The global real estate virtual tour software market is growing at a significant CAGR of more than 22.0% during the forecast period (2019-2025). Virtual reality in real estate and construction projects involves placing a 3D model of a proposed design onto an existing space using mobile devices and 3D models. There is a potential in virtual reality technology to drive consumer purchasing the real estate. The US, Germany, Japan, and UK have the largest online real estate platform. VR has made a significant bound in recent years, moving from heavy prototypes to mobile and affordable headsets. VR finds new ways of practical and commercial applications such as real estate, retail, and live events. The number of sold devices is increasing and the immersive content is becoming realistic.

Moreover, VR technology can aid in the sales of property under construction. Real estate agents and marketers struggle in advertising housings due to a lack of actual objects to see. Architectural 3D visualization permits to see the future view of the exterior or even interior designs of a building. In addition, the increasing demand for the display of information and real-time human interaction with digital devices and objects in various sectors such as the real estate sector, which is anticipated to be the major factors for the growth of the market. However, the lack of awareness of virtual reality applications in real estate is expected to hamper the growth of the global real estate virtual tour software market.

Segmental Outlook  

The real estate virtual tour software market is classified on the basis of platform and property type. Based on the platform, the market is bifurcated into web-based and cloud-based. Based on the property type, the market is segmented into residential and commercial. Among these property types, the real estate virtual tour software finds its major application for sale and rent of the residential property. 

Global Real Estate Virtual Tour Software Market Share by Property Type, 2018 (%)

Global real estate virtual tour software market is driven by residential property

The real estate virtual tour software finds its major application for sale and rent of the residential property. The majority of market players are offering their virtual tour software for residential applications. There are several startups that are continuously introducing residential virtual tour software. For instance, Start VR has introduced an EDGE 28, a VR app that is used with virtual reality technology as part of the sales launch for a Sydney apartment development permitting prospective buyers to experience the property even before construction has started. 

Regional Outlook 

The global real estate virtual tour software market is classified on the basis of geography, which includes North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to have considerable market share in the global real estate virtual tour software market. The US and Canada are the major economies of North America. The region has well-developed information communication technology (ICT) and employs the adoption of a larger number of connected devices. Therefore, there are several startups established in the region, particularly in the US. Matterport, a US-based startup, designs and develops a cloud-based platform that permits users to create virtual reality models of real objects. In 2017, the company partnered with roOomy, a 3D modeling, rendering & virtual staging platform and launched virtual staging and furniture purchasing services for the real estate sector.

Global Real Estate Virtual Tour Software Market Growth, by Region 2019-2025

Asia-Pacific is expected to propel with a considerable growth rate in the global market

Asia-Pacific is expected to project a considerable growth in the global real estate virtual tour software market. This is attributed to the investment in R&D on advanced communication technologies and growing internet penetration over the past few years. The real estate in India is continuously emerging and has started providing a virtual tour of furnished flats and under-construction homes to its potential customers. However, the big organizations in India are at the early stages of VR development, among which, majority of the companies are at the initial stage of proof of concept & ROI justification. There are around 70 start-ups in the VR space in India; however, only a handful of companies have raised capital from venture funds. Noida based VR start-up SmartVix uses Oculus headset for creating a virtual environment, the start-up has delivered immersive, high-quality campaigns for real estate players, Asian Paints. Meanwhile, Bangalore based Infurnia provides virtual environment development tools for interior designers.

Market Players Outlook

The key players in the real estate virtual tour software market are contributing significantly by providing advanced technology-based products and expanding their geographical presence across the globe. The key players operating in the global real estate virtual tour software market include Paradym, iStaging Corp., My360, Tour Wizard, Eyespy360 Ltd., Roundme Ltd., and Property Panorama, Inc. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global real estate virtual tour software market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.