The Asia Pacific Virtual Tour Market is expected to witness market growth of 30.5% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific 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 $642.7 million by 2031. The Japan market is registering a CAGR of 29.7% during 2024-2031. Additionally, the India market is expected to showcase a CAGR of 31.4% during 2024-2031.
The adoption of these tours has accelerated due to multiple factors. Improved VR and AR hardware, such as headsets and smartphones, has made these tours more accessible and immersive. The availability of high-speed internet, 5G connectivity, and cloud computing has also facilitated seamless delivery. These tours enable businesses to cater to an international audience without requiring physical visits, making them particularly attractive in industries such as tourism and retail.
Also, the COVID-19 pandemic significantly boosted the demand for virtual experiences as physical access to locations became limited. Industries such as real estate and education leaned heavily on these tours to maintain operations. The cost of creating these tours has decreased with the advent of affordable 360-degree cameras, AI-based software, and self-service platforms, encouraging small and medium businesses to adopt the technology.
Australia is promising an emerging growth for these tours, driven by a rising familiarity and acceptance of extended reality (XR) technologies, including VR and AR. According to an April-May 2022 Ipsos survey for the World Economic Forum, 46% of Australians surveyed were familiar with the metaverse, with VR familiarity at 80% and AR familiarity at 51%. This widespread familiarity with XR technologies indicates a solid foundation for adopting these tours. As Australians become more accustomed to VR and AR applications, there is a growing willingness to explore these technologies for various purposes. Virtual tours, which leverage these immersive technologies to offer interactive and detailed experiences, are well-positioned to cater to the evolving needs of Australian consumers increasingly engaging with XR in their everyday lives. Therefore, the rising above factors drive the growth of the market.
The China market dominated the Asia Pacific 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 $642.7 million by 2031. The Japan market is registering a CAGR of 29.7% during 2024-2031. Additionally, the India market is expected to showcase a CAGR of 31.4% during 2024-2031.
The adoption of these tours has accelerated due to multiple factors. Improved VR and AR hardware, such as headsets and smartphones, has made these tours more accessible and immersive. The availability of high-speed internet, 5G connectivity, and cloud computing has also facilitated seamless delivery. These tours enable businesses to cater to an international audience without requiring physical visits, making them particularly attractive in industries such as tourism and retail.
Also, the COVID-19 pandemic significantly boosted the demand for virtual experiences as physical access to locations became limited. Industries such as real estate and education leaned heavily on these tours to maintain operations. The cost of creating these tours has decreased with the advent of affordable 360-degree cameras, AI-based software, and self-service platforms, encouraging small and medium businesses to adopt the technology.
Australia is promising an emerging growth for these tours, driven by a rising familiarity and acceptance of extended reality (XR) technologies, including VR and AR. According to an April-May 2022 Ipsos survey for the World Economic Forum, 46% of Australians surveyed were familiar with the metaverse, with VR familiarity at 80% and AR familiarity at 51%. This widespread familiarity with XR technologies indicates a solid foundation for adopting these tours. As Australians become more accustomed to VR and AR applications, there is a growing willingness to explore these technologies for various purposes. Virtual tours, which leverage these immersive technologies to offer interactive and detailed experiences, are well-positioned to cater to the evolving needs of Australian consumers increasingly engaging with XR in their everyday lives. Therefore, the rising above factors drive the growth of the market.
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
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Asia Pacific Virtual Tour Market by Technology
Chapter 5. Asia Pacific Virtual Tour Market by Component
Chapter 6. Asia Pacific Virtual Tour Market by Application
Chapter 7. Asia Pacific 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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