PUBLISHER: Roots Analysis | PRODUCT CODE: 1803900
PUBLISHER: Roots Analysis | PRODUCT CODE: 1803900
As per Roots Analysis, the global virtual tourism market size is estimated to grow from USD 4.51 billion in the current year to USD 45.65 billion by 2035, at a CAGR of 23.41% during the forecast period, till 2035.
The opportunity for virtual tourism market has been distributed across the following segments:
Type of Product
Type of Device
Areas of Application
Type of Tours
Type of Direct Suppliers
Type of Indirect Suppliers
Company Size
Geographical Regions
Virtual Tourism Market: Growth and Trends
With the rise of virtual reality, virtual tours provide an immersive experience of a place, activity, or destination through a series of panoramic images that are combined, resulting in a virtual representation of an area. Applications that offer virtual tours are widely used for viewing properties, vehicles, tourist attractions, and more. These applications utilize images, audio, video clips, and 3D maps to create a 360-degree perspective of the location. Currently, virtual tours are accessible for numerous exotic sites, from cultural institutions to natural beauty spots such as the islands of Thailand.
The growing awareness of environmental issues plays a significant role in boosting the virtual tourism market, as it serves as an eco-friendly substitute for traditional travel. A prominent trend within this industry is the reduction of carbon footprints enabled by virtual tourism, which eliminates the need for flights, road travel, and extensive tourism infrastructure. Virtual tourism helps lessen the environmental effects of travel while still offering individuals the chance to discover popular destinations.
It also makes travel more accessible, catering to individuals with diverse physical disabilities and financial circumstances. Although VR headsets are considered extravagant for most people, they are expected to become more affordable as the technology develops. Owing to the above mentioned factors, the virtual tourism market is expected to experience significant growth during the forecast period.
Virtual Tourism Market: Key Segments
Based on type of service, the global virtual tourism market is segmented into cloud based and web based. According to our estimates, currently, the cloud based segment captures the majority share of the market. This is due to the benefits of cloud based systems, such as real-time updates, increased efficiency, flexible pricing options, improved collaboration, and easy data recovery.
Conversely, the web-based segment is expected to grow at a relatively higher CAGR during the forecast period. This surge can be attributed to the segment's cost-effectiveness and its ability to meet the increasing demand for interactive experiences.
Based on type of device, the virtual tourism market is segmented into head mounted and gesture tracking. According to our estimates, currently, the head mounted devices capture the majority of the market. This can be attributed to the widespread recognition of head-mounted devices as the most iconic element of virtual reality. Since visuals are more engaging for humans, HMDs are commonly favored for their capacity to distinguish immersive virtual reality systems from typical user interfaces.
Based on areas of application, the virtual tourism market is segmented into art galleries & museums, automotive, education, marketing professionals, real estate professionals, tourism industries. According to our estimates, currently, tourism industry captures the majority share of the market. This growth can be attributed to the increasing adoption of VR technologies, which make global destinations accessible to a wider audience that may otherwise face financial or logistical barriers to travel.
However, the real estate segment is expected to grow at a higher CAGR during the forecast period, due to the growing demand from home buyers for virtual property tours, enabling online property listings to be more immersive and accessible.
Based on type of tours, the virtual tourism market is segmented into 360 degree virtual tours, 3D virtual tours, and virtual reality tours. According to our estimates, currently, 3D virtual tours segment captures the majority share of the market. This growth can be attributed to the immersive experience these tours offer, allowing users to explore destinations from the comfort of their homes through detailed 360-degree views and interactive features
However, the virtual reality tours segment is expected to grow at a higher CAGR during the forecast period, driven by the unique and engaging experiences VR technology offers to users.
Based on type of direct suppliers, the virtual tourism market is segmented into airlines, government bodies, hotel campaigns, and tour operators. According to our estimates, currently, the tour operators captures the majority share of the market. This growth can be attributed to the significant role that tour operators play in delivering virtual travel experiences and promoting destinations through digital platforms
However, the airlines segment is expected to grow at a higher CAGR during the forecast period, driven by growing investments in virtual tourism technologies aimed at boosting customer engagement and offering immersive pre-travel experiences.
Based on type of indirect suppliers, the virtual tourism market is segmented into aggregators, corporate buyers, online travel agency, traditional travel agencies, travel management companies. According to our estimates, currently, the online travel agency segment captures the majority share of the market, owing to their vital role in distributing virtual tourism experiences and expanding their influence in the market
However, the aggregators segment is expected to grow at a higher CAGR during the forecast period, due to its ability to compile a wide range of virtual tour options, offering consumers greater variety, convenience, and accessibility.
Based on company size, the virtual tourism market is segmented into large and small and medium enterprises. According to our estimates, currently, the large enterprise segment captures the majority share of the market. However, the small & medium enterprises are expected to grow at a higher CAGR during the forecast period. This accelerated growth can be attributed to their flexibility, innovative approaches, targeted focus on niche markets, and adaptability to evolving customer preferences and market dynamics.
Based on geographical regions, the virtual tourism market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, North America captures the majority share of the market, driven by its advanced technological infrastructure, widespread adoption of cutting-edge AI technologies, and substantial investments in virtual tourism from major industry players.
The presence of prominent technology companies and AI innovators fuels ongoing advancements and new developments within the virtual tourism space. Additionally, the emphasis on integrating AI into sectors like VR travel, real estate, and education further accelerates the market growth in this region.
Virtual Tourism Market: Research Coverage
The report on the virtual tourism market features insights on various sections, including:
Key Questions Answered in this Report
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