Virtual Tour Software Market to Increase Gradually with a CAGR of 13.7% During 2023-2030: Increasing Technological Advancements and Rising Virtual Reality Tools to Boost Market Growth

The global virtual tour software market size is estimated to display strong growth by reaching USD 941.3 million by 2030. Fortune Business Insights™ in its report titled “Virtual Tour Software Market Size, Share, Trends, & COVID-19 Impact Analysis, By Deployment (Cloud and On-premise), By End-user (Real Estate, Education, Tourism & Hospitality, Automotive, and Others), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 340.7 million. The market is projected to grow from USD 384.0 million in 2023 to USD 941.3 million by 2030, exhibiting a CAGR of 13.7% during the forecast period. Virtual tour software tools are used in virtual viewing of properties, automotive, tourist places, and others. Increasing technological advancements and rising virtual reality tools are projected to drive market growth.

TMRW Visualization Company Launched SpaceWalk to Set Headway for Market Expansion

Rising adoption of AI-assisted chabot virtual tours to bolster market expansion. In March 2021, TMRW Visualization Company launched SpaceWalk that offers photorealistic virtual tours of buildings and share them with potential buyers. This virtual building tour platform is designed for outdoor and indoor environments and can be viewed on any smart device, including mobiles and laptops.

Increasing Number of Technological Developments to Propel Market Development  

Increasing number of technological developments is predicted to drive the virtual tour software market growth. Various industries, such as education, automotive, manufacturing, security, real estate, tourism, and hospitality, have been adopting this software as a new marketing strategy to improve customer engagement. The marketing strategy is expected to improve customer experience using virtual solutions and boost interactive sessions. In March 2022, Intel Corporation introduced its virtual Intel museum in California. The company used 3D interactive virtual tours for remote visitors for the exploration of museum content and museum floors and to interact with exhibits.

Adoption of Virtual Reality and Virtual Touring Software during the Pandemic Helped in Market Growth

The COVID-19 pandemic led to the adoption of advanced technologies such as virtual reality and virtual touring software for product promotions. Various leading companies in the market are planning to develop customized virtual reality platforms for the real estate, tourism, automotive, and hospitality industries. Post-pandemic, real estate companies have also been adopting virtual platforms. In May 2022, Geomap, an asset and facility management solution provider, launched a virtual reality software product to manage over 260 million square feet of real estate property.

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Adoption of AI and Cloud Computing Virtual Tours to Expand Market Development

Various companies in the market have been adopting AI and cloud computing-based virtual tours. It is being used in several industries, including automotive, real estate, education, and healthcare. Key players in the market are adopting strategies such as mergers, acquisitions, and partnerships for adopting advanced technologies such as AI, cloud computing, and analytics tools to provide product promotions. In February 2021, Zillow Group, Inc. launched an AI-Powered 3D Home interactive floor platform for home shoppers’ tours. The new platform plan will help media content on selling the real estate properties of all Zillow users to access the 3D platform for free.

Partnership Strategies by Market Players to Propel Market Share

Market players have been adopting partnership strategies by integrating AI, cloud computing, and others. In July 2021, EyeSpy360, a 360° virtual tour software platform, partnered with Meero photography solution provider. This partnership is set to augment various features such as a real-time remote viewing solution accessible globally to Meero's customers and photographers to EyeSpy360's Virtual Tours solutions.

Key Industry Development

• March 2022: Concept3D, Inc. announced a strategic collaboration with PlatformQ Education for the integration of Concept3D and PlatformQ solution capabilities. The partnership will expand the virtual touring along with enhancing virtual experience.

List of Key Companies Profiled in the Report:

• RTV, Inc. (U.S.)
• Concept3D, Inc. (U.S.)
• Klapty (Switzerland)
• Kuula LLC (U.S.)
• Matterport, Inc. (U.S.)
• CloudPano (U.S.)
• My360 (Spain)
• Eyespy360 (England)
• 3DVista Stitcher (Spain)
• Roundme Limited (U.S.)

Further Report Findings

• The market in North America stood at USD 142.2 million in 2022 due to high adoption of the software. The adoption of virtual touring software is significantly high in the U.S., which is expected to drive the virtual tour software market share.
• Europe is estimated to witness a surge in market growth due to virtual tours accounting for 20% of all properties in Liverpool and is prevalent in Leicester, Belfast, Manchester, Glasgow, and Huddersfield.
• Asia Pacific is expected to have the highest CAGR due to the adoption of the software amongst real estate for communication with customers.

Table of Segmentation