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Virtual Tour Software Market Size, Share, Trends, & COVID-19 Impact Analysis, By Deployment (Cloud and On-premises), By End-user (Real Estate, Education, Tourism & Hospitality, Automotive, and Others), and Regional Forecasts, 2022-2029

Region : Global | Format: PDF | Report ID: FBI106811

 

KEY MARKET INSIGHTS

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The global virtual tour software market size was valued at USD 304.6 million in 2021. The market is projected to grow from USD 345.4 million in 2022 to USD 854.2 million by 2029, exhibiting a CAGR of 13.8% during the forecast period. Based on our analysis, the global market exhibited an average growth of 13.0% in 2020 as compared to 2019. 


In the scope of the study, we have included companies such as Roundme Limited, RTV, Inc., Concept3D, Inc., Klapty, Kuula LLC, and others that offer this software. Kuula LLC provides 360-degree virtual touring software for real estate properties. Concept3D offers 3D mapping and virtual tour solutions for viewing properties for interactive virtual experiences for their customers.


Virtual tour software tools are widely adopted for virtual viewing of properties, automotive, tourist places, and others. A virtual tour software uses images, audio, video clips, and 3D maps to generate a 360-degree view of the place. This software provides 360-degree panoramic photos of the location, places, and components. Demand for smartphone-based virtual tourism among consumers and expansion of the global virtual touring software market share across the real estate sector aid market growth. Further, the global market has shown an increase in market revenue owing to a surge in the use of virtual tour solutions among customers across real estate, automotive, education, and tourism sectors. Several leading players are developing these software tools for product promotions and viewing real estate properties. For instance,



  • In August 2021, Concept3D launched a virtual tour platform created for immersive and virtual reality tours. Tour Builder platform provides enterprises and small & medium scale businesses power to generate awareness and leads of the targeted audiences. Concept3D's tour builder platform allows anyone to manage, create, and share virtual reality technology-based virtual tours.


COVID-19 IMPACT


Closure of Manufacturing and Construction Activities amid COVID-19 Slightly Increased the Demand for Virtual Reality Products and Services


Amid the COVID-19 pandemic, several manufacturing plants and construction activities have been stopped to avoid the spread of the coronavirus. This pandemic has triggered consumers and businesses to adopt advanced technologies such as virtual reality and virtual touring software for product promotions. Also, during the pandemic, several real estate owners were promoting their flats and houses on a digital virtual reality 360-degree platform. For instance,



  • In June 2020, NoBroker real estate firm in India launched virtual reality, analytics, and automation tools for customers in Delhi, India. NoBroker, a real estate firm, launched video walkthroughs and virtual reality tours of flats and houses for owners, and tenants in Delhi, India.


Several leading companies in the market are planning to develop customized virtual reality platforms for the real estate, tourism, automotive, and hospitality industries. These industries are widely adopting virtual reality software and tools to showcase and attract customers to their offerings. For example, several tourist companies provide virtual reality software tours of the selected tourist spot to showcase their facilities and market their tourism packages. For instance, in April 2022, Tourism of Australia launched a virtual travel service for Indian travelers to explore attractive holiday packages in Australia. The campaign aimed to recover the aviation industry and promote Australia's tourism amid the COVID-19 pandemic. Also, major players are adopting these virtual tour solutions and services for promotions. For instance,



  • In October 2020, Amazon.com Inc. launched a virtual tour experience platform service called Amazon Explore, allowing customers to experience virtual events and tours. Also, this platform focuses on learning DIY skills and taking virtual tours of places and cultural landmarks.


Also, post the COVID-19 pandemic, the market has shown stable growth rate owing to the rising adoption of virtual platforms by real estate companies. For instance,



  • 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.


Such an increase in the adoption among the real estate and tourism companies around the globe has propelled market growth.


LATEST TRENDS


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Rising Adoption of AI-Assisted Chabot Virtual Tours to Bolster Market Expansion


Several companies in the market are adopting AI and cloud computing-based virtual tours across 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 A.I., cloud computing, and analytics tools to provide product promotions. For instance,



  • In March 2021, TMRW Visualization Company launched SpaceWalk, a digital virtual tour platform that provides photorealistic virtual tours of buildings and shares 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.

  • In February 2021, Zillow Group, Inc., a real estate company, launched AI-Powered 3D Home interactive floor platform for the home shopper's tours. The new platform plan helped to bring together media content on selling the real estate properties of all Zillow users to access the 3D platform for free.


DRIVING FACTORS


Increasing Technological Advancements and Rising Virtual Reality Tools to Aid Market Growth


Technological development has enhanced the application of virtual reality in various industrial operations. One of the growing applications of virtual reality is the virtual tour software that supports destination-based marketing. Multiple industries, such as education, automotive, manufacturing, security, real estate, tourism, and hospitality, are prominently adopting these software as a new marketing strategy to enhance customer engagement. The marketing strategy is expected to improve customer experience through the virtual solution and boost interactive sessions. For instance,



  • In March 2022, Intel Corporation introduced its virtual Intel museum based in California for people across the globe. The company implemented 3D interactive virtual tours for the remote visitor to explore museum content, amble museum floors, and interact with exhibits.

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


RESTRAINING FACTORS


Lack of Awareness and Information to Customers about Virtual Tour Software and Services to Impede Market Growth


The software allows all the potential customers to browse and access the information. However, end-users, such as educational institutions, real estate, tourism, and hospitality, can showcase limited data to customers. The customers can have restricted access to the data of the surrounding locations. Tour providers might be unable to provide or restrict the areas they might not want to showcase. This is expected to impact the market growth negatively.


SEGMENTATION


By Deployment Analysis


Rising Adoption of Cloud-based Virtual Touring Software Drives the Market Growth


Based on deployment, the global market is divided into cloud and on-premises. The cloud segment is expected to capture the largest share in the market. The growth is primarily owing to the growing adoption of advanced technology-enabled tour software in real estate, educational institutes, tourism, and hospitality as cloud-based tour software can be accessed from anywhere globally.


Several leading players in the market are developing a cloud-based platform for virtual tours of historical places, hospitality, and real estate properties. Also, increasing cloud spending among enterprises has propelled the deployment of cloud-based virtual tour software by the end-use industries. According to the World Economic Forum, in 2021, cloud services spending in the Asia Pacific region reached USD 48.40 billion.  


By End-user Analysis


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Real Estate Segment to Dominate Owing to Rising Adoption by Household Buyers around the Globe


The global market is segmented into real estate, education, tourism & hospitality, automotive, and others based on end-user. The real estate segment held a significant market share in 2021. It is expected to grow at a noteworthy CAGR during the forecast period owing to the rising demand from home buyers to list down household properties on the internet using virtual tours. According to Matterport, 92% of home buyers research online before reaching out to an agent and any household properties.


The tourism & hospitality segment is anticipated to grow at the highest CAGR during the forecast period, owing to the growing demand for virtual reality-based software among users. It saves lots of time for shortlisting and making bookings efficiently.


REGIONAL INSIGHTS


North America Virtual Tour Software Market Size, 2021 (USD Million)

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Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.


North America is estimated to dominate the market during the forecast period. According to the National Association of Realtors in the U.S., virtual tours have received more than 87% more views than those without 360 virtual tours. In addition, more than 50% of buyers would not prefer to visit the website to shortlist the property if they don't provide a 360 virtual tour. As a result of these factors, the adoption of virtual touring software is significantly high 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.


In Europe, the virtual tour software market growth is driven by rising digitization, and the growing adoption of AI technology in the real estate industry plays an essential role in propelling the growth of the software market in the region. According to research reports by Giraffe360, a real estate agent media provider, virtual tours play a vital role in the post-pandemic when converting homebuyer interest. Virtual tours account for 20% of all properties in Liverpool and are prevalent in Leicester, Belfast, Manchester, Glasgow, and Huddersfield.


Asia Pacific is growing with the highest CAGR, owing to the rising adoption of advanced analytics tools across China and India. Real estate agents' significant adoption of this software to communicate with customers with a 360-degree virtual tour of the property aids the market growth. For instance, Mumbai-based Xanadu Realty has developed a technology interface to provide buyers with a virtual tour of the property and neighborhood.


Further, the Middle East & Africa region is growing at a moderate pace, owing to the rising adoption of the analytics platform for patent filing with the surge in investment by government authorities. In April 2021, Yas Island, Abu Dhabi's famous holiday destination, provides a virtual tour of the place for travelers with the help of a 360-degree virtual tour platform.


South American countries, such as Brazil and Argentina, have shown moderate adoption of virtual tour software by real estate and tourism companies. After the pandemic, Brazil recorded a 60% surge in international tourists between January 2022 and April 2022. Due to this factor, demand for virtual tours has significantly increased in the country to take virtual tours of places for traveling and making bookings in hotels.


KEY INDUSTRY PLAYERS:


Players are Developing Advanced Technology Based Virtual Tour Software to Expand Market Opportunities


Key players in the market are focused on developing advanced solutions and services by integrating A.I., cloud computing, and others. Major players are expanding their services and virtual tour software production solutions portfolio by offering solutions across developing nations. The prominent players in the market are developing web based software by adopting several business strategies such as new product launching, mergers, and acquisitions to remain competitive. For instance,



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

  • December 2021: Matterport, Inc. collaborated with real estate sales and marketing provider, Nodalview to offer virtual experience to enhance real estate sales.

  • 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.  

  • 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. 


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.

  • April 2022: Washington-based Mass Interact teamed up with Full Measure Education, to offer virtual tour solution to enhance campus visits. The partnership aims to improve students’ enrolment and retention, increasing searchability, tailored virtual experience, and more.

  • March 2022: Concept3D, Inc. announced a strategic collaboration with PlatformQ Education, a software development company, to integrate Concept3D and PlatformQ solution capabilities. The partnership is expected to expand virtual touring along with enhancing virtual experience.

  • July 2021: Kuula LLC announced a partnership with Angola-based real estate, AngoCasa, to incorporate virtual tours into its properties.

  • May 2021: EyeSpy360 announced a collaboration with real estate sales and marketing developer, Chime, to provide its virtual tour content. The company integrated its software with website management tool of Chime that offer live tours and virtual walk-in.


REPORT COVERAGE


An Infographic Representation of Virtual Tour Software Market

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The global virtual tour software market report highlights leading regions worldwide to understand the user better. Furthermore, the report provides insights into the latest industry and market trends and analyses technologies deployed rapidly globally. 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



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD million)



Segmentation



By Deployment, End-user, and Geography



By Deployment




  • Cloud

  • On-premises



By End-user




  • Real Estate

  • Education

  • Tourism & Hospitality

  • Automotive

  • Others (Healthcare and Others)



By Region




  • North America (By Deployment, By End-user, and By Country)

    • U.S.

    • Canada

    • Mexico



  • Europe (By Deployment, By End-user, and By Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe





  • Asia Pacific (By Deployment, By End-user, and By Country)


    • China

    • Japan

    • India

    • South Korea

    • ASEAN

    • Oceania

    • Rest of Asia Pacific




  • Middle East and Africa (By Deployment, By End-user, and By country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of the Middle East & Africa





  • South America (By Deployment, By End-user, and By Country)

    • Brazil

    • Argentina

    • Rest of South America





Frequently Asked Questions

The market is projected to reach USD 854.2 million by 2029.

In 2020, the market was valued at USD 304.6 million.

The market is projected to grow at a CAGR of 13.8% during the forecast period.

The cloud segment is likely to lead the market.

Increasing technological advancement and rising virtual reality tools aid the market growth.

RTV, Inc., Concept3D, Inc., Matterport, Inc., CloudPano, Kuula LLC, and My360 are the top players in the market.

North America is expected to hold the highest share in the global market.

Tourism & hospitality in the end-user segment is expected to grow with a significant CAGR during the forecast period.

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