The virtual tour platform market is expected to reach US$ 66.6 Bn by 2028 from US$ 14.7 Bn in 2020, at a CAGR of 20.9% during the forecast period of 2020 to 2028
Global Virtual Tour Platform Market, By Type (Web-based, Cloud-based), By end-user (real estate, travel and hospitality, insurance, education, and others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The virtual tour platform market is expected to reach US$ 66.6 Bn by 2028 from US$ 14.7 Bn in 2020, at a CAGR of 20.9% during the forecast period of 2020 to 2028.
In the modern-day world, the advanced technology has significantly shaped the way various entities are displayed and marketed across the world. Similarly, virtual tour is another advanced method to showcase a particular entity and commercialize it globally.
A virtual tour platform is, basically, a simulation of a specific locality and environment with the help of tranquil images and videos in sequence. Virtual tours can also be added with other multimedia components such as floor plans, various sound effects and music, and many more can also be utilized.
The virtual tour platform provides users an experience of being virtually present in a particular environment where they are physically not present. A virtual tour experience which is also recurring in nature, supports various industries including education, in which the virtual tour platform strengthens learning for the students. Owing to uses in numerous industries, the virtual tour platform market is projected to grow substantially in the forthcoming future.
Virtual tours are an excellent manner to digitally commercialize an entity, along with offering a 360* panoramic view to the customers with additional sound effects and other attractive features, ultimately making it more fascinating. Such factors are expected to escalate the demand of virtual tour platforms enormously in the global markets.
In addition to that, virtual tours carry the potential to boost the revenue of a vast number of vertices comprising the hospitality industry, tourism, manufacturing, learning, and security, among others, which in turn is also acting as a positive factor for future growth of the global virtual tour platform industry.
Moreover, the virtual tours are considered one of the best and cost-effective methods to showcase and digitally commercialize any particular entity as it doesn’t involve any complexity and high cost to create, which makes it a better option. In a similar manner, the real estate industry constantly looks for innovative ideas to display and commercialize their properties and virtual tour platforms serve a great utility in the same.
A properly created virtual tour of a specific property can showcase the entire property to the customer in a precise manner, which is extremely helpful for the realtors. Such factors further accelerate the demand of virtual tour platforms in the real estate industry worldwide, thereby estimated to propel the growth of the global virtual tour platform market in the coming years.
MMC Study identifies some of the key participating players in the virtual tour platform market globally are 3DVISTA, Concept3D, Cupix, DiveIn Studio, EyeSpy360, iStaging Corp., Matterport, Inc., Professional360 GmbH, RTV Inc., Roundme, among others.
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