Selbyville, Delaware, Oct. 24, 2024 (GLOBE NEWSWIRE) -- The virtual tourism market valuation is predicted to exceed USD 5.7 billion by 2032, reported in a research analysis by Global Market Insights Inc.
The rising demand for immersive experiences is a key driver of this market growth. Consumers increasingly seek innovative ways to explore destinations virtually without the limitations of physical travel. This trend is transforming the tourism industry, as virtual platforms offer users the ability to interact with environments and experience different cultures in real-time, making it a compelling alternative to traditional tourism. As a result, virtual tourism has broadened its appeal, especially among younger audiences who value experiential learning and adventure.
The widespread use of mobile devices and improved internet access are significant factors propelling the virtual tourism market. With billions of people globally owning smartphones and tablets, these experiences are more accessible than ever before.
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Additionally, advancements in internet speeds and mobile technology allow users to engage seamlessly with high-definition virtual content. Enhanced streaming capabilities for VR and AR applications have made it easier for consumers to explore destinations virtually, offering a cost-effective and convenient alternative to conventional travel. This shift is gaining momentum as more users discover the benefits of virtual exploration.
The virtual tourism market is segmented into 360-degree virtual tours, 3D virtual tours, and virtual reality (VR) tours. In 2023, the 360-degree virtual tours segment held over 45% of the market share and is projected to exceed USD 2.5 billion by 2032. These tours allow users to virtually explore destinations, landmarks, and attractions with a comprehensive view, providing an immersive experience without the need for VR headsets.
The ease of access through mobile devices and web browsers has contributed to the widespread adoption of 360-degree tours. Their integration into marketing strategies by tourism agencies, hotels, and cultural sites makes them a popular choice for businesses and users seeking a realistic and engaging virtual travel experience.
The end-user segment of the virtual tourism market includes individuals, travel agencies, educational institutions, and businesses. In 2023, individuals accounted for around 47% of the market share. Virtual tourism offers an affordable, convenient alternative for those unable to travel due to financial, time, or physical constraints.
The use of advanced VR and AR technologies allows users to explore destinations from their homes, delivering an immersive experience without the hassle of traditional travel. Growing awareness of sustainability is also encouraging more individuals to opt for virtual tourism, as it reduces the carbon footprint associated with travel. Additionally, the rise in solo travel enthusiasts and the convenience of personalized virtual tours make this segment highly attractive.
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North America accounted for more than 35% of the virtual tourism market share in 2023 and is expected to surpass USD 2 billion by 2032. The region's dominance is fueled by high technological adoption and a strong demand for innovative travel experiences. Countries like the U.S. and Canada benefit from advanced VR and AR technologies, which are widely available and used to enhance virtual tourism platforms.
The region's well-established tourism sector, combined with growing environmental and health consciousness, further boosts the demand for virtual alternatives. This trend is expected to accelerate as consumers seek eco-friendly and accessible travel experiences.
Key companies shaping the virtual tourism market include Dubai 360, Matterport, YouVisit, Google Earth VR, Real Tour Vision (RTV), 360Cities, TourVista, Blue Raven Studios, Kuula, Panedia. These companies focus on delivering immersive virtual experiences that cater to various segments of the market, contributing to its rapid growth. The continued development of virtual tourism platforms and technologies is expected to further enhance the appeal of this market in the coming years.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021 - 2032
Chapter 3 Virtual Tourism Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Content creators
3.2.2 Technology providers
3.2.3 Hosting platforms
3.2.4 Distribution channels
3.2.5 Virtual tourism agencies
3.3 Profit margin analysis
3.4 Price comparison analysis between traditional and virtual tourism
3.5 Virtual tourism statistics
3.6 Technology & innovation landscape
3.7 Key news & initiatives
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Growing demand for immersive experiences among travellers
3.9.1.2 The widespread use of smartphones and tablets and rising internet penetration
3.9.1.3 Advancements in virtual reality (VR), augmented reality (AR), and 360-degree video technologies
3.9.1.4 Post-pandemic travel restrictions and health concerns
3.9.2 Industry pitfalls & challenges
3.9.2.1 Issues regarding reliable and high-speed internet connectivity
3.9.2.2 Lack of standardization in terms of formats, platforms, and quality standards
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
