Global Virtual Tour Software Market is valued at approximately USD 304.6 million in 2021 and is anticipated to grow with a healthy growth rate of more than 13.8% over the forecast period 2022-2029. Virtual tour is a type of marketing tool that facilitated clients to experience services or goods offered by a merchant in a virtual setting. This software is generally used to explore homes, cars, tourist attractions, and other objects virtually. A virtual tour tool creates a 360-degree perspective of the location using pictures, audio, video clips, and 3D maps. This service includes 360-degree panoramic images of the site, its surroundings, and its elements. The increasing demand for virtual reality tools, the surge in investment by government authorities, coupled with the rapid proliferation of the internet are the primary factors that are attributing to the global market growth.
The rising adoption of AI-assisted Chabot virtual tours is propelling the market demand across the world. Various companies are emphasizing penetrating advanced technologies such as A.I., cloud computing, and analytics tools to provide product promotions. For instance, in February 2021, Zillow Group, Inc., a real estate company unveiled that the company introduced an AI-Powered 3D Home interactive floor platform for home shoppers’ tours. The new platform is designed for all Zillow customers to utilize the 3D platform for free by combining together media information on selling their real estate assets. Likewise, in March 2021, TMRW Visualization Company announced the launch of SpaceWalk, which offers photorealistic virtual tours of buildings and shares them with potential customers. This platform for virtual building tours was created for both indoor and outdoor settings, and it is available on any smart device, including computers and smartphones. Furthermore, the growing investment in the development of advanced technology, as well as the increasing initiatives by the key market players are presenting various lucrative opportunities over the forecasting years. However, the high interaction costs and lack of awareness and information to customers about virtual tour software and services are challenging the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Virtual Tour Software Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the growth of the tourism and hospitality sector, increasing digitization, along with the rising adoption of AI technology. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the increasing adoption of advanced analytics tools, as well as the surge in adoption of the analytics platform for patent filing in the market space.
Major market players included in this report are:
Recent Developments in the Market:
Ø In December 2021, CloudPano declared that the company entered into a collaborative agreement with realtor.com in order to offer 3D virtual tour capability to home buyers.
Ø In December 2021, Matterport, Inc. announced the company’s partnership with Nodalview- a real estate sales and marketing provider to provide virtual experience to enhance real estate sales.
Global Virtual Tour Software Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Deployment, End-user, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Tourism & Hospitality
Rest of the World