Virtual Tourism Market Size, Share & Trend Analysis, By Technology Type, By Application, By Traveler Type, By Consumer Orientation, By Age Group, Regional Outlook, Competitive Tactics, and Segment Forecast to 2030

Virtual Tourism Market Overview:

By the end of 2030, it is anticipated that the global market for virtual tourism market will be worth US$ 4.6 Bn, as per the latest industry analysis by Reports and Insights.

With technology improving people's lives all over the world, virtual tourism has the potential to re-ignite the tourism industry and its people while also contributing to the development of a more sustainable economic model.

Further, North America dominated the market in 2021, followed by China and Japan, and this trend is expected to continue until 2023. The sector is thriving as a result of rapidly increasing technological investments and rising demand for immersive travel and tourism services around the world.

Some recent developments include the China National Tourism Administration's collaboration with HTC Vive to establish the China VR Tourism Cloud Data Service Platform to provide virtual experiences to tourists, Virgin Holidays developing platforms that allow customers to take virtual tours of their destinations, and VR parks in Dubai providing virtual games and experiences to tourists.

This market study on the global virtual tourism market aims to cover market dynamics such as market drivers, challenges/restraints, and opportunities for the market players. It will also cover market segmentation outlook, virtual tourism market trend, regional outlook, virtual tourism market size, and market share, as well as industry and product insights, SWOT analysis, Porter's five force analysis, PESTEL analysis, heat map analysis, market forecast, and the major players operating in the virtual tourism market.

Scope of the Report:

Virtual Tourism Market Drivers:

“Travel Industries Offering Try Before You Buy Options”

Businesses in the travel industry have been quick to adopt virtual reality technology, and for good reason. Typically, customers are looking to purchase experiences rather than products, and virtual reality provides an effective way for marketers to give them a taste of what they can expect.

Most travelers require a great deal of information, before booking a hotel room. This could entail those reading descriptions, viewing images, watching videos, reading customer reviews, or seeking opinions on social media. This process, however, can be significantly shortened by making intelligent use of virtual reality. As a result, many hotels and travel companies are now offering virtual reality elements on their websites or apps, allowing users to experience a digital version of a hotel room or even take a look at one of the nearby attractions. This immersion allows those in the travel industry to offer a kind of "try before you buy" option for the first time.

Virtual Tourism Market Restraints:

“Virtual Tourism Cannot Fully Replicate the Experience of Being in a Destination”

Virtual tourism has the potential to negatively impact the overall tourism industry as well as the local economies of destinations. While virtual tourism can be a cost-effective option for some travelers, it may reduce the number of people who visit a destination in person, which can have a negative economic impact on the local community.

Further, Virtual tourism cannot fully replicate the experience of being in a destination and interacting with the environment and people. There is usually little or no social interaction or personal connections. While this may be ideal for some, others may find the entire experience unsatisfying. This is expected to impact the market growth negatively.

Virtual Tourism Market Opportunities:

“Tourism Sector Are Implementing Virtual Tour Software as a New Marketing Strategy”

The use of virtual reality in various industrial operations has grown as technology has advanced. Virtual tour software, which supports destination-based marketing, is one of the growing applications of virtual reality. Multiple industries in the tourism sector, including hospitality, tourism, restaurants, and others, are primarily implementing this software as a new marketing strategy to improve customer engagement. The marketing strategy is expected to improve customer experience through the virtual solution and increase interactive sessions.

For instance, in 2022, Intel Corporation launched a virtual Intel museum in California for people all over the world. The company created a 3D interactive virtual tour that allows remote visitors to explore museum content, walk the museum floor, and interact with exhibits. 
 

Virtual Tourism Market, by Technology Type:

Based on the Technology Type, the global Virtual Tourism Market is segmented into; Virtual Reality and Augmented Reality.

Virtual Tourism Market, by Application:

Based on the Application, the global Virtual Tourism Market is segmented into; Art Galleries & Exhibition Hall, Museum, Hotel & Resort, In-Flight Entertainment, Travel Booking Services and Others

Virtual Tourism Market, by Traveler Type:

Based on the Traveler Type, the global Virtual Tourism Market is segmented into Solo Traveler and Group Traveler.

Virtual Tourism Market, by Age Group:

Based on the Age Group, the global Virtual Tourism Market is segmented into Generation Z, Millennial, Generation X and Boomers

Virtual Tourism Market, by Consumer Orientation:

Based on Consumer Orientation, the global Virtual Tourism Market is segmented into Men, Kids and Women.

Virtual Tourism Market, by Region:

North America has dominated the virtual tourism market because of the region's significant presence of major participants along with the entry of new businesses into the virtual world technology and rising digitization. Another factor driving the expansion of the Virtual Tourism business in North America is because the region offers an eclectic mix of travel experiences, from history and culture to outdoor adventure and wildlife.

Latin American countries such as Argentina, Mexico and Brazil have shown moderate adoption of virtual tour software by tourism companies. Following the pandemic, Brazil saw a 60% increase in international tourists during the first four months of 2022. As a result of this factor, the demand for virtual tours of places for travel and hotel bookings has increased significantly in the country.

Further, many tourist attractions, hotels, and destinations in Europe have embraced virtual tourism as a way to reach a wider audience and provide unique experiences. From virtual museum tours to virtual reality experiences that let travelers to explore famous landmarks and destinations, the virtual tourism market in Europe is constantly growing and evolving.

Virtual Tourism Market Key Players Analysis:

Momentum Virtual Tours, The Virtual Tour Company, VDarshan, Virtual Tour Experts, poppr.be, WELC, VizioFly, World Travel VR, Ascape VR, Zco Corporation, Cubix, VARS, Giga Works, The Amsterdam VR Company, Infinito VFX, Immersion VR UK, 3D Walkabout, Ignition Immersive, First Airlines, Google, Immersive, among others are the top leading players in the virtual tourism market.

Recent Developments by Key Players:

• In 2022, Tourism of Australia has launched a virtual travel service to assist Indian tourists to explore appealing holiday packages in Australia. The campaign aims to revive Australia's aviation industry and promote tourism in the midst of the covid-19 pandemic

• In 2020, Amazon.Com.Inc. launched Amazon Explore, a virtual tour experience platform service that allows customers to experience virtual tours and events. This platform also emphasizes on learning DIY skills and taking virtual tours of places and cultural landmarks.

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