Virtual Tour Software Market (Updated Version Available)

Key Market Overview:

The Virtual Tour Software Market was valued at USD 345.4 Million in 2022, registering a CAGR of 13.8% during the forecast period (2023-2030), and the market is projected to be worth USD 926.49 Million by 2030.

Virtual tour software creates virtual visualization of locations for virtual viewing of properties, tourist places, and automotive. Tourism companies have widely adopted virtual tour software for precise representation of tourist places to the customers. Sales and marketing teams of the companies use the software for promotional purpose as well as to integrate virtual tours on online portals. The software aids to avoid hiring costs associated with video recording professionals. Virtual tour software is used by real estate to promote the virtual video of properties including virtual and augmented reality technology to create impressive experience. Virtual tour software is linked with various features such as customized templates, video creation and video editing functionality, and conversion of files into common video format.

Additionally, virtual tour software gives 360-degree images of the locations. Rising demand for virtual tourism and adoption of virtual tour software by various sectors including tourism, real estate, education, automotive, and others has augmented the demand of virtual tour software. Thus, major market players are developing software technology for product promotion and viewing real estate property. For instance, in August 2021, Concept3D introduced virtual tour platform to experience virtual reality tour. The platform offers 360-degree tour and interactive maps and enables the user to manage, create, and share virtual reality technology.

Virtual Tour Software Report Coverage:

Report Attributes	Report Details
Study Timeline	2017-2030
Market Size in 2030 (USD Million)	926.49 million
CAGR (2022-2030)	13.8 %
Base Year	2022
By Type	3D virtual tour, 360 virtual tour, and Virtual reality tour
By Deployment	Cloud and On-premises
By End-User	Tourism & Hospitality, Education, Real estate, Automotive, and Others
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	RTV Inc., Kuula LLC, Matterport, CloudPano, Concept3D Inc., Klapty, 3DVista Stitcher, Roundme Limited, My360, Eyespy360.

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Market Dynamics:

Driver:

Rising demand for virtual tourism and technological developments are driving the growth of virtual tour software market.

Rising demand for virtual tourism and technological developments are driving the growth of virtual tour software market
Development of advanced application for virtual reality has augmented the growth of virtual tour software market. Rising demand for virtual tourism and adoption of virtual tour software by various sectors such as tourism, real estate, education, and automotive is promoting the demand of virtual tour software. For instance, in June 2022, Concept3D, virtual mapping company collaborated with Pathify, a higher education engagement organization, to provide 3D mapping services for universities and colleges.

Restraint:

Lack of awareness about virtual reality among operators and customers is hampering the growth of virtual tour software market.

Lack of awareness about virtual reality among operators and customers is hampering the growth of virtual tour software market.
Operators including real estate agents and tour providers are still unaware about the benefits offered by software for business expansion, resulting to limit the growth of virtual tour software. Additionally, customers have limited access to the data of locations and tour providers showcase limited data to the customers. Thus, lack of information and awareness about virtual reality among operators and customers is hindering the growth of virtual tour software market.

Virtual Tour Software Market Segmentation:



By Type:

The type segment is categorized into 3D virtual tour, 360 virtual tour, and Virtual reality tour.
3D virtual tour holds major market share for virtual tour software market in the year 2022 due to rising adoption of software for 3D mapping services. Rapidly increasing exposure of customers to social media site and easy access of multiple websites has driven the growth of 3D virtual tour segment.
360 virtual tour segment is expected to grow during forecast period owing to increasing demand of virtual tour software for viewing real estate properties. For instance, in June 2020, NoBroker, real estate company introduced virtual reality and analytics tool, to offer virtual reality tour for flats and houses in Delhi, India.

By Deployment:

The deployment segment is bifurcated into Cloud and On-premises.
Cloud based segment accounted largest revenue share for virtual tour software market in the year 2022. Rapid adoption of advanced technologies and development of cloud based platforms for virtual reality is propelling the demand for cloud based technology for virtual tour software. Additionally, rising cloud spendings in companies has proliferated the deployment of cloud based system virtual tour software by end users. For instance, as per World Economic Forum, in 2021, Asia Pacific region recorded investment of USD 48.40 billion for cloud based services. Thus, rising investments for cloud based solution is driving the growth of virtual tour software market.
Cloud segment is anticipated to witness rapid growth for virtual tour software due to rising technological developments and adoption of advanced technologies including AI, machine learning, and cloud based solution. Organizations are adopting cloud based solution for tourism and real estate property.

By End-User

The end-user segment is divided into Tourism & Hospitality, Education, Real estate, Automotive, and Others.
The real estate segment captured major market share of virtual tour software market in the year 2022. Virtual tour software is used by real estate to promote the virtual video of properties including virtual and augmented reality technology to create impressive experience. Rising demand from property buyers on online portal is rising the growth of real estate segment for virtual tour software market. For instance, Matterport, 92% home buyers use online platform to shortlist the property.
Tourism & hospitality segment is projecting fastest growth of virtual tour software market due to rapid adoption of the software for precise representation of tourist places to the customers.

By Region

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America holds major market share for virtual tour software in the year 2022 owing to rapid adoption of virtual reality and easy access to online portals. According to National Association of Realtors in U.S. 87% more views are received by virtual tours which has driven the growth of virtual tour software market.



Asia Pacific region is expected to grow during forecast period due to rapid digitalization and adoption of advanced analytical tools across developing countries such as India and China. Additionally, real estate agents are rapidly adopting software to provide 360 degree virtual tour for the property, resulting rapid growth of svirtual tour software in Asia Pacific region.

Virtual Tour Software Market Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Virtual Tour Software Market. Key players in the market include-

• RTV Inc.
• Kuula LLC
• Matterport
• CloudPano
• Concept3D Inc.
• Klapty
• 3DVista Stitcher
• Roundme Limited
• My360
• Eyespy360.

Recent Developments:

• In March 2022, Concept3D announced strategic partnership with PlatformQ Education, to offer expanded and enhanced virtual touring experience.

• In April 2022, Mass Interact collaborated with Full Measure Education, to provide comprehensive tour strategy and increase student interest and engagement.

• In July 2021, Kuula LLC collaborated with AngoCasa, to incorporate high quality virtual tour for property listing.