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The Asia Pacific virtual tour software market size is the third largest region in the global market. It is projected to grow at a CAGR of 13.3% during the forecast period. The global market for virtual tour software is projected to grow from USD 340.7 million in 2022 to USD 941.3 million by 2030.
The rise in technological advancement among different sectors, including hospitality, education, and tourism in countries, such as India, China, and Japan, tends to deliver an immersive interactive experience to the users to increase the Asia Pacific virtual tour software market share.
For instance, Mumbai-based Xanadu Realty has developed a technology interface to provide buyers with a virtual tour of the property and neighborhood.
Adoption of Virtual Tour Software in AEC Industries Offers New Growth Opportunities
Increasing adoption of virtual tour software in the Architecture, Engineering, and Construction (AEC) industries integrated with VR headsets helps real estate agencies to create layouts of large showrooms and entire-scale buildings to provide a clear 3D visual of the property. According to the virtual and augmented reality association, 40% of buyers confirmed the 3D panoramic tour before making a property purchase decision. This factor will drive the adoption of this software in AEC industries in the next few years.
Surge in Use of 5G and Virtual Reality Technology to Bring Digitalization in Travel Industry to Drive the Market Growth
The penetration of VR-based software and 5G networks in the travel industry helps boost sales efficiency by providing a digital sales experience to tourists across the globe, which saves travelers’ time and improves the accessibility of tourism destinations by using VR digital solutions. Hence, the usage of advanced technologies, such as 5G and virtual reality, in the travel industry enables people to have a realistic tourism experience in the virtual world.
Thus, the increasing usage of 5G and virtual reality technology propels the product demand in the travel industry, which drives the Asia Pacific virtual tour software market growth.
High Interaction Cost of Software Due to Continuous Technological Innovations Restricts the Market Growth
The increasing involvement of technology across different industries, such as tourism, real estate, and education, and changes in customer demands impact the company budget. Nowadays, companies are adopting digitization to advertise their business as per customer's demand, thereby increasing the company's budget. Hence, despite continuous innovations and inventions in VR technology, virtual tour software costs are becoming high, thereby hampering the adoption of software by companies.
Thus, continuous innovation in such software used by companies disturb the organization’s budget, which restricts the virtual tour software market growth during the forecast period.
In terms of competitive landscape, PropVR, SENTIO VR, VToura.com, Virtual Tours Creator, ISHIR, and R3 Interactive are the key players of the Asia Pacific market due to strong end-user offerings, active involvement in R&D investments for the acceleration of end-user launches, and approvals in the forecast period.
The research report provides qualitative and quantitative insights on the market and a detailed analysis of the Asia Pacific market size & growth rate for all possible segments in the market. Along with the Asia Pacific virtual tour software market forecast, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the number of procedures, an overview of price analysis of types of end-users, overview of the regulatory scenario by key countries, pipeline analysis, new end-user launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.
CAGR of 13.3% from 2023 to 2030
Value (USD million)
By Deployment, End-user, and Country/Sub-Region
Growing at a CAGR of 13.3%, the market will exhibit steady growth in the forecast period (2023-2030).
Surge in use of 5G and virtual reality technology to bring digitalization in the travel industry drives the market growth.
PropVR, SENTIO VR, and VToura.comare the major market players in the Asia Pacific market.
China dominated the market in 2022.
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