What Is The Scope Of The Global Virtual Tourism Market?
Virtual tourism is the use of technology to create simulated experiences of real or imagined locations, allowing people to explore and interact with them without physically being present. Virtual tourism offers a secure and convenient alternative to exploring countries, particularly when travel is dangerous or impractical. It also helps to preserve and promote cultural heritage by creating digital records of historic sites and traditions.
Virtual Tourism Global Market Report 2024 provides data on the global virtual tourism market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The virtual tourism market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Virtual Tourism ?
The virtual tourism market has experienced rapid expansion recently, projected to grow from $10.52 billion in 2023 to $12.38 billion in 2024, with a compound annual growth rate (CAGR) of 17.7%. This growth is driven by factors like increased internet access, the rise of mobile devices, growth in digital marketing, the demand for convenience, and investments in virtual tour infrastructure. Over the next few years, the market is expected to continue growing, reaching $23.9 billion by 2028, with a CAGR of 17.9%. Key drivers include the adoption of 5G networks, smart device popularity, expansion of digital marketing, improved user experiences, and interactive features. Trends in the forecast period include growing use of virtual reality (VR), remote experiences, artificial intelligence (AI) integration, educational content growth, and social feature incorporation.
What Factors Are Driving Growth In The Virtual Tourism Market?
The growth of the real estate industry is expected to stimulate the growth of the virtual tourism market. As real estate companies expand, they are using virtual reality and augmented reality to offer immersive property tours, allowing potential buyers and tourists to explore properties without needing to visit physically. The U.S. Census Bureau reported a rise in the number of housing units authorized by building permits, which will likely continue to drive virtual tourism in the real estate sector.
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What Are The Main Segments Of The Global Virtual Tourism Market?
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
What Emerging Trends Are Influencing The Growth Of The Virtual Tourism Market?
In the virtual tourism market, companies are developing AI-powered 3D virtual tours to revolutionize real estate experiences. Planitar Inc. launched iGUIDE Instant in January 2024, a cost-effective solution for real estate agents to create high-quality virtual tours and floor plans quickly. The platform integrates with social media and web platforms, offering customizable branding and tracking engagement to assess listing effectiveness.
What Is The Largest Region In The Virtual Tourism Market?
North America was the largest region in the virtual tourism market in 2023. The regions covered in the virtual tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
