Virtual Tourism Market to Grow to USD 85.37 Billion by 2032
(TRAVPR.COM) INDIA - December 16th, 2024 - Virtual Tourism Market Size & Forecast | Global Trends 2024-2032
The global virtual tourism market was valued at USD 7.93 billion in 2023. The global market is projected to grow from USD 10.34 billion in 2024 to reach USD 85.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 30.2% from 2024-2032.
Current Scenario of the Virtual Tourism Market
There is nothing a computer technology cannot do in recent times. It can even allow people to visit imaginary places without even going there physically. An individual can explore physical places or even space in synchronous or asynchronous time through this technology. The expansion of the Internet to things across the world is attributed to enhancing the demand for virtual tourism by launching innovative features to promote individual experiences.
Market Drivers
Rapidly evolving technology and the launch of innovative applications that feature realistic experiences virtually are major driving factors for the market to grow. Middle-class economy people could not afford travel expenses due to rapidly increasing costs. This technology helps them to explore wonderful places, making them experience realistic views. The growing stringent actions by the government and restrictions on traveling due to growing environmental concerns in some countries also greatly influence the growth rate of the market. This is an eco-friendly kind of traveling option in today’s scenario. The climatic conditions are abruptly varying irrespective of the season due to environmental pollution. Using virtual tourism is said to minimize traffic and expand the greenery, especially in popular destinations. According to the experts, tourism causes the same environmental pollution as other industries, which is generally a factor to consider.
Market Restraints
However, there are many potential challenges for the key companies in virtual tourism. One of the challenges is not being able to provide complete virtual tours. Though there is evolving technology in tourism, many people are still not showing much interest in virtual tourism due to various aspects that are slowly degrading the growth rate of the market. In addition, the launch of many applications in tourism that pose many offers for customers to travel internationally hinders the growth rate of the market.
SEGMENT ANALYSIS
By Product Type
The cloud-based segment holds a significant share of the market. The growing importance of being more specific and reliable while storing or retrieving the data without delay, which enhances the customer’s experience in presenting high-quality images or videos, is certainly to elevate the growth rate of the market.
Web-based segment is likely to grow steadily during the forecast period. This type of technology is the traditional technology of virtual tourism that allows people to travel to destinations virtually. The increasing prominence of this, even in undeveloped countries, is gearing up for new opportunities during the forecast period.
By Device Type
- Head Mounted
- Gesture Tracking
The head-mounted segment is attributed to leading the highest share of the market, whereas the gesture-tracking segment is likely to hit the highest CAGR by the end of the forecast period. The head-mounted is a projection technology that allows users to experience the real world. With the emergence of the most advanced technologies, customers are more likely to experience reality interference from motion sensors and other features.
Gesture tracking is highly featured with creative marketing and new virtual offerings. These features are likely to show a huge positive impact on virtual tourism in the future. The trend towards virtual tourism campaigns through various platforms like social media and others is leveraging the growth rate of the market.
By Application
- Real Estate Professionals
- Tourism Industries
- Marketing Professionals
The real estate professionals’ segment is solely to have a significant share of the market. Marketing is a powerful weapon in real estate. Featuring the documentary and promoting the business in a more realistic way slightly level the growth rate of the market.
The tourism industry segment is likely to have the fastest growth rate in the market during the forecast period. Using virtual reality to promote the tourism industry by promoting the customers to experience it at the fullest. The strategies by many companies in an innovative is likely to enhance the growth rate of the market.
REGIONAL ANALYSIS:
North America's virtual tourism market is holding the dominant share. The presence of the topmost compute technology companies and the high prevalence of launching innovative factors in the tourism industry are major factors driving the growth rate of the market in this region. The rapid adoption of new technologies, especially in urban cities, is likely to showcase huge opportunities for new launches in virtual tourism.
Europe is likely to have the highest CAGR by the end of 2032, with the growing prominence of escaping from huge, crowded places and simply experiencing the best views through virtual reality. Asia Pacific's virtual tourism market is expected to have significant growth opportunities in the next coming period. Emerging countries like India and China are attributed to escalating innovative technologies in virtual tourism, and they promote them on different business platforms to enhance the growth rate of the market.
The Middle East, Africa, and Latin America are likely to have a steady pace in the coming years.
Market Key Players:
Companies playing a prominent role in the global virtual tourism market include Google, Go Meta, Valve, Ximmerse, Samsung Electronics, Microsoft Corporation, Sony Interactive Entertainment, Oculus VR LLC, and Others.
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