Friday, March 22, 2024
A recent analysis by Allied Market Research titled “Global Virtual Tour Market Overview and Prospects, 2020-2030″ delves into the market’s dynamics, including investment highlights, successful strategies, drivers, opportunities, competitive analysis, and trends. The study projects the Virtual Tour Market, valued at $448.1 million in 2020, to escalate to $6.5 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 31% from 2021 to 2030.
The expansion of the Virtual Tour Market is propelled by the growth of the real estate and tourism sectors coupled with increased internet accessibility. The surge in consumer electronics usage is anticipated to boost market growth. Nevertheless, the market faces challenges due to inadequate user experience designs and the gradual adoption of virtual reality solutions in less developed economies. Conversely, ongoing technological innovations and expanding application scopes across diverse industries are poised to stimulate market demand.
The real estate sector’s adoption of virtual tours for showcasing and marketing properties, coupled with their use in advertising and promotional activities, is driving market growth. However, the market’s expansion is hindered by insufficiently impactful user experience designs and slow adoption rates of virtual reality technologies. Meanwhile, advancements in internet connectivity and technology are opening new avenues for market growth.
With a significant revenue contribution in 2020, the 3D virtual tour segment leads the market, expected to reach $2.81 billion by 2030, growing at a CAGR of 30.4%. The 3D Virtual Tour segment’s dominance is attributed to its widespread applications across construction, tourism, healthcare, education, and real estate sectors. The virtual reality tour segment, benefiting from AR & VR technology, is anticipated to experience the highest growth due to its advantages in reducing training costs, accelerating repairs, and enhancing customer satisfaction.
The tourism application segment commands a significant share, with virtual reality technology offering immersive digital environments through VR headsets. North America dominates the virtual tour market, attributed to technological advances in the real estate and tourism sectors, growth in the gaming industry, and significant developments in the e-learning market.
Key players in the market include Pan 3sixty, Mi 360, 360 Pano Vr Solutions Pvt. Ltd, 360 Imagery, Exsight 360, Blueravenstudios, Invision Studio Inc, Starts360, Tourvista, and Eye Revolution Ltd.
The report underscores the market’s potential for stakeholders by offering a quantitative analysis from 2020 to 2030. It highlights key market drivers, challenges, and opportunities, along with Porter’s five forces analysis to depict the market’s competitive dynamics. An in-depth segmentation analysis reveals the market’s diverse opportunities, while regional revenue contributions and market player positioning offer insights into the global and regional dynamics of the Virtual Tour Industry.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
