Digital Travel Industry Set to Soar to US$ 1,618 Billion with 15% CAGR by 2032 | FMI

The digital travel market reached a valuation of US$ 400 Billion in 2022 and expected to reach US$ 1,618 Billion in 2032, at a 15% CAGR.

The digital travel domain across the world is basking with a slew of new customer friendly initiatives that are cementing their base in the extremely competitive travel and hospitality sector. Digital travel sales have soared in the last few years. Insiders are expecting that the digital travel sales will touch a few billion dollars in the forthcoming years. More number of travellers are taking the digital path to reach their coveted tourist destinations.

The digital revolution has opened several new corridors for tourists who are eager to set sail into the unknown. Online travel platforms have empowered consumers as well as hoteliers. A large pool of information and the chance of understanding the contenders are some of the significant factors that are impacting the growth of the digital travel sector. Several studies in the past talked about the changing trends of digital travel.

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The emergence of the android market and a massive boost in the number of mobile-friendly consumers are some of the major factors that are significantly changing the demography of the tourism and travel industry around the world.

The modern breed of travellers is clinging into their mobiles for all travel related activities. Whether it is flight booking or hotel booking travellers are relying on digital platforms rather than the conventional mediums of travelling. The online platforms or digital travel space is filled with latest offers and packages to lure maximum travellers.

To avail some extremely happening offers customers are queuing in on digital travel platforms. The digital travel canvas is populated with several in-depth reviews and blogs on travel destinations and facilities that are extremely helpful for tourists. Apart from this the social media platforms also play an important role for travellers. A traveller’s group on social media or a Facebook page of a luxury hotel can feed in some key information to budding travellers.

Digital Travel: Game Changers

The travel industry is eroded by the digital drive. The digital drive has immensely changed the face of the industry and paved a new way of growth for stakeholders. Digitisation has multiplied the growth of the industry and benefitted it in many ways. The digital boom has equipped a massive population of travellers with apps and user-friendly systems that havetattered the conventional set rules of the travel industry.

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The market is flooded with several tourism and hospitality friendly apps that have helped redefine the service quality of the hotel and airline industry and also affected their annual revenues. Advanced cloud computing technology has simplified the entire travel experience of a tourist.

Travel companies today can preserve crucial data related to customer behaviour and can use this to offer enhanced customer experiences. Several hotel chains and tourism companies are doing every bit to ride the digital growth wave. They are using tailor-made apps, customer friendly software and a plethora of digital processes to enhance customer experience.

A glut of travel blogs, pictures and other firsthand accounts of surfers are motivating new travellers and it is changing the dimension of the travel industry. Social media platforms are bustling with travel experiences and travel deals. The sudden boom has created a pregnant market for the travel industry and popularised the concept of digital travel.

Digital Travel: Restraints

Though the concept of digital travel has earned ample accolades in the last few years, there are some hurdles that are likely to muzzle its potential growth going forward. The underdeveloped travel and tourism sector in different parts of the world and a massive population of elderly citizens is creating a vacuum in the digital travel sector. Further, the surge of digital travel is blocked by several natural and manmade disasters that have occurred in the last few years.

Digital Travel: Bigwigs

The digital travel sector is populated by several customer-friendly apps that are extremely useful for tourists and business insiders. Platforms such as travelpod.com, flickr.com, technocrati.com, 43places.com, and tripmates.com are some of the frequently used sites by tourists and service providers.

This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.

The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.

Key Players in the digital travel market:

• Expedia Group, Inc.
• Ebury Partners UK Ltd
• Fareportal Inc.
• Hostelworld.com Limited
• Hurb Co S/A
• HRS
• MakeMyTrip Ltd.
• Oracle Corporation
• Priceline (Booking Holdings Inc.)
• SABS Travel Technologies
• Tavisca Solutions Pvt. Ltd.
• Thomas Cook India Ltd.
• travelomatix.com
• Trip.com Group
• Tripadvisor, Inc.
• WEX Inc.