Virtual Tourism Market Report 2024

This Virtual Tourism market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The virtual tourism market size has grown rapidly in recent years. It will grow from $10.52 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth observed during the historic period can be attributed to increasing internet penetration, the proliferation of mobile devices, the expansion of digital marketing, rising consumer demand for convenience, and increased investment in virtual tour infrastructure.

The virtual tourism market size is expected to see rapid growth in the next few years. It will grow to $23.9 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The projected growth during the forecast period can be attributed to the increasing adoption of 5G networks, the growing popularity of smart devices, the expansion of digital marketing strategies, enhanced user experience features, and the integration of interactive elements. Key trends expected to drive this growth include the rising adoption of virtual reality (VR), the expansion of remote experiences, the integration of artificial intelligence (AI), the growth of educational content, and the incorporation of social features.

The expansion of the real estate industry is projected to drive growth in the virtual tourism market. Real estate industries, encompassing activities such as buying, selling, leasing, and managing residential, commercial, and industrial properties, are experiencing growth due to urbanization, economic development, and favorable investment conditions. Real estate companies are utilizing virtual reality (VR) and augmented reality (AR) technologies to provide immersive property tours, allowing potential buyers and tourists to explore properties globally without physical visits. This innovation enhances virtual tourism by offering detailed, interactive views of luxury properties. For example, in July 2024, the United States Census Bureau reported that in June 2023, the number of privately owned housing units authorized by building permits was 1,493,000, a 3.1% increase from the 1,399,000 units permitted in May 2023. This growth in the real estate sector is expected to drive the virtual tourism market.

Leading companies in the virtual tourism market are developing advanced technology, such as AI-powered three-dimensional (3D) virtual tours, to deliver cost-effective and rapid 3D solutions that transform virtual real estate experiences. AI-powered 3D virtual tours use artificial intelligence to create immersive, realistic digital simulations of real-world locations, allowing users to explore and interact with virtual environments in three dimensions, with adaptive content and personalized experiences. For instance, in January 2024, Planitar Inc., a Canada-based measurement technology provider, launched iGUIDE Instant. This solution offers an affordable option at USD 7.99 per project, enabling real estate photographers to quickly generate high-quality virtual tours and floor plans, often within minutes of capturing property data. The platform integrates with social media and web platforms, allowing customizable branding for listing agents and providing analytics reports to track online engagement and assess listing effectiveness. iGUIDE Instant captures high-resolution 360° imagery, enhancing the viewing experience by enabling potential buyers to explore properties in exceptional detail.

In December 2022, Zillow Group, a U.S.-based real estate company, acquired VRX Media for an undisclosed amount. This acquisition is aimed at enhancing Zillow’s real estate offerings and enabling the company to provide advanced media services through its ShowingTime+ software suite. The acquisition also positions Zillow to set a new industry standard with rich interactive media for property listings. VRX Media, a U.S.-based provider of virtual staging and 3D virtual tours for the real estate and commercial sectors, will be integrated into Zillow’s operations.

Major companies operating in the virtual tourism market are Google LLC, Intel Corporation, Toshiba Corporation, Ricoh Co. Ltd., Zebra Technologies Corp., Autodesk Inc., Trimble Inc., Zillow Group, Leica Geosystems AG, Cvent Inc., Magic Leap Inc., Vuzix, Real Tour Vision (RTV) Inc., Vieweet, Urbanimmersive Inc., Blippar Group Limited, UNIMERSIV, Kuula Inc., Virtual Pictures Corp., Cupix Inc.

North America was the largest region in the virtual tourism market in 2023. The regions covered in the virtual tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the virtual tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Virtual tourism leverages technology to create simulated experiences of real or imagined locations, allowing individuals to explore and interact with these environments without physical presence. It provides a secure and convenient alternative to traditional travel, especially when travel is hazardous or impractical, and helps preserve and promote cultural heritage by creating digital records of historic sites and traditions.

The main types of virtual tourism include 360-degree virtual tours, three-dimensional (3D) virtual tours, and virtual reality (VR) tours. A 360-degree virtual tour enables users to navigate a virtual environment through panoramic images, offering a comprehensive view and allowing exploration as if physically present. These tours are available in various formats, such as cloud-based and web-based, and utilize technologies including 3D scanning and imaging, photogrammetry, computer vision, haptic feedback, and spatial audio. Direct suppliers of virtual tourism include airlines, hotel chains, tour operators, and government bodies. End users of virtual tourism span travelers and tourists, hospitality and accommodation sectors, cultural and historical sites, entertainment and recreation, and educational and training institutions.

The virtual tourism market research report is one of a series of new reports that provides virtual tourism market statistics, including virtual tourism industry global market size, regional shares, competitors with a virtual tourism market share, detailed virtual tourism market segments, market trends and opportunities, and any further data you may need to thrive in the virtual tourism industry. This virtual tourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The virtual tourism market consists of revenues earned by entities by providing services such as virtual event and exhibition participation, digital travel planning services, educational virtual field trips, virtual shopping, and souvenir purchases. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual tourism market also includes sales of virtual reality (VR) headsets, augmented reality (AR) glasses, high-performance computers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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