Real Estate Virtual Tour Market is expected to reach $6.5 billion during the forecast period at a 31% CAGR

Introduction

The Real Estate Virtual Tour Market is expected to reach $6.5 billion during the forecast period at a 31% compound annual growth rate (CAGR), according to a report by ReportsandMarkets. This technology allows potential home buyers to take a virtual walk-through of properties for sale without having to physically be present. This is especially useful in the current COVID-19 pandemic, as it helps people stay safe while still being able to view homes. The report notes that the rise in real estate virtual tours is due to the increasing use of smartphones and other digital devices, as well as the growing popularity of social media platforms such as YouTube and Facebook.

Competitive Landscape

The competitive landscape of the real estate virtual tour market is highly fragmented. Some of the key players in this market include Paradym, immoviewer, TourVista, Roomle, Tourbuzz, VirtuallyShow, Virtual Staging Solutions

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Market Overview

The global real estate virtual tour market is expected to grow from USD 0.64 billion in 2019 to USD 1.48 billion by 2024, at a CAGR of 18.8% from 2019 to 2024. The increase in the demand for transparency and accuracy in real estate transactions and the need for 24/7 customer service are the major factors driving the growth of the real estate virtual tour market.

According to a study by National Association of Realtors (NAR), about 44% of buyers found their home online in 2018, which is a significant increase from 28% in 2017. In addition, according to Zillow Group Consumer Housing Trends Report 2018, 37% of buyers used an online home search engine during their home-buying process in 2018. These factors are expected to contribute to the growth of the real estate virtual tour market during the forecast period.

However, data privacy concerns associated with virtual tours are restraining the growth of this market to a certain extent.

Market Dynamics

The global real estate virtual tour market is growing at a significant pace owing to the rising trend of buying and selling property online. The ease of conducting business online and the increased transparency of prices are the key factors driving the market growth. Additionally, the need for efficient marketing tools to attract buyers is also contributing to the market growth.

However, the high cost associated with virtual tours is restraining the market growth. Moreover, lack of awareness about virtual tours among buyers and sellers is also hampering the market growth.

The report provides a detailed analysis of the market dynamics that are expected to shape the future course of the real estate virtual tour market. It also provides insights into various drivers, restraints, opportunities, trends, and challenges that are impacting the market growth.

Segmentation

Virtual tours in the real estate market are becoming increasingly popular, with more than 80% of buyers now starting their search for a new home online. A virtual tour is a great way to give potential buyers a realistic view of a property without having to physically be there.

There are many different types of virtual tours, but most commonly they are either video tours or 360-degree photo tours. Video tours are recorded footage of the property that buyers can watch at their leisure, while 360-degree photo tours allow buyers to explore the property through a series of interactive photos.

Both video and 360-degree tours have their own unique benefits, but ultimately it’s up to the buyer to decide which type of tour they prefer. The important thing is that real estate agents offer some form of virtual tour so that they can reach the widest possible audience.

The global real estate virtual tour market is expected to grow from USD 741.2 million in 2019 to USD 1,835.1 million by 2025, at a CAGR of 18.8%. The major drivers for the market growth are the increasing demand for 3D and 4D technology in advertising and marketing, and the growing popularity of drone photography in real estate industry.

Regional Landscape

The global real estate virtual tour market is expected to reach USD 0.70 billion by 2025, at a CAGR of 9.0% during the forecast period. The rising trend of using virtual reality (VR) and augmented reality (AR) technologies in the real estate industry is one of the major factors driving the growth of the market.

In recent years, there has been a growing demand for VR and AR solutions in various industries, including healthcare, automotive, retail, and education. However, the adoption of these technologies in the real estate industry is still in its early stages. Real estate developers and brokers are increasingly using VR and AR applications to provide potential buyers with an immersive experience of properties that are still under construction or not yet completed.

 

By offering potential buyers a realistic view of a property, developers and brokers can save on marketing costs and time associated with physical visits to properties. Additionally, these technologies help developers and brokers overcome geographical limitations and offer buyers virtual tours of properties located in different parts of the world.

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