The North America Virtual Tour Market is expected to witness market growth of 29.2% CAGR during the forecast period (2024-2031).
The US market dominated the North America Virtual Tour Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.81 billion by 2031. The Canada market is experiencing a CAGR of 31.9% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 30.8% during 2024-2031.
This market has witnessed substantial growth in recent years, driven by advancements in immersive technology, increasing demand for remote experiences, and broadening applications across various industries. These tours allow users to explore spaces, locations, or objects interactively without physically being there. Leveraging technologies such as 360-degree photography, 3D modelling, augmented reality (AR), and virtual reality (VR), these tours have transformed how businesses engage with customers and how individuals experience environments.
In addition, these tours are widely used across various industries, tailoring the technology to meet specific needs. These tours have revolutionized real estate marketing, enabling potential buyers and renters to explore properties remotely. They provide a detailed and immersive view of properties, saving time for realtors and clients. Features like interactive floor plans, zoom capabilities, and embedded multimedia enhance user engagement and decision-making.
In Mexico, the real estate and rental sectors contributed significantly to the economy, generating a gross domestic product (GDP) of $2.66 trillion MX in the third quarter of 2023. This represents a growth of 2% compared to the previous quarter and 5.55% compared to the same period in the prior year. This growth indicates a robust demand for real estate, both for residential and commercial properties, creating a natural opportunity for these tours. Also, e-commerce has been steadily growing in Canada, with its share of total retail sales rising from 3.9% in 2021 to 6.2% in 2022. The e-commerce industry is expected to reach USD 40.3 billion in sales by 2025. This growth indicates a shift toward online shopping, where virtual experiences are crucial in enhancing the customer journey. In particular, these tours are gaining traction in the Canadian e-commerce space, particularly in industries like real estate, fashion, and retail. Thus, the rising real estate sector in Mexico and the expanding e-commerce sector in Canada are driving factors for the growth of the virtual tour market in both countries.
The US market dominated the North America Virtual Tour Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.81 billion by 2031. The Canada market is experiencing a CAGR of 31.9% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 30.8% during 2024-2031.
This market has witnessed substantial growth in recent years, driven by advancements in immersive technology, increasing demand for remote experiences, and broadening applications across various industries. These tours allow users to explore spaces, locations, or objects interactively without physically being there. Leveraging technologies such as 360-degree photography, 3D modelling, augmented reality (AR), and virtual reality (VR), these tours have transformed how businesses engage with customers and how individuals experience environments.
In addition, these tours are widely used across various industries, tailoring the technology to meet specific needs. These tours have revolutionized real estate marketing, enabling potential buyers and renters to explore properties remotely. They provide a detailed and immersive view of properties, saving time for realtors and clients. Features like interactive floor plans, zoom capabilities, and embedded multimedia enhance user engagement and decision-making.
In Mexico, the real estate and rental sectors contributed significantly to the economy, generating a gross domestic product (GDP) of $2.66 trillion MX in the third quarter of 2023. This represents a growth of 2% compared to the previous quarter and 5.55% compared to the same period in the prior year. This growth indicates a robust demand for real estate, both for residential and commercial properties, creating a natural opportunity for these tours. Also, e-commerce has been steadily growing in Canada, with its share of total retail sales rising from 3.9% in 2021 to 6.2% in 2022. The e-commerce industry is expected to reach USD 40.3 billion in sales by 2025. This growth indicates a shift toward online shopping, where virtual experiences are crucial in enhancing the customer journey. In particular, these tours are gaining traction in the Canadian e-commerce space, particularly in industries like real estate, fashion, and retail. Thus, the rising real estate sector in Mexico and the expanding e-commerce sector in Canada are driving factors for the growth of the virtual tour market in both countries.
List of Key Companies Profiled
- Matterport, Inc.
- Kuula, Inc.
- RTV, Inc.
- Concept3D, Inc.
- Eye Revolution Ltd.
- CloudPano
- Eyespy360 Ltd.
- Blue Raven Studios
- 360 Pano VR Solutions Private Limited
Market Report Segmentation
By Technology
- Semi & Fully Immersive
- Non-immersive
By Component
- Hardware
- Software
- Services
By Application
- Real Estate
- Tourism & Hospitality
- Art Galleries & Museums
- Other Application
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. North America Virtual Tour Market by Technology
Chapter 5. North America Virtual Tour Market by Component
Chapter 6. North America Virtual Tour Market by Application
Chapter 7. North America Virtual Tour Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Matterport, Inc.
- Kuula, Inc.
- RTV, Inc.
- Concept3D, Inc.
- Eye Revolution Ltd.
- CloudPano
- Eyespy360 Ltd.
- Blue Raven Studios
- 360 Pano VR Solutions Private Limited
Methodology
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