Tuesday, November 28, 2023
Allied Analytics LLP has unveiled a groundbreaking report projecting the Virtual Tour Market to reach an industry size of $6.5 billion by 2030, boasting a robust Compound Annual Growth Rate (CAGR) of 31%. The North American region takes the lead in this technological revolution, capturing the major market share. According to Roshan Deshmukh, key factors driving this growth include the expansion of the real estate and tourism industry and an increase in internet connectivity.
The report, titled “Virtual Tour Market by Type, by Application: Global Opportunity Analysis and Industry Forecast, 2020-2030,” offers a comprehensive analysis of investment pockets, winning strategies, market drivers & opportunities, size estimations, competitive landscape, and evolving market trends.
The global Virtual Tour Market, valued at $448.1 million in 2020, is projected to reach $6,537.1 million by 2030, showcasing a significant CAGR of 31.0% from 2021 to 2030. The 3D virtual tour segment leads the market, expected to contribute $2,810.2 million by 2030, boasting a CAGR of 30.4%.
Key drivers for this growth include the increased utilization by the real estate industry for property display and commercialization, heightened engagement, and improved user experience. Technological advancements and expanding application areas in various industries are expected to fuel further growth, despite hurdles like the lack of effective user experience design and slow adoption of virtual reality solutions in underdeveloped economies.
In 2020, 3D Virtual Tour dominated, maintaining its stronghold due to applications in construction, tourism, healthcare, education, and real estate. The tourism segment holds a major share of 35.6% in the global virtual tour market, with the Virtual Reality Tour expected to witness the highest growth.
North America’s dominance in the virtual tour market is attributed to technological advancements in the real estate and tourism sectors, increased penetration of the gaming industry, and remarkable growth in the e-learning market.
Pan 3sixty, Mi 360, 360 Imagery, Exsight 360, Blueravenstudios, 360 Pano Vr Solutions Pvt. Ltd, Invision Studio Inc., Starts360, Tourvista, and Eye Revolution Ltd. are some of the leading companies in the virtual tour industry worldwide.
For further insights, the report offers a quantitative analysis of market segments, current trends, estimations, and dynamics from 2020 to 2030, including key drivers, restraints, and opportunities. The analysis includes Porter’s five forces highlighting the potency of buyers and suppliers. Additionally, the report provides an in-depth analysis of market segmentation, regional and global trends, key players, application areas, and growth strategies.
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