Virtual Tourism Market Size To Reach $30.54 Billion By 2030

Virtual Tourism Market Growth & Trends

The global virtual tourism market size is expected to reach USD 30.54 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 24.9% from 2024 to 2030. Virtual tourism has emerged as a transformative force in the travel industry, revolutionizing how we explore and experience new destinations. This innovative approach leverages cutting-edge technologies like virtual reality (VR) and augmented reality (AR) to offer immersive travel experiences from the comfort of one's home. Virtual tours, which are becoming increasingly popular, allow users to traverse iconic landmarks, museums, and other attractions without the need for physical travel. With players such as Google Earth VR, Oculus, and HTC leading the charge, virtual tourism is not just a trend but a significant shift in how we engage with the world.

The rise of virtual tourism reflects a broader trend towards digital exploration. Companies like Matterport and Xplorit are pushing the envelope by creating high-resolution, interactive virtual tours that capture the essence of physical locations. This shift has been driven by advancements in VR technology, which enable users to experience destinations in unprecedented detail. The ability to navigate through virtual environments and interact with digital elements has broadened the scope of what virtual tourism can offer, from exploring the Louvre in Paris to diving into the Great Barrier Reef.

One of the key opportunities in the virtual tourism industry is its potential to enhance accessibility. Virtual tours provide a valuable resource for individuals who may face physical limitations or travel restrictions. For instance, platforms like Ascape VR and Dubai 360 are making it easier for users to access and enjoy remote or challenging locations. This inclusivity is not only beneficial for users but also offers a new avenue for businesses and institutions to engage with a global audience, attracting interest and generating potential revenue.

However, virtual tourism is not without its challenges. Critics have raised concerns about the potential impact on physical travel and local economies that depend on tourism. The ethical implications of virtual experiences, such as cultural appropriation and the commodification of cultural heritage, also need to be addressed. Companies in the virtual tourism space must navigate these issues carefully, ensuring that their offerings respect and preserve the cultural significance of the destinations they represent.

The integration of virtual and physical travel experiences is poised to offer a seamless continuum for explorers. Futurists envision a travel landscape where virtual previews of destinations can complement and enhance physical journeys. This convergence could lead to more personalized and adaptive travel experiences, allowing users to plan and experience their trips in innovative ways. As virtual tourism continues to evolve, the possibilities for exploration and engagement with the world are expanding, offering new opportunities for both travelers and industry players.

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Virtual Tourism Market Report Highlights

• 3D virtual tours accounted for a majority share of the global market in 2023. Such tours offer immersive, interactive experiences that simulate real-world travel. These tours allow users to explore destinations from the comfort of their homes, providing detailed, 360-degree views and interactive elements.

• Demand for virtual tourism in art galleries and museums is anticipated to rise significantly from 2024 to 2030. Virtual tourism in art galleries and museums allows users to explore exhibitions and collections from anywhere in the world, overcoming geographical and physical limitations.

• The virtual tourism market in Asia Pacific is set to grow majorly from 2024 to 2030. The region's diverse cultural heritage, historical landmarks, and natural attractions offer rich content for virtual tours. Rising consumer interest in digital and remote experiences, coupled with a growing middle class with disposable income, drives demand for virtual tourism.

Virtual Tourism Market Segmentation

Grand View Research has segmented the global virtual tourism market based on type, application, and region:

Virtual Tourism Type Outlook (Revenue, USD Billion, 2018 - 2030)

• 360 Virtual Tours

• 3D Virtual Tours

• Virtual Reality (VR) Tours

Virtual Tourism Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Tourism

• Real Estate

• Art Galleries and Museums

• Others

Virtual Tourism Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

List of Key Players in the Virtual Tourism Market

• Marriott International

• First Airlines

• Visit Wales

• Google Earth VR

• Dubai 360

• Bristol From Home

• Ascape VR

• Xplorit

• Matterport

• Expedia