The virtual tourism market size has grown rapidly in recent years, increasing from $10.52 billion in 2023 to $12.38 billion in 2024, at a compound annual growth rate (CAGR) of 17.7%. This historic growth can be attributed to factors such as increasing internet penetration, the rise of mobile devices, the growth of digital marketing, rising consumer demand for convenience, and increased investment in virtual tour infrastructure. Looking ahead, the market is expected to continue its rapid growth, projected to reach $23.9 billion by 2028, with a CAGR of 17.9%. This anticipated growth in the forecast period is driven by the increasing adoption of 5G networks, growing popularity of smart devices, expansion of digital marketing strategies, enhanced user experience features, and integration of interactive features. Major trends shaping the forecast period include the adoption of virtual reality (VR), growth of remote experiences, integration of artificial intelligence (AI), expansion of educational content, and incorporation of social features.
Major Driver In The Virtual Tourism Market
The expansion of the real estate industry is expected to further propel the growth of the virtual tourism market. The real estate sector, which includes businesses that buy, sell, lease, and manage residential, commercial, and industrial properties, is experiencing growth due to urbanization, economic development, and favorable investment conditions. Real estate companies are leveraging virtual reality (VR) and augmented reality (AR) technologies to provide immersive property tours, allowing global exploration without the need for physical visits. This strategy enhances virtual tourism by attracting buyers and tourists with detailed, interactive views of luxury properties. For instance, the United States Census Bureau, a US-based government agency, reported in July 2024 that in June 2023, the number of privately owned housing units authorized by building permits reached 1,493,000, reflecting a 3.1% increase compared to the 1,399,000 units permitted in May 2023. Therefore, the expanding real estate industry is significantly driving the virtual tourism market.
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Virtual Tourism Market Competitive Landscape
Major companies operating in the virtual tourism market are Google LLC, Intel Corporation, Toshiba Corporation, Ricoh Co. Ltd., Zebra Technologies Corp., Autodesk Inc., Trimble Inc., Zillow Group, Leica Geosystems AG, Cvent Inc., Magic Leap Inc., Vuzix, Real Tour Vision (RTV) Inc., Vieweet, Urbanimmersive Inc., Blippar Group Limited, UNIMERSIV, Kuula Inc., Virtual Pictures Corp., Cupix Inc.
Key Virtual Tourism Market Trend
Major companies in the virtual tourism market are developing advanced technology using AI-powered three-dimensional (3D) virtual tours to provide affordable and lightning-fast 3D solutions that revolutionize virtual real estate experiences. AI-powered 3D virtual tours leverage artificial intelligence to create immersive and realistic digital simulations of real-world locations. They allow users to explore and interact with virtual environments in three dimensions, featuring adaptive content and personalized experiences. For instance, in January 2024, Planitar Inc., a Canada-based measurement technology provider, launched iGUIDE Instant. This cost-effective solution is priced at just USD 7.99 per project, allowing real estate photographers to quickly create high-quality virtual tours and floor plans, often within minutes of capturing property data. It integrates seamlessly with social media and web platforms, offering customizable branding for listing agents. Additionally, iGUIDE Instant provides analytics reports to track online engagement, helping agents evaluate listing effectiveness. The system captures high-resolution 360° imagery, enabling potential buyers to explore properties in exceptional detail and enhancing the overall viewing experience.
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Global Virtual Tourism Market Segmentation
The virtual tourism market covered in this report is segmented –
1) By Type: 360 Virtual Tour, Three-Dimensional (3D) Virtual Tour, Virtual Reality Tour
2) By Product Type: Cloud-Based, Web Based
3) By Technology: Three-Dimensional (3D) Scanning And Imaging, Photogrammetry, Computer Vision, Haptic Feedback, Spatial Audio, Other Technologies
4) By Direct Suppliers: Airlines, Hotel Campaigns, Tour Operators, Government Bodies
5) By End-Use: Travelers And Tourists, Hospitality And Accommodation, Cultural And Historical Sites, Entertainment And Recreation, Education And Training, Other End-Uses
By Geography:The regions covered in the virtual tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the virtual tourism market in 2023.
The Virtual Tourism Global Market Report 2024 furnishes information about the global virtual tourism market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
