What Fueled The Previous Growth In The Virtual Tourism Market?
The virtual tourism market has seen considerable growth due to a variety of factors.
• The virtual tourism market has shown rapid growth in recent years. It will grow from $12.38 billion in 2024 to $14.63 billion in 2025, reflecting a CAGR of 18.1%.
This increase is driven by greater internet penetration, the growing use of mobile devices, digital marketing expansion, rising consumer demand for convenience, and increased investments in virtual tour infrastructure.
What Can Be Expected from the Virtual Tourism Market Size?
The virtual tourism market is expected to maintain its strong growth trajectory in upcoming years.
• The virtual tourism market is forecast to grow to $28.14 billion by 2029, at a CAGR of 17.8%.
The expansion is due to the increased adoption of 5G, the growing popularity of smart devices, the rise of digital marketing, enhanced user experience features, and interactive elements. Key trends include broader VR adoption, the rise of remote experiences, AI integration, expanding educational content, and the introduction of social features.
What Are the Critical Driver Fuelling The Virtual Tourism Market's Growth?
As the real estate sector expands, it is anticipated to fuel the growth of the virtual tourism market. Real estate businesses involve the purchasing, leasing, administration, and sale of residential, commercial, and industrial properties. The expansion of this sector can be attributed to rapid urbanization, economic progress, and favorable investment environments. To provide immersive property tours, real estate firms utilize virtual reality (VR) and augmented reality (AR) technologies, which allow global exploration without the need for physical presence. This enhances the virtual tourism industry by drawing in buyers and tourists with comprehensive, interactive views of premium properties. For instance, the United States Census Bureau, an American government agency, reported that in July 2024, there were 1,493,000 privately owned housing units authorized by building permits, marking a 3.1 percent increase from the 1,399,000 units permitted in May 2023. Hence, the advancement of the real estate sector is likely to propel the virtual tourism industry further.
How Is The Virtual Tourism Market segmented?
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
Subsegments:
1) By 360 Virtual Tour: Single Location 360 Tours, Multiple Location 360 Tours
2) By Three-Dimensional (3D) Virtual Tour: 3D Static Tours, 3D Interactive Tours
3) By Virtual Reality Tour: Immersive VR Tours, Non-immersive VR Tours
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What New Trends Are Influencing The Virtual Tourism Market?
Dominant businesses in the field of virtual tourism are advancing their technology with the help of Artificial Intelligence (AI). This technology enables the creation of swift and economical three-dimensional (3D) virtual tours that have the potential to radically alter the landscape of virtual real estate experiences. These AI-powered 3D virtual tours use AI to construct digital simulacra of actual locations that are immersive and realistic. They permit users to navigate and engage with the virtual locations in three dimensions, supplying adaptive material and personalised activities. For instance, Planitar Inc., a corporation based in Canada that provides measurement technology, introduced its product, iGUIDE Instant, in January 2024. Only costing USD 7.99 per project, it provides an affordable means for real estate photographers to swiftly produce high-quality virtual tours and floor plans, often just minutes after gathering property data. It offers seamless integration with web platforms and social media, allowing for customisable branding for listing agents. In addition, iGUIDE Instant provides reports on web engagement analytics, assisting agents in appraising the effectiveness of the listings. It captures high-resolution 360° images which allows prospective buyers to explore properties in remarkable detail, thus improving the overall viewing experience.
Who Are the Key Players In The Virtual Tourism Market?
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.
What Is The Most Dominant 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.
