Virtual Tourism Market |Size, Share, Growth| (2023

GLOBAL VIRTUAL TOURISM MARKET (2023 - 2030)

As per our research report, the global Virtual Tourism market size is estimated to be growing at a CAGR of 16.14% from 2023 to 2030.

The pandemic was a result of a highly contagious virus that was extremely contagious and very fatal in a lot of cases. The virus which initially resembled flu-like symptoms ended up being deadly in a lot of cases. To prevent its further spread, lockdowns were imposed across countries and through state boundaries. Travel of all kinds was strictly restricted. The tourism market suffered a major hit and as a result, several hotels and resorts were shut down. The physical market suffering gave rise to the boom of the virtual market. People started living their dreams vicariously through virtual gears and headsets which led the market to bloom. Overall, the market will see a major rise in the post-pandemic years as well owing to the growing technological advancements.

The rise in significance of the advertisement market paired with the increasing popularity of digital advertising and promotions has led to the growth of the market. In the age of social media, it is almost impossible to sell a product without first doing significant advertising. This can be due to the increasing competition as well as people demanding better quality products from companies. A lot of advertising is done digitally, which is where virtual tourism comes into play. Tourist places, resorts, islands, regions, and more can arrange a virtual tour of their place which tourists can get a feel of before visiting. It helps them get acquainted with the place and navigate it easier.

Technological developments have also played a major role in ensuring the development of the virtual tourism market. The devices that aid in virtual projection, virtual reality headsets, gaming solutions, and more have become increasingly popular. They have also been made to be relatively more affordable to ensure the fact that they can reach a larger audience and more people globally. Virtual tours are also finding their way into the healthcare market and are supposed to flourish as medical aid in the forecast period. Advanced networks like 5G and the rise in demand for better quality in all products have also led to the growth of the market as people prefer as real of a visual as possible compared to the original.

The detachment of the virtual tour from actual reality is what is hampering the growth of the market. The virtual tour can only offer selected aspects of the place or region. It cannot offer the hidden gems that an in-person exploration can find. The virtual tour can offer a semblance of what it would like to visit. The actual feelings, sensations, and environment of the place cannot be replicated. Travelling also provides an opportunity for people to connect with natives and locals. The virtual tours can be informative but it’s difficult to provide authentic experiences. All of these factors are restraining the market.

KEY MARKET INSIGHTS:

Based on the type the market is segmented into 360 virtual tours, 3D virtual tours, and virtual reality tours. The 3D virtual tour segment held the largest market share among all as it was the most popular. It gives an actual experience of what a person would feel like when they visit the place. The 3-dimensional effect helps it feel more real and lifelike. It can be defined as actually feeling alive. This makes it the most popular type.

Based on the application, the tourism segment held the largest market share. People can visit the places virtually and get a feel for what it would be like to visit there. This has led to a boom in the actual tourism industry as people see the places virtually and then they actually want to visit them. Remote places that might not be popular as it is can increase their tourism by investing in virtual tourism.
Based on the device type, the head-mounted gear is the most popular. They are commonly available and can be easily accessed by everyone. Gesture tracking devices use more complicated technology and cannot be as easily available. The technology also requires more development before being used commonly.
Based on the region, North America held the largest market share. This can be attributed to the technological advancements in the region that have been observed in the augmented reality and virtual reality segments of the tourism market. Asia-Pacific is expected to grow at the fastest CAGR during the forecast period.
Companies playing a leading role in the global Virtual Tourism market profiled in this report are Pan 3sixty, Mi 360, 360 Pano Vr Solutions Pvt. Ltd, 360 Imagery, Exsight 360, Blueravenstudios, Invision Studio Inc, Starts360, Tourvista, and Eye Revolution Ltd.

MARKET SEGMENTATION:

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