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U.S. 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

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI107380

 

KEY MARKET INSIGHTS

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The U.S. virtual tour software market size was valued at USD 95.7 million in 2022. The market is projected to grow from USD 109.6 million in 2023 to USD 300.5 million by 2030, exhibiting a CAGR of 15.5% during the forecast period.


The U.S is the most popular travel destination and is fortunate enough to have diverse architecture, parks, and iconic works of art, which attract millions of tourists from all over the world each year. Growing technological advancements and increasing usage of virtual reality techniques in the travel & real estate sector in the U.S. help to create a virtual environment that allows users to experience a certain location remotely.


COVID-19 IMPACT


Disruptions in the Real Estate and Travel Industries Generated Demand for Virtual Tour Software


The disruption caused in the real estate and travel industries by the COVID-19 situation has significantly boosted the adoption of technology in both industries, providing users with virtual tourism experiences through travel booking websites, videos, blogs, and travel photos using various technologies in the U.S.


The tourism and hospitality sector in the U.S. and Canada was severely affected during the pandemic, owing to travel restrictions in the first two quarters of 2020. Thus, these industries widely adopted virtual tour software and tools to showcase and attract customers to provide their offerings.


LATEST TRENDS


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Rising Demand for 3D Interactive View of the Product in the Automotive Industry Drives the Market Growth


Increasing usage of virtual tour software integrated with drones in the automotive industry helps to deliver a 3D interactive view of the product to the engineer to build a physical prototype and check it under real-life conditions in the industry.


For example, Kuula, Inc., a key player in the market, offers drone pilots with a subscription-based 360-degree image-sharing platform to customers in the real estate, automotive, and hospitality industries. The software provides a 3D interactive view of the product in the automotive sector, which generates opportunities for the U.S. virtual tour software market growth during the forecast period.


DRIVING FACTORS


Growing Demand for Virtual Tour Software in Museums Fuels the Market Growth


The tourism industry plays a vital role in the U.S. economy. The U.S. is known for its many museums covering science, art, culture, and history worldwide. 77% of Americans want a virtual tour of the house before the visit, and 84% want to see the actual video footage of prospective homes before visiting on their computer or smartphones. The National Museum of Natural History, Dali Museum, Petersen Museum, Metropolitan Museum of Art, and many more museums offer a virtual tour to provide detailed insights without moving physically.



  • According to Statista, New York City in the U.S. has the presence of 2,119 cultural sites worldwide. Growing usage of virtual tour software helps to provide an actual 360-degree panoramic view and transition with sounds, maps, video, and more to deliver better customer experience.


RESTRAINING FACTORS


Lack of Skill Set to Handle Virtual Tour Software to Restrict the Market Growth


The virtual tour software provides informative and innovative content to consumers integrated with virtual reality and other advanced technologies combined with different hardware and software devices. The interface of the software to create high-resolution 360-degree videos, along with the various technologies, limits the access of developers, content creators, and marketers, which restricts the software's performance. Thus, lack of skill set for operating the software and integrated technologies hampers the market growth.


SEGMENTATION


By Deployment Analysis


Growing Usage of Low-cost Cloud-based Virtual Touring Software Drives the Market Growth


Based on the deployment segment, the market is divided into cloud and on-premise. There is increasing usage of cloud-based software in the education and tourism sectors. Installation of the software in cellphones and desktops helps in delivering high-definition virtual tours to customers at a low cost. It drives the adoption of cloud-based software in the U.S.


By End-user Analysis


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Penetration of Virtual Reality Technique in Real Estate Segment Aids the Market Growth


Based on end-user, the market is divided into real estate, education, tourism & hospitality, automotive, and others. Increasing usage of virtual reality techniques by the real estate segment to provide detailed insights about the property is the key factor that boosts the adoption of the software.


KEY INDUSTRY PLAYERS:


Players are Developing Advanced Technology-based Software to Expand Market Opportunities


The U.S. has the presence of a large number of players such as Kuula LLC, Matterport, Inc., Outer Realm, LLC., iAriv, and many more that aim to deliver high resolution 360° views to customers for better virtual tour experience and aim to hold major market share during the forecast period


List of the Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • June 2022:  Concept3D, Inc. announced a partnership with a higher education engagement hub, Pathify, to offer campus tours through virtual mapping.

  • July 2021: Matterport, Inc. announced a partnership with Singapore-based property technology provider Real Estate Analytics (REA) to offer a virtual tour experience for real estate buyers. Its real estate agents use the REA's 8PROP 360 to provide Matterport 3D Immersive Virtual tours.

  • December 2021: CloudPano announced a collaboration with realtor.com to provide 3D virtual tour capability to home buyers.


REPORT COVERAGE


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The research report highlights leading regions worldwide to understand the user better. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed rapidly across the country. It further highlights some growth-driving factors and restraints, SWOT analysis, and market size to help the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION


















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Growth Rate



CAGR of 15.5% from 2023 to 2030



Historical Period



2019-2021



Unit



Value (USD million)



Segmentation



By Deployment and End-user



By Deployment




  • Cloud

  • On-premise



By End-user




  • Real Estate

  • Education

  • Tourism & Hospitality

  • Automotive

  • Others (Healthcare and Others)






Frequently Asked Questions

The market is projected to reach USD 300.5 million by 2030.

In 2022, the market was valued at USD 95.7 million.

The market is projected to grow at a CAGR of 15.5% during the forecast period.

Cloud segment is likely to dominate the market.

Growing demand for virtual tour software in museums fuels the market growth.

Matterport, Inc., Kuula LLC, Cupix, Inc, iAriv, and Roundme Limited are the top players in the market.

Lack of skill set to handle virtual tour software restricts the market growth.

Real estate segment is expected to grow with a significant CAGR during the forecast period.

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