Dublin, Nov. 19, 2024 (GLOBE NEWSWIRE) — The “Virtual Tourism Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
This Virtual Tourism market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The virtual tourism market size has grown rapidly in recent years. It will grow from $10.52 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth observed during the historic period can be attributed to increasing internet penetration, the proliferation of mobile devices, the expansion of digital marketing, rising consumer demand for convenience, and increased investment in virtual tour infrastructure.
The virtual tourism market size is expected to see rapid growth in the next few years. It will grow to $23.9 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The projected growth during the forecast period can be attributed to the increasing adoption of 5G networks, the growing popularity of smart devices, the expansion of digital marketing strategies, enhanced user experience features, and the integration of interactive elements.
Key trends expected to drive this growth include the rising adoption of virtual reality (VR), the expansion of remote experiences, the integration of artificial intelligence (AI), the growth of educational content, and the incorporation of social features.
The expansion of the real estate industry is projected to drive growth in the virtual tourism market. Real estate industries, encompassing activities such as buying, selling, leasing, and managing residential, commercial, and industrial properties, are experiencing growth due to urbanization, economic development, and favorable investment conditions. Real estate companies are utilizing VR and AR technologies to provide immersive property tours, allowing potential buyers and tourists to explore properties globally without physical visits. This innovation enhances virtual tourism by offering detailed, interactive views of luxury properties. For example, in July 2024, the United States Census Bureau reported that in June 2023, the number of privately owned housing units authorized by building permits was 1,493,000, a 3.1% increase from the 1,399,000 units permitted in May 2023. This growth in the real estate sector is expected to drive the virtual tourism market.
Leading companies in the virtual tourism market are developing advanced technology, such as AI-powered three-dimensional (3D) virtual tours, to deliver cost-effective and rapid 3D solutions that transform virtual real estate experiences. AI-powered 3D virtual tours use artificial intelligence to create immersive, realistic digital simulations of real-world locations, allowing users to explore and interact with virtual environments in three dimensions, with adaptive content and personalized experiences.
For instance, in January 2024, Planitar Inc., a Canada-based measurement technology provider, launched iGUIDE Instant. This solution offers an affordable option at USD 7.99 per project, enabling real estate photographers to quickly generate high-quality virtual tours and floor plans, often within minutes of capturing property data. The platform integrates with social media and web platforms, allowing customizable branding for listing agents and providing analytics reports to track online engagement and assess listing effectiveness. iGUIDE Instant captures high-resolution 360 imagery, enhancing the viewing experience by enabling potential buyers to explore properties in exceptional detail.
In December 2022, Zillow Group, a U.S.-based real estate company, acquired VRX Media for an undisclosed amount. This acquisition is aimed at enhancing Zillow’s real estate offerings and enabling the company to provide advanced media services through its ShowingTime+ software suite. The acquisition also positions Zillow to set a new industry standard with rich interactive media for property listings. VRX Media, a U.S.-based provider of virtual staging and 3D virtual tours for the real estate and commercial sectors, will be integrated into Zillow’s operations.
Major companies operating in the virtual tourism market are Google, Intel, Toshiba, Ricoh, Zebra Technologies, Autodesk, Trimble, Zillow Group, Leica Geosystems, Cvent, Magic Leap, Vuzix, Real Tour Vision (RTV), Vieweet, Urbanimmersive, Blippar Group, UNIMERSIV, Kuula, Virtual Pictures and Cupix.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Markets Covered:
- By Type: 360 Virtual Tour; Three-Dimensional (3D) Virtual Tour; Virtual Reality Tour
- By Product Type: Cloud-Based; Web Based
- By Technology: Three-Dimensional (3D) Scanning And Imaging; Photogrammetry; Computer Vision; Haptic Feedback; Spatial Audio; Other Technologies
- By Direct Suppliers: Airlines; Hotel Campaigns; Tour Operators; Government Bodies
- By End-Use: Travelers And Tourists; Hospitality And Accommodation; Cultural And Historical Sites; Entertainment And Recreation; Education And Training; Other End-Uses
Key Companies Mentioned: Google, Intel, Toshiba, Ricoh Co. and Zebra Technologies Corp.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $12.38 Billion |
| Forecasted Market Value (USD) by 2028 | $23.9 Billion |
| Compound Annual Growth Rate | 17.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Virtual Tourism Market Characteristics
3. Virtual Tourism Market Trends and Strategies
4. Virtual Tourism Market – Macro Economic Scenario
5. Global Virtual Tourism Market Size and Growth
5.1. Global Virtual Tourism Market Drivers and Restraints
5.2. Global Virtual Tourism Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Virtual Tourism Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Virtual Tourism Market Segmentation
6.1. Global Virtual Tourism Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 360 Virtual Tour
- Three-Dimensional (3D) Virtual Tour
- Virtual Reality Tour
6.2. Global Virtual Tourism Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.3. Global Virtual Tourism Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Three-Dimensional (3D) Scanning and Imaging
- Photogrammetry
- Computer Vision
- Haptic Feedback
- Spatial Audio
- Other Technologies
6.4. Global Virtual Tourism Market, Segmentation by Direct Suppliers, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Airlines
- Hotel Campaigns
- Tour Operators
- Government Bodies
6.5. Global Virtual Tourism Market, Segmentation by End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Travelers and Tourists
- Hospitality and Accommodation
- Cultural and Historical Sites
- Entertainment and Recreation
- Education and Training
- Other End-Uses
7. Virtual Tourism Market Regional and Country Analysis
7.1. Global Virtual Tourism Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Virtual Tourism Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8-29. Region and Country Specific Virtual Tourism Market
30. Virtual Tourism Market Competitive Landscape and Company Profiles
30.1. Virtual Tourism Market Competitive Landscape
30.2. Virtual Tourism Market Company Profiles
- Intel
- Toshiba
- Ricoh
- Zebra Technologies
31. Virtual Tourism Market Other Major and Innovative Companies
- Autodesk
- Trimble
- Zillow Group
- Leica Geosystems
- Cvent
- Magic Leap
- Vuzix
- Real Tour Vision (RTV)
- Vieweet
- Urbanimmersive Inc.
- Blippar Group
- UNIMERSIV
- Kuula Inc.
- Virtual Pictures
- Cupix
32. Global Virtual Tourism Market Competitive Benchmarking
33. Global Virtual Tourism Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Virtual Tourism Market
35. Virtual Tourism Market Future Outlook and Potential Analysis
35.1 Virtual Tourism Market in 2028 – Countries Offering Most New Opportunities
35.2 Virtual Tourism Market in 2028 – Segments Offering Most New Opportunities
35.3 Virtual Tourism Market in 2028 – Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/9zsj03
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