Virtual Tour Software Market Forecasts to 2028 – Global Analysis By Device Type (Head Mounted, and Gesture Tracking), Deployment (Cloud and On-Premises), End User (Automotive, Real Estate and Other End Users) and By Geography
According to Stratistics MRC, the Global Virtual Tour Software Market is accounted for $354.83 million in 2022 and is expected to reach $1070.15 million by 2028 growing at a CAGR of 20.2% during the forecast period. Travel agencies and tour operators are used by the virtual tour software to create virtual visualisations of tourist sites. Tourism businesses use virtual visualisations to accurately depict traveller locations to customers. Internet content managers that like merging virtual tours on websites or online portals utilise this software with the help of sales and advertising groups for promotional purposes. Businesses can save money by using virtual tour software instead of engaging professional videographers to make digital tours.
According to the National Association of Realtors in the U.S., virtual tours have received more than 87% more views than those without 360 virtual tours. In addition, more than 50% of buyers would not prefer to visit the website to shortlist the property if they don't provide a 360 virtual tour.
Increasing Technological Advancements
Virtual reality offers a wider range of industrial applications because to technological advancement. The software that supports destination-based marketing is one of the expanding uses of virtual reality. This software is being widely adopted by numerous industries as a new marketing tactic to improve consumer interaction, including education, automotive, manufacturing, security, real estate, tourism, and hospitality. Through the virtual solution and increased interactive sessions, the marketing approach is anticipated to enhance consumer experience.
Lack of awareness and information to Customers
All potential clients can browse and access the information thanks to the programme. Customers can only see a restricted amount of data from end users including educational institutions, real estate, tourism, and hospitality. Customers may only have limited access to the nearby locations' data. Tour operators might not be able to offer or limit the regions they might not wish to highlight. This is anticipated to have a detrimental effect on market expansion.
Rising adoption of AI-assisted Chabot virtual tours
Virtual tours based on AI and cloud computing are being adopted by a number of businesses in a number of sectors, including automotive, real estate, education, and healthcare. For the purpose of providing product promotions, major market companies are utilising methods like mergers, acquisitions, and partnerships to adopt cutting-edge technology like A.I., cloud computing, and analytics tools.
High interaction costs
Many agents only employ digital tours on their ultra-luxury offerings due to the hefty price tags. A digital tour can only be created by agents for the most expensive properties. Due to this, not everyone can benefit from digital tour promotion. For generating digital tours, several virtual tour firms demand astronomically high prices. Virtual tours created by businesses cost a lot of money.
In order to stop the coronavirus from spreading during the COVID-19 pandemic, a number of manufacturing facilities and building projects have been put on hold. Consumers and businesses have been compelled by this pandemic to adopt cutting-edge technologies like virtual reality and software for virtual product tours. Additionally, numerous real estate owners were advertising their apartments and homes on a virtual reality 360-degree platform during the pandemic.
The cloud segment is expected to be the largest during the forecast period
The cloud segment is estimated to have a lucrative growth, due to the accessibility of cloud-based tour software from anywhere in the world, the increase is mostly attributable to the increasing acceptance of advanced technology-enabled tour software in the real estate, educational institutions, tourist, and hospitality industries. A cloud-based platform for virtual tours of historical sites, hotels, and real estate properties is being developed by a number of the industry's top companies. Additionally, growing enterprise cloud spending has accelerated the adoption of cloud-based virtual tour software.
The real estate segment is expected to have the highest CAGR during the forecast period
The real estate segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing desire from home buyers to list residential properties online via virtual tours, it is anticipated to expand at a notable CAGR throughout the projection period. Before contacting an agent or visiting any residential homes, the majority of home buyers conduct their research online, according to Matter port.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period. It is anticipated to continue to dominate the virtual tour business, accounting for more than two-fifths of the global market. This is because more companies are investing in virtual tours thanks to the growth of the IoT (Internet of Things) and the planning of events like product launches and shows, among other things. However, LAMEA is anticipated to experience the quickest CAGR over the forecast period due to an increase in advertising and marketing investments from major companies and a rise in demand for online events.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, making it the mind-boggling nation in the market for virtual tour software. The enhancement would be made possible by marketing analysis tools and by current players who have genuinely grown used to the market over time. Despite this, business associations, outcast leaders, etc. are focusing their efforts on producing customer-driven products that will further contribute to the development in this field. The market for virtual tour software is likely to experience fundamental growth as a result of increasing revenue, increased compensation, pattern-setting advancement, and invention, along with initiatives to promote awareness of the demand.
Key players in the market
Some of the key players profiled in the Virtual Tour Software Market include Concept3D, Inc., Klapty, Kuula LLC, CloudPano, RTV, Inc., Matter-port, Inc., Eyespy360, 3DVista Stitcher, Roundme Limited, Matterport, Kolor, SeekBeak and Real Tour Vision
In June 2022, Concept3D, Inc. announced a partnership with a higher education engagement hub, Pathify, to offer campus tours through virtual mapping.
April 2022, Washington-based Mass Interact teamed up with Full Measure Education, to offer virtual tour solution to enhance campus visits. The partnership aims to improve students’ enrolment and retention, increasing search ability, tailored virtual experience, and more.
In March 2022, Concept3D, Inc. announced a strategic collaboration with PlatformQ Education, a software development company, to integrate Concept3D and PlatformQ solution capabilities. The partnership is expected to expand virtual touring along with enhancing virtual experience.
In July 2021, Kuula LLC announced a partnership with Angola-based real estate, AngoCasa, to incorporate virtual tours into its properties.
In May 2021, EyeSpy360 announced collaboration with real estate sales and marketing developer, Chime, to provide its virtual tour content. The company integrated its software with website management tool of Chime that offers live tours and virtual walk-in.
Device Types Covered:
• Head Mounted
• Gesture Tracking
End Users Covered:
• Real Estate
• Tourism & Hospitality
• Other End Users
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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