- By Country (USD)
- United Kingdom
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
TOC Continued…!
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Related Report-
Virtual Reality Market Share, Industry Report, 2023-2029
Virtual Reality in Education Market Revenue Growth Forecast to 2026
Virtual Reality in Automotive Market Share, Revenue And Growth Rate Till 2027
FAQ:
How big is the Virtual Tour Software Market?
The global virtual tour software market size was valued at USD 340.7 million in 2022. The market is projected to grow from USD 384.0 million in 2023 to USD 941.3 million by 2030, exhibiting a CAGR of 13.7% during the forecast period.
How big is Virtual Tour Software Market in North America?
The market in North America stood at USD 142.2 Million in 2022 and is expected to gain a huge portion of the market share in the coming years.
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