Asia Pacific Virtual Tour Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud and On-premise), By End-user (Real Estate, Education, Tourism & Hospitality, Automotive, and Others), and Regional Forecast, 2023-2030

The Asia Pacific virtual tour software market size is the third largest region in the global market. It is projected to grow at a CAGR of 13.3% during the forecast period. The global market for virtual tour software is projected to grow from USD 340.7 million in 2022 to USD 941.3 million by 2030.

The rise in technological advancement among different sectors, including hospitality, education, and tourism in countries, such as India, China, and Japan, tends to deliver an immersive interactive experience to the users to increase the Asia Pacific virtual tour software market share.

For instance, Mumbai-based Xanadu Realty has developed a technology interface to provide buyers with a virtual tour of the property and neighborhood.

LATEST TRENDS

Adoption of Virtual Tour Software in AEC Industries Offers New Growth Opportunities

Increasing adoption of virtual tour software in the Architecture, Engineering, and Construction (AEC) industries integrated with VR headsets helps real estate agencies to create layouts of large showrooms and entire-scale buildings to provide a clear 3D visual of the property. According to the virtual and augmented reality association, 40% of buyers confirmed the 3D panoramic tour before making a property purchase decision. This factor will drive the adoption of this software in AEC industries in the next few years.

DRIVING FACTORS

Surge in Use of 5G and Virtual Reality Technology to Bring Digitalization in Travel Industry to Drive the Market Growth

The penetration of VR-based software and 5G networks in the travel industry helps boost sales efficiency by providing a digital sales experience to tourists across the globe, which saves travelers’ time and improves the accessibility of tourism destinations by using VR digital solutions. Hence, the usage of advanced technologies, such as 5G and virtual reality, in the travel industry enables people to have a realistic tourism experience in the virtual world.

Thus, the increasing usage of 5G and virtual reality technology propels the product demand in the travel industry, which drives the Asia Pacific virtual tour software market growth.

RESTRAINING FACTORS

High Interaction Cost of Software Due to Continuous Technological Innovations Restricts the Market Growth 

The increasing involvement of technology across different industries, such as tourism, real estate, and education, and changes in customer demands impact the company budget. Nowadays, companies are adopting digitization to advertise their business as per customer's demand, thereby increasing the company's budget. Hence, despite continuous innovations and inventions in VR technology, virtual tour software costs are becoming high, thereby hampering the adoption of software by companies.

Thus, continuous innovation in such software used by companies disturb the organization’s budget, which restricts the virtual tour software market growth during the forecast period.

KEY INDUSTRY PLAYERS

In terms of competitive landscape, PropVR, SENTIO VR, VToura.com, Virtual Tours Creator, ISHIR, and R3 Interactive are the key players of the Asia Pacific market due to strong end-user offerings, active involvement in R&D investments for the acceleration of end-user launches, and approvals in the forecast period.

LIST OF KEY COMPANIES PROFILED:

• iStaging Corp. (Taiwan)


• VToura.com (Mongolia)


• REX Systems International Pte. Ltd (Panoroo) (Singapore)


• PropVR (India)


• 360central Ltd. (China)


• SENTIO VR (India)


• Virtual Tours Creator (Australia)


• ISHIR (India)


• R3 Interactive (India)


• Easypano Holdings Inc. (China)

KEY INDUSTRY DEVELOPMENTS:

• April 2022: SENTIO VR, a platform provider for AEC industries, introduced a multi-user VR meetings platform for cloud–based meetings which can connect with VR headsets to optimize the performance of architects and designers.


• September 2022: iStaging Corp. launched AI-revamp, a virtual tour solution for the real estate industry to provide a virtual real estate experience to renters and buyers with various features, including a white structural view and a dollhouse for real estate professionals.


• September 2021: Easypano launched VRTourMaker 1.53 version, a professional virtual tour-creating software that can be connected with multiple hotspots and can support Google Maps with a picture paste function.

REPORT COVERAGE

The research report provides qualitative and quantitative insights on the market and a detailed analysis of the Asia Pacific market size & growth rate for all possible segments in the market. Along with the Asia Pacific virtual tour software market forecast, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the number of procedures, an overview of price analysis of types of end-users, overview of the regulatory scenario by key countries, pipeline analysis, new end-user launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation