With 13.8% CAGR, Virtual Tour Software Market Size to Reach USD 854.2 Million [2022-2029]
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global Virtual Tour Software Market Size is projected to hit USD 854.2 Million in 2029, at CAGR of 13.8 % during forecast period [2022-2029]; Virtual Tour Market to Grow Substantially; Strong Demand for the Touring Software to Propel Market Progress
Pune, India, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The global virtual tour software market size was valued at USD 304.6 million in 2021. The market is expected to grow from USD 345.4 million in 2022 to USD 854.2 million by 2029, exhibiting a CAGR of 13.8% during the forecast period. There is rising demand for touring software and smartphone-based tourism to foster market progress. Fortune Business Insights™ presents this information in its report titled “Virtual Tour Market Share, 2022-2029.”
Key Industry Development
June 2022: Concept3D, Inc. partnered with Pathify to provide campus touring using virtual mapping.
Manufacturing Constraints Bolstered Market Growth During the Pandemic
The market was negatively affected during the COVID-19 pandemic due to restrictions on manufacturing and a halt on construction activities. The sudden spike in COVID-19 patients led to the adoption of digital services, thereby enhancing the virtual tour software demand. Furthermore, rising smartphone and electronics demand and increasing dependence upon the Internet of Things (IoT) are likely to elevate the demand for the software. These factors propelled market progress during the pandemic.
Segments
Cloud Segment to Lead Owing to Strong Adoption of Technologically Advanced Software
By deployment, the market is segmented into cloud and on-premises. The cloud segment is expected to lead due to the strong adoption of technologically advanced software.
Real Estate Segment to Dominate Attributable to Strong Demand for VR Software
As per end-user, the market is classified into real estate, education, tourism & hospitality, automotive, and others. The real estate segment is expected to dominate due to the strong demand for VR software.
Regionally, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Technological Advancements to Propel Industry Growth
Virtual tour software is utilized for virtually viewing tourist places, automobiles, and properties. It combines videos, audio, 3D maps, and images to recreate 360-degree panoramic photos of components, places, and locations. Rising technological advancements may enhance the demand for software. Furthermore, the increasing adoption of the product from several industries is expected to enhance the industry’s growth. Moreover, the increasing demand for the product for customer hospitality is expected to drive the virtual tour market growth.
However, consumers' lack of information and awareness regarding the software’s benefits may hinder market growth.
Regional Insights
Rising Adoption of the Software in the U.S. to Propel Market Growth in North America
North America is expected to dominate the virtual tour market share due to the rising adoption of the software in the U.S. The market in North America stood at USD 124.3 million in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, rising technological developments in the region may foster the market growth.
In Europe, the rising adoption of artificial intelligence and machine learning is expected to surge the product demand. Furthermore, increasing software adoption in the real estate industry is expected to propel market progress.
In Asia Pacific, increasing demand for analytics tools across India and China is likely to support industry growth. Further, developing the software for communicating with consumers may foster the industry’s progress.
Major Players Enter into Collaborations to Enhance their Offerings
The prominent companies operating in the market enter into collaborations to enhance their offerings. For example, CloudPano collaborated with realtor.com in December 2021 to offer 3D virtual tour capability to the home buyer population. This strategy may allow players to enhance their product offerings and enhance their brand image. Furthermore, companies devise mergers, collaborations, novel product launches, research & development, and expansions to boost their market position globally.
Companies Profiled in the Virtual Tour Software Market Report
The global virtual tour software market size was valued at USD 304.6 million in 2021. The market is expected to grow from USD 345.4 million in 2022 to USD 854.2 million by 2029, exhibiting a CAGR of 13.8% during the forecast period.
Who are the top players in the virtual tour market?
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
