PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1621850
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1621850
Virtual Tourism Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Virtual Tourism Market was valued at USD 728.6 million in 2023 and is expected to grow at an impressive CAGR of 26.4% between 2024 and 2032. This rapid growth is largely driven by the increasing demand for immersive travel experiences, as consumers seek innovative ways to explore new destinations without the limitations of traditional travel. Virtual tourism is transforming the travel industry, providing a unique opportunity to virtually explore places and interact with different environments. One of the key factors propelling this market is the rising popularity of immersive experiences, particularly among younger audiences. Virtual tourism allows users to "visit" destinations, engage with cultural attractions, and experience environments in real-time.
This trend appeals to those looking for more authentic, adventure-filled experiences, even if physical travel isn't possible. In addition, the growing need for accessible travel options, whether due to financial, time, or physical constraints, is expanding the reach of virtual tourism to a broader range of consumers. In 2023, 360°degree virtual tours dominated the market, holding over 45% of the market share. These tours offer an immersive and highly interactive experience, allowing users to explore destinations and landmarks as if they were physically present.The demand for 360°degree tours is expected to continue rising, with the segment projected to surpass USD 2.5 billion by 2032.
In terms of end users, the market is divided into individuals, travel agencies, educational institutions, and businesses. The individual segment held the largest share in 2023, accounting for around 47% of the market. Virtual tourism provides individuals with an affordable and convenient alternative to traditional travel, making it accessible to those with limited financial resources, time constraints, or mobility issues. North America accounted for over 35% of the virtual tourism market share in 2023, driven by high technological adoption and strong consumer demand for innovative travel experiences.The vast accessibility of advanced VR and AR technologies, specifically in the U.S. and Canada, supports the region's dominant position in the market. By 2032, the North American virtual tourism market is expected to exceed USD 2 billion, fueled by continued advancements in immersive technology and growing interest in virtual travel options.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $728.6 Million |
| Forecast Value | $5.7 Billion |
| CAGR | 26.4% |
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Content creators
- 3.2.2 Technology providers
- 3.2.3 Hosting platforms
- 3.2.4 Distribution channels
- 3.2.5 Virtual tourism agencies
- 3.3 Profit margin analysis
- 3.4 Price comparison analysis between traditional and virtual tourism
- 3.5 Virtual tourism statistics
- 3.6 Technology & innovation landscape
- 3.7 Key news & initiatives
- 3.8 Regulatory landscape
- 3.9 Impact forces
- 3.9.1 Growth drivers
- 3.9.1.1 Growing demand for immersive experiences among travellers
- 3.9.1.2 The widespread use of smartphones and tablets and rising internet penetration
- 3.9.1.3 Advancements in virtual reality (VR), augmented reality (AR), and 360°-degree video technologies
- 3.9.1.4 Post-pandemic travel restrictions and health concerns
- 3.9.2 Industry pitfalls & challenges
- 3.9.2.1 Issues regarding reliable and high-speed internet connectivity
- 3.9.2.2 Lack of standardization in terms of formats, platforms, and quality standards
- 3.9.1 Growth drivers
- 3.10 Growth potential analysis
- 3.11 Porter's analysis
- 3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Virtual Experience, 2021 - 2032 ($Bn)
- 5.1 Key trends
- 5.2 360-degree virtual tours
- 5.3 3D virtual tours
- 5.4 Virtual reality (VR) tours
Chapter 6 Market Estimates & Forecast, By Application, 2021 - 2032 ($Bn)
- 6.1 Key trends
- 6.2 Tourism and travel
- 6.3 Education and training
- 6.4 Real estate
- 6.5 Gaming
- 6.6 Cultural and heritage sites
- 6.7 Retail
Chapter 7 Market Estimates & Forecast, By End Use, 2021 - 2032 ($Bn)
- 7.1 Key trends
- 7.2 Individuals
- 7.3 Travel agencies
- 7.4 Educational institutions
- 7.5 Businesses
Chapter 8 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Spain
- 8.3.5 Italy
- 8.3.6 Russia
- 8.3.7 Nordics
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Southeast Asia
- 8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Argentina
- 8.6 MEA
- 8.6.1 UAE
- 8.6.2 South Africa
- 8.6.3 Saudi Arabia
Chapter 9 Company Profiles
- 9.1 360Cities
- 9.2 Blue Raven Studios
- 9.3 Dubai 360
- 9.4 Exsight 360
- 9.5 Eye Revolution Ltd
- 9.6 Google Earth VR
- 9.7 Koala 360
- 9.8 Kuula
- 9.9 Matterport
- 9.10 Pan 3Sixty
- 9.11 Panedia
- 9.12 Real Tour Vision (RTV)
- 9.13 Starts360
- 9.14 TourVista
- 9.15 Travel World VR
- 9.16 Virtually Visiting
- 9.17 VizioFly
- 9.18 VR Travel
- 9.19 XplorIt
- 9.20 YouVisit
