Virtual Tour Software Market - Forecasts from 2024 to 2029

Virtual Tour Software Market - Forecasts from 2024 to 2029

The virtual tour software market is projected to grow at a CAGR of 17.15% to reach US$2.589 billion in 2029 from US$0.855 billion in 2022.

The virtual tour software market is increasing due to the proliferation of VR, AR, and MR devices. The software for virtual tours that facilitates destination-based marketing is one of the expanding uses for virtual reality. Many industries are using this software as a new marketing tactic to increase consumer interaction, including education, automotive, manufacturing, security, real estate, tourism, and hospitality. Through the use of a virtual solution, the marketing plan is anticipated to enhance client satisfaction and increase interaction sessions.

Market Driver:

Growing Demand from End-Users is driving the market growth.

The need for virtual tour software is being driven by the growing demand for virtual tourism as well as the adoption of the program by several industries, including real estate, tourism, education, and the automotive sector. For instance, in June 2022, the virtual mapping business Concept3D partnered with Pathify, a higher education engagement company, to offer 3D mapping services to colleges and institutions. Additionally, zSpace is an edtech company that creates interactive augmented reality (AR) experiences for specific hardware. It provides immersive learning resources for important industries like transportation, agriscience, advanced manufacturing, and health sciences.
Growing Applicability in Real-Estate sector is augmenting the market expansion.

The adoption of virtual tour software is increasing in real estate as virtual tour software is immersive, they are becoming more common in the real estate industry. Real estate brokers can more successfully target the correct buyers, offer 360 virtual tours, and uncover targeted leads by integrating virtual reality. Moreover, offering 360-degree virtual tours of a property can also result in higher earnings. Virtual tours offer realtors the ability to offer superior customer service, which increases the likelihood that the offered property will fetch a higher price. The virtual tour software also enhances the overall bid value, real estate brokers who accept bids for their listings can also boost their revenues from sales. For instance, renowned proptech company Square Yards has announced a 70% rise in FY23 revenues, at Rs. 670.5 crores, driven by the growing demand for residential real estate. In 2021–2022, the company's revenue was Rs. 395.6 crore. One of the main sources of the company's overall revenue was the real estate industry.

North America is anticipated to account for a considerable share

The growing technological innovation coupled with the bolstering growth in major end-users and favorable investment to bolster Augmented Reality (AR) and Virtual Reality (VR) have positively impacted the market demand for virtual tour software in major North American economies such as the USA. According to the World Travel and Tourism Council’s “Travel & Tourism Economic Impact 2023 Global Trends” report, in 2022, the tourism sector's contribution to U.S GDP reached nearly US$2 trillion which represents a 16.9% increase over 2021. Furthermore, as per the same source, the GDP contribution is expected to reach US$2.2 trillion in 2023. Moreover, the recent launches of virtual tours in the USA are also paving the way for market growth, for instance, in October 2023, First Lady Jill Biden launched a new virtual tour of the White House on National Civics Day. The virtual tour displayed Google’s Street View Technology and came as a collaboration of the White House with Google Arts & Culture and Google Maps

Market Development:

In January 2024: Maker of “iGUIDE” Planitar Inc. introduced “IGUIDE Instant” a new AI-powered digital solution to redefine 3D virtual tour and interactive floor plans in real estate photography. The new solution uses iGUIDE proprietary AI technology and PLANIX camera system to captivate 3D virtual tours.
In December 2023: Instra360 announced a partnership with Release which aimed to use Insta360’s “360 Camera Technology” with Release’s virtual tour system. The new platform would feature free floor plan modification, comprehensive editing tool kit, and AI virtual renovation.
In May 2022: Intel Corporation launched its virtual Intel Museum, located in California, to allow distant visitors to examine museum material, navigate museum floors, and engage with exhibits, the company built 3D interactive virtual tours.

Segmentation:

By Type
360 Virtual Tour
3D Virtual Tour
Virtual Reality Tour
By Deployment
Cloud
On-Premise
By End-User
Education
Tourism
Automotive
Real Estate
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Singapore
Indonesia
Others