The digital travel market is projected to grow at a compound annual growth rate (CAGR) of 15% from 2022 to 2032. Starting at USD 400 billion in 2022, industry experts anticipate the digital travel market to surge to USD 1,618 billion by 2032.
With a plethora of innovative, customer-friendly initiatives, the digital travel industry is thriving globally and solidifying its position in the fiercely competitive travel and hospitality sector. Sales of digital travel have skyrocketed in recent years. Analysts predict that in the upcoming years, sales of digital travel will approach a few billion dollars. An increasing number of tourists are choosing the digital route to get to their desired trip locations.
Some new avenues have been made available to travelers who are itching to explore the unknown by the digital revolution. Both travelers and hotel owners now have more influence because to online travel platforms. Among the key elements influencing the expansion are a wealth of data and the opportunity to comprehend the competitors.
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.
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The modern breed of travelers is clinging to their mobiles for all travel-related activities. Whether it is flight booking or hotel booking travelers are relying on digital platforms rather than the conventional mediums of traveling. The online platforms or digital travel space is filled with the latest offers and packages to lure maximum travelers.
To avail of 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 social media platforms also play an important role for travellers. A traveler’s group on social media or a Facebook page of a luxury hotel can feed in some key information to budding travelers.
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.
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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.
What’s Driving Digital Travel Growth?
Several factors are fueling the digital travel market:
- Increased disposable income: People have more money to spend on travel, leading to a rise in online booking.
- Government support: Many governments are actively promoting tourism, making it easier for people to discover and book travel experiences.
- Tech-savvy travelers: The rise of internet and credit card usage has made online booking convenient and secure.
- Evolving online niches: Travel websites are catering to more specialized interests, offering unique experiences for a wider range of travelers.
Mobile Takes Center Stage:
One significant trend is the dominance of mobile devices for travel research and planning. A whopping 55% of online travel traffic comes from smartphones and tablets! This means travelers are using their phones to browse destinations, compare prices, and research options.
The Conversion Challenge:
However, there’s a disconnect between mobile browsing and actual bookings. While mobile devices are king for research, only 44% of travel purchases are completed on mobile. Furthermore, a staggering 85% of mobile browsing sessions are abandoned!
This suggests travelers are using their phones for “window shopping” but not necessarily converting their interest into a confirmed booking.
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.
Key Segments:
By Tour Type:
- Domestic
- International
By Consumer Orientation:
- Men
- Women
By Tourist Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Age Group:
- 26-35 Years
- 36-45 Years
- 46-55 Years
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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