With the rising adoption of smartphones and various technological advances in terms of tourism, the experience of virtual tours hold significance in driving the tourism market, says a report by Future Market Insights.

Global virtual tourism market is expected to reach USD 12.3 billion by 2023, as per the latest finding of Future Market Insights, a leading business analytics and research company. The report says that the virtual tourism market is anticipated to reach around USD 26 billion in 2033 in the long term.

A means to explore the destinations, travel venues and attraction sites without actually visiting the sites, this unique experience has been made available all thanks to the advancement in technology. Virtual tours have been able to make available a new form of marketing that lets tourists experience tours in a visual environment, says the report by FMI.

According to the study, the experience of virtual tours is significant in boosting the tourism sector, especially with the increasing use of smartphones and other technical advancements in the field of tours. The use of Augmented Reality (AR) is creating new growth potential for the virtual tourism industry, and thanks to modern smartphones, virtual tours are sure to grow in scope and appeal.

The virtual tourism market is to be valued at USD 26 billion in 2033, while it is expected to grow at a CAGR of 7.8 pc from 2023 to 2033, according to the latest data analytics. At the time of Covid-19, virtual travel was seen as a means of escaping isolation and monotony, and as online bandwidth increased, more elements were made available to enhance the entire tour experience. While contemporary digital methods benefit the virtual tourist industry, 360° videos using virtual reality are making a further advancement. The first virtual tours were created as a technological demonstration with added advantages, says Future Market Insights.

Virtual Reality (VR), for example, in virtual tourism provides interactive navigation of places, it brings new opportunities to the virtual tourism sector and has revolutionised consumer experience on budget. With rising experiences in virtual tourism and the impact of Covid-19 pandemic in 2020, virtual tourism came across a major boost as a curiosity to explore and experience was there despite the travel restrictions, adds the report by FMI.