Digital Travel Market Soars at US$ 1,618 Billion Forecasted by 2032 with a 15% CAGR | 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.

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.

A number of 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 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.

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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.

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.