Growing focus on integrating advanced digital technologies in commercial sectors for providing immersive experience to the customers is anticipated to provide growth opportunities to the global virtual tour market
Virtual tour is a sequence of panoramic images combined together to offer a realistic experience to the viewers of any location or destination. The use of technology that enables viewers enjoy an immersive experience of a location, activity, destination is referred to virtual tour. For example, Preschool & Childcare Virtual Tour or 3D virtual tour for real estate. The rapidly evolving technology landscape, changing consumer preferences for achieving experiences resembling those experienced in physical stores and other critical studies such as in healthcare, growing demand for virtual tour in retailing, rapid shift of industry verticals to adopt virtual tour platform is driving the global virtual tour market. As a result the global virtual tour market size is projected to reach close to 24.10 Billion Dollars until 2028 with a compound annual growth rate of 30.95% from 2021 to 2028. The factors such as time and cost savings, increased convenience, increased retention rate, simplified complex situations are also the key factors driving the growth of global virtual tour market.
The global virtual tour market seems progressive and attractive. Thus the small and medium enterprises from various industry verticals are adopting virtual tout platform products and solutions to provide realistic and immersive experience to the customers for better retention, financial benefits, and increasing market competitiveness.
However, the display latency energy consumption affecting the virtual tour-based AR, VR, MR devices, high costs, visualization, navigation, and interaction challenges are likely to hamper the market.
Furthermore, the growing level of immersion due to technological developments, reduced cost of products, increasing gaming and entertainment solutions, potential uses for virtual tour in healthcare, advanced headsets and display units, 5G and other advanced networks is anticipated to be growth opportunity to the global virtual tour market.
Adroit Market Research Report provides detailed analysis of global virtual tour market. The report determines the growth rate of individual market segment, macroeconomic environment, competitive environment, product price patterns, customers buying patterns, future trends, and demand and supply dynamics. The report gives comprehensive insight of the global virtual tour market along with details of emerging market opportunities, appropriate business directions, advanced industry insights, practical solutions, business models, latest technologies shaping the virtual tour platform and other such crucial topics about the market. Furthermore, the report gives detailed market analysis and insights related to various factors prevalent in the market and in the years ahead along with its impact on the market. The impact of covid-19 outbreak and the recovery strategies adopted by the market players are also highlighted in the report. In the context of competitive environment the report studies the market players, leading companies operating in the market along with providing details about their geographical footprint, key products and services, company portfolios and other details about the competitors.
The web-based segment recorded highest market revenue as it provides personalised content, immersive and interactive application driving demand growth of web based virtual tour platform.
The real estate professionals segment accounted for highest market revenue as customers due to the pandemic are shifting to virtual tour platforms to get immersive experience of the real estate.
The head mounted segment held largest market share in 2020 and is expected to dominate the market in the forecast years 2021-2028. The VR games offer immersive environment experience to the players. Also, the healthcare industry, real estate sector along with the gaming industry is offering lucrative growth opportunities to the market.
North America is the most favourable market in terms of virtual tours products and solutions investment. The presence of technology giants like Microsoft, Google, Intel and other key players, booming healthcare, gaming, and real estate sector is driving the adoption of virtual tour platform. This is the key factors driving North America’s revenue in the global virtual tour market. APAC is also the next dominant region in the market due to growing adoption of virtual tour platform, digital technologies, and booming real estate sector.
The global virtual tour market competitors based on market capital, price, features, equipment, geographical dominance, and other market aspects are Sixense Enterprises, Leap Motion, CyberGlove Systems, Vuzix, Eon Reality, Oculus, HTC, Microsoft, Google, Samsung Electronics, and Sony among all other well-established and emerging players.
Key Segments of the Global Virtual Tour Market
Product Type Overview, 2018-2028 (USD Billion)
- Cloud Based
- Web Based
Device Type Overview, 2018-2028 (USD Billion)
- Head Mounted
- Gesture Tracking
Application Overview, 2018-2028 (USD Billion)
- Real Estate Professionals
- Tourism Industries
- Marketing Professionals
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa