Middle East & Africa 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
KEY MARKET INSIGHTS
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The Middle East & Africa is one of the potential markets in the global virtual tour software market. It is projected to grow at a CAGR of 11.6% 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.
Growing demand for the adoption of virtual and augmented reality technology across different industries and rising deployments of VR technology in the aerospace and AEC industries help to enhance the 3D visualization abilities of visitors, which, in turn, will help to increase the Middle East & Africa virtual tour software market share during the forecast period.
LATEST TRENDS
Increasing Technological Advancements and Usage of Smart Devices to Propel the Market Growth
The rapid adoption of new technologies, such as virtual reality, cloud computing, blockchain, IoT, drones, and 3D tours, in the real estate industry helps to construct the property in an efficient manner, which helps to empower the sale of the real estate industry. Similarly, the growing usage of smartphones and other smart devices increases the global reach of the customer, which is expected to have a massive impact on the Middle East & Africa virtual tour software market growth during the forecast period.
DRIVING FACTORS
Rising Number of Virtual Reality Startups Accelerate Market Growth
The rising focus of the Middle East & African companies to provide innovative software and services across different end-use industries using VR technology helps to fulfill the demands of regional customers. Thus, increasing penetration of VR software providers enables virtual content delivery to customers via various digital tools, which helps to boost the demand for virtual reality startups in the region.
RESTRAINING FACTORS
High Data Security Issues to Limit the Market Growth
Open access to Google Maps and public information about the location can display the visitor's identity, which may negatively impact the market. The access provided by virtual tour software providers to every visitor has risen in data security issues in the last few years. Growing data breach cases due to increasing cyber security issues also limits the market's growth during the forecast period.
KEY INDUSTRY PLAYERS
In terms of the competitive landscape, RTV Inc., Matterport, Inc., and Shof360 are the key players of the Middle East & Africa 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:
- 360emirates (U.A.E.)
- RTV Inc. (U.A.E.)
- Matter Software, Ltd. (Israel)
- Matterport, Inc. (U.A.E.)
- CloudPano (Saudi Arabia)
- Shof360 (Saudi Arabia)
- Virtual-Tour.co.za (South Africa)
KEY INDUSTRY DEVELOPMENTS:
- May 2021: The Ministry of Culture in collaboration with the Ministry of Communications and Information Technology launched the National Museum Virtual Tour Platform for providing virtual tour experience to the visitors represented by Saudi Museums Commission.
- December 2021: Matterport, Inc. collaborated with real estate sales and marketing provider, Nodalview to offer virtual experience to enhance real estate sales.
REPORT COVERAGE
The research report provides qualitative and quantitative insights on the market and a detailed analysis of the Middle East & Africa market size & growth rate for all possible segments in the market. Along with the Middle East & Africa 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.
Report Scope & Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 11.6% from 2023 to 2030 |
Unit | Value (USD million) |
Segmentation | By Deployment, End-user, and Country/Sub-Region |
By Deployment |
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By End-user |
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By Country/Sub-Region |
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Frequently Asked Questions
Growing at a CAGR of 11.6%, the market will exhibit steady growth in the forecast period (2023-2030).
Rising number of virtual reality startups accelerates the market growth.
RTV Inc., Matterport, Inc., Matter Software, Ltd., and Shof360 are the major players in the Middle East & Africa market.
GCC dominated the market share in 2022.
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