Virtual Tour Software Market Size, Share, Opportunities, And Trends By Type (360 Virtual Tour, 3D Virtual Tour, Virtual Reality Tour), By Deployment (Cloud, On-Premise), By End-Users (Education, Tourism, Automotive, Real Estate, Others), And By Geography - Forecasts From 2024 To 2029

The virtual tour software market is anticipated to grow at a compound annual growth rate (CAGR) of 13.89% over the forecast period to reach US$ 2,382.911 million by 2029, increasing from US$ 958.975 million in 2022

The marketing plan anticipates enhancing client satisfaction and increasing interactive sessions through the use of a virtual solution. For instance, Intel Corporation launched its virtual Intel Museum, located in California, to the public in May 2022. To allow distant visitors to examine museum material, navigate museum floors, and engage with exhibits, the company built 3D interactive virtual tours.

The virtual tour software market and the demand for electronic devices share a mutually beneficial relationship. As VR tours become more widespread, there will be a rising demand for VR headsets capable of delivering immersive experiences.

A considerable portion of virtual tours are accessed through smartphones and tablets, thereby maintaining a persistent demand for devices with excellent camera capabilities and high-resolution displays. Seemingly, the import value of electronic devices in the US surged from $5,71,453 million in 2021 to $6,29,871 million in 2022, marking a significant increase from the previous year. This underscores the symbiotic relationship between the virtual tour software market and the demand for electronic devices.

The Virtual Tour Software Market Drivers:

• Rising demand for virtual tourism coupled with technological developments is anticipated to propel market growth.

The market for virtual tour software is expanding due to the growing demand for virtual tourism and technical advancements. Virtual tour software has been growing at a faster rate thanks to the development of sophisticated applications for virtual reality. The need for virtual tour software is being driven by the growing demand for virtual tourism as well as the adoption of the program by several industries, including real estate, tourism, education, and the automotive sector. For instance, in June 2022, the virtual mapping business Concept3D partnered with Pathify, a higher education engagement company, to offer 3D mapping services to colleges and institutions.

Additionally, zSpace is an edtech company that creates interactive augmented reality (AR) experiences for specific hardware. It provides immersive learning resources for important industries like transportation, agriscience, advanced manufacturing, and health sciences. In March 2024, Northside Independent School District (NISD) earned a place in zSpace's esteemed District of Distinction (DOD) program, acknowledging its forward-thinking educational practices. Spanning as the largest school district in South Texas, the fourth largest statewide, and ranking as the 25th largest nationwide, NISD caters to more than 100,000 students across both urban and rural regions.

Further, the adoption of virtual tour software is increasing in real estate. As this software is immersive, it is becoming more common in the real estate industry. By integrating virtual reality, real estate brokers can more successfully target the correct buyers, offer 360 virtual tours, and uncover targeted leads.

Moreover, offering 360-degree virtual tours of a property can also result in higher earnings. Virtual tours offer realtors the ability to offer superior customer service, which increases the likelihood that the offered property will fetch a higher price. The virtual tour software also enhances the overall bid value, real estate brokers who accept bids for their listings can also boost their revenues from sales. For instance, renowned prop-tech company Square Yards has announced a 70% rise in FY23 revenues, at Rs. 670.5 crores, driven by the growing demand for residential real estate. In 2021–2022, the company's revenue was Rs. 395.6 crore. One of the main sources of the company's overall revenue was the real estate industry.

Additionally, Square Yards launched a 3D virtual reality platform in August 2022 to provide its clients with virtual tours and show them what the real estate industry will look like in the future, thanks to the integration of interactive technologies like augmented reality and artificial intelligence.

The Virtual Tour Software Market – Geographical Outlook

• The market is projected to grow in the North American region.

Virtual tour software is used for creating virtual visualization of a specific location in a panoramic 360-degree view. The software has revolutionized the exploration experience, owing to which it is finding major applicability in the education, tourism, and real estate sectors. The growing technological advancements in the USA, coupled with the bolstering growth in such major end-users and favorable investment to bolster Augmented Reality (AR) and Virtual Reality (VR), have positively impacted the market demand for virtual tour software in the USA. According to the World Travel and Tourism Council’s “Travel & Tourism Economic Impact 2023 Global Trends” report, in 2022, the tourism sector's contribution to U.S. GDP reached nearly US$2 trillion, which represents a 16.9% increase over 2021. Furthermore, as per the same source, the GDP contribution is expected to reach US$2.2 trillion in 2023

Moreover, the recent launches of virtual tours in the USA are also paving the way for market growth, for instance, in October 2023, First Lady Jill Biden launched a new virtual tour of the White House on National Civics Day. The virtual tour displayed Google’s Street View Technology and came as a collaboration of the White House with Google Arts & Culture and Google Maps. Likewise, in November 2021, the Bank Street School for Children launched a virtual tour for the prospective to explore the school’s classrooms and facilities via their tablets, phones, and computers. Furthermore, the well-established presence of virtual tour software providers such as CloudPano, RTV Inc., Kuula LLC, and Concept3D Inc. is anticipated to fuel the market growth.

The Virtual Tour Software Key Market Players:

• CloudPano specializes in providing user-friendly virtual tour software suitable for businesses across various industries. Their platform emphasizes simplicity and accessibility, enabling users to create interactive virtual tours with ease. CloudPano's solutions cater to real estate agents, photographers, and small businesses seeking to showcase properties and spaces effectively online.
• RTV Inc. offers comprehensive virtual tour software with a focus on customization and professional-grade features. Their platform is favored by real estate professionals and photographers who require advanced tools for creating immersive virtual experiences. Their solutions include branded virtual tours, HD panoramas, and interactive floor plans tailored for businesses looking to elevate their online presence.
• Concept3D is renowned for its versatile virtual tour software, particularly suited for universities, hospitals, and large enterprises. Their platform integrates interactive maps, virtual tours, and 3D renderings to create immersive digital experiences. Concept3D's solutions are designed to enhance visitor engagement, aid in wayfinding, and showcase campus or facility amenities effectively. This company stands out for its ability to deliver customized and scalable virtual tour solutions for diverse industries.

The Virtual Tour Software market is segmented and analyzed as follows:

• By Type:
  • 360 Virtual Tour
  • 3D Virtual Tour
  • Virtual Reality Tour
• By Deployment
  • Cloud
  • On-Premise
• By End-Users
  • Education
  • Tourism
  • Automotive
  • Real Estate
  • Others
• By Geography
  • North America
    • USA
    • Canada              
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others