Europe Virtual Tour Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud and On-premise), By End-user (Real Estate, Education, Tourism & Hospitality, Automotive, and Others), and Regional Forecast, 2023-2030

Europe is the second largest region in the global virtual tour software market. It is projected to grow at a CAGR of 13.9% during the forecast period. The global market is projected to grow from USD 340.7 million in 2022 to USD 941.3 million by 2030.

Europe is rich in cultural heritage and diversity and comprises some of the most prominent destinations across 28 countries, accounting for 40% of international arrivals worldwide. According to European Union Tourism Trends Report 2023, Europe is maintaining its leadership in the travel and tourism sector, contributing to 10% of GDP and generating many jobs for people.

Growing VR and AR technology penetration in the travel industry to deliver a realistic tourism experience to the people accelerates the Europe virtual tour software market share during the forecast period.

LATEST TRENDS

Access to Digital Twin in the Real Estate Industry Aids the Market Growth

Digital twin in the real estate industry is the virtual replica of the construction, which helps to maintain the building operations. Increasing demand for digital twin creation using virtual reality, IoT, and blockchain techniques facilitates automation in the real estate industry, which leads to real-time monitoring information and a 3D view of the property to the tenant and buyer.

Thus, continuous access to digital twins is estimated to boost the Europe virtual tour software market growth.

DRIVING FACTORS

Potential Use of Virtual Tour Software at Museums and Heritage Places to Fuel the Market Growth

Rise in digital engagement of museums and heritage places in countries, such as Italy and Turkey, generates demand for arranging the virtual events and virtual flash mob for virtual visitors. This initiative helps to engage the online visitors with the museum content using various social media and digital platforms during the pandemic situation. The rapid integration of virtual tour software with museums and heritage places empowers the global audience to connect using various digital technologies. This factor boosts the adoption of software in the Europe region.

RESTRAINING FACTORS

Limited Internet Connectivity Across Untapped Regions to Limit the Market Growth 

Virtual tourism relies on technology, and a strong internet connection accurately represents the destination with high-quality video and interactive elements. Furthermore, a 3D virtual tour can only be seen through an electronic device, such as a mobile device or a TV screen, which needs a stable internet connection to provide better tour experience. Hence, an unstable internet connection can disrupt the visual experience of a VR tour across remote areas, which limits the virtual tour software market growth during the forecast period.

KEY INDUSTRY PLAYERS

In terms of competitive landscape, British American Tobacco p.l.c (Bat), Floorfy, SL, and My360 are the key players of the Europe 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.

LIST OF KEY COMPANIES PROFILED:

• British American Tobacco p.l.c (Bat) (U.K.)
• cura 3D GmbH & Co. KG (Germany)
• ARVRtech LTD (U.K.)
• EyeSpy360 (U.K.)
• Floorfy, SL (Spain)
• My360 (Spain)
• Giraffe360 Limited (U.K.)
• Shimadzu Europa GmbH (Germany)
• Biztour (U.K.)
• Thinglink Oy (Finland)
• View It 360 (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• January 2022: Bat launched a new R&D virtual visitor experience, an online tour of global research & development hub in Southampton, U.K., which allows visitors to understand BAT’s scientific research and Tobacco Harm Reduction (THR) activities.
• April 2021: Thinglink Oy entered into a partnership with Canva to create high-quality interactive visual content for online education, marketing, training, and communication providers to reduce the time of visitors.
• May 2021: Eyespy360 partnered with Chime Technologies, a real estate sales system provider, to offer virtual home and live remote tours. Through the partnership, the company aims to extend its relationship with buyers.

REPORT COVERAGE

The research report provides qualitative and quantitative insights into the market and a detailed analysis of the market size & growth rate for all possible segments in the market. Along with the Europe virtual tour software market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the number of procedures, an overview of price analysis of types of end-users, an 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.

Report Scope & Segmentation