The Latin America, Middle East and Africa Virtual Tour Market is expected to witness market growth of 31.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA 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 $143.3 million by 2031. The Argentina market is showcasing a CAGR of 32.8% during 2024-2031. Additionally, the UAE market would register a CAGR of 30.5% during 2024-2031.
The utility of these tours extends beyond convenience, offering tangible benefits for businesses and users alike. These tours create interactive and visually appealing content, keeping users engaged longer than traditional images or videos. This results in higher conversion rates for businesses. By allowing remote exploration, these tours reduce the need for physical visits, saving customers and businesses travel time and costs.
Businesses can integrate analytics tools into these tours to gather insights into user behaviour, such as which areas are most viewed or how much time users spend exploring specific features. These tours provide detailed, real-time visuals that help users make informed decisions, whether choosing a vacation destination, purchasing a property or enrolling in a university.
The UAE is witnessing significant investment and growth in its travel and tourism sector, which is expected to fuel the expansion of this market. The UAE government has forecasted a steady rise in investment in the travel and tourism sector, estimating an annual growth rate of 11% to reach USD 20.3 billion by 2027, accounting for 11.2% of total investments. This increasing investment is expected to enhance the country’s infrastructure and innovation within the tourism industry, creating demand for digital solutions such as virtual tours. This market in Brazil is growing steadily, driven by various factors specific to the country’s industries and socio-economic conditions. Retailers are incorporating these tours into their online platforms, allowing customers to digitally explore store layouts and product collections. For example, retail brands like Havaianas and O Boticário use virtual showroom tours to engage customers and enhance their online shopping experience. Hence, the UAE’s rising investment in the travel and tourism sector and the rising above factors in Brazil are expected to increase the market's growth.
The Brazil market dominated the LAMEA 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 $143.3 million by 2031. The Argentina market is showcasing a CAGR of 32.8% during 2024-2031. Additionally, the UAE market would register a CAGR of 30.5% during 2024-2031.
The utility of these tours extends beyond convenience, offering tangible benefits for businesses and users alike. These tours create interactive and visually appealing content, keeping users engaged longer than traditional images or videos. This results in higher conversion rates for businesses. By allowing remote exploration, these tours reduce the need for physical visits, saving customers and businesses travel time and costs.
Businesses can integrate analytics tools into these tours to gather insights into user behaviour, such as which areas are most viewed or how much time users spend exploring specific features. These tours provide detailed, real-time visuals that help users make informed decisions, whether choosing a vacation destination, purchasing a property or enrolling in a university.
The UAE is witnessing significant investment and growth in its travel and tourism sector, which is expected to fuel the expansion of this market. The UAE government has forecasted a steady rise in investment in the travel and tourism sector, estimating an annual growth rate of 11% to reach USD 20.3 billion by 2027, accounting for 11.2% of total investments. This increasing investment is expected to enhance the country’s infrastructure and innovation within the tourism industry, creating demand for digital solutions such as virtual tours. This market in Brazil is growing steadily, driven by various factors specific to the country’s industries and socio-economic conditions. Retailers are incorporating these tours into their online platforms, allowing customers to digitally explore store layouts and product collections. For example, retail brands like Havaianas and O Boticário use virtual showroom tours to engage customers and enhance their online shopping experience. Hence, the UAE’s rising investment in the travel and tourism sector and the rising above factors in Brazil are expected to increase the market's growth.
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
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. LAMEA Virtual Tour Market by Technology
Chapter 5. LAMEA Virtual Tour Market by Component
Chapter 6. LAMEA Virtual Tour Market by Application
Chapter 7. LAMEA 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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