According to a new report, The Global Virtual Tours Market By Type, By Application: Opportunity Analysis and Industry Forecast, 2020-2030
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, September 10, 2022 /EINPresswire.com/ — The virtual tours market was valued at USD 448.10 Million in 2020 and is expected to reach USD 6.5 Billion by 2030, growing at a CAGR of 31% from 2021 to 2030. The report offers in-depth analysis of key growth strategies, drivers , Opportunities, Key Segment, Porter’s Five Forces Analysis and Competitive Landscape.
Increased use by the real estate industry to advertise and market their properties, increase engagement and improve the experience, as well as increased use in advertisements and promotions, drive growth of the global virtual tours market. However, lack of impactful user experience design and slow adoption of virtual reality solutions is limiting the market growth. On the other hand, increasing internet connectivity and technological advancements are creating new opportunities in the coming years.
The global Virtual Tours Market size was valued at USD 448.1 Million in 2020 and is projected to reach USD 6,537.1 Million by 2030, registering a CAGR of 31.0% from 2021 to 2030. 3D virtual tours was the largest revenue contributor to the market, and is expected to reach $2,810.2 million by 2030, growing at a CAGR of 30.4%.
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The growth of the real estate and tourism industry and the increase in internet connectivity act as the virtual tour market trends of the global virtual tour industry. Furthermore, the increase in the use of consumer electronic devices is expected to fuel the growth of the virtual tours market. However, lack of effective user experience design and slow adoption of virtual reality solutions in underdeveloped economies are the major factors hampering the growth of the market. Conversely, advancements in technology and increase in application areas in various industry verticals are expected to provide lucrative virtual tour market demand for market growth.
In 2020, based on type, 3D virtual tour held the leading virtual tour market share and is expected to maintain its dominance in the coming years. This is due to the 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 experience the highest growth, due to the benefits of AR & VR technology such as reduced field staff training costs, faster repairs and greater satisfaction. client.
By application, the tourism segment held the major share of 35.6% in the global virtual tour market. Virtual reality technologically involves the use of a VR headset, which helps immerse a user in a digital environment.
The North America region held the largest share of the virtual tour market. This is attributed to the increase in technological advancements in the real estate and tourism industry, growing penetration in the gaming industry, and remarkable growth in the e-learning market.
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Key market players profiled in the report include:
○ Casserole 3sixty
○ Mi 360
○ 360 Pano Vr Solutions Pvt. ltd
○ 360 imaging
○ Studio Invision Inc.
○ Vista Tower
○ Eye Revolution Ltd.
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