Digital Travel Market Overview: Market Size, Major Drivers And Trends
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The digital travel market size has grown rapidly in recent years. It will grow from $372.56 billion in 2023 to $423.94 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increasing internet penetration, rising consumer confidence in online transactions, growing availability of smartphones, increasing globalization, and integration of social media platforms. The digital travel market size is expected to see rapid growth in the next few years. It will grow to $714.58 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to increasing integration of artificial intelligence, rising demand for virtual and augmented reality, growing adoption of blockchain technology, increasing use of voice-activated assistants, and rising demand for hyper-personalized travel experiences. Major trends in the forecast period include integration of Internet of Things, augmented reality, artificial intelligence, blockchain technology, and innovative software solutions.
The growing popularity of tourism is expected to propel the growth of the digital travel market going forward. Tourism refers to traveling to remote or exotic regions to participate in physically demanding activities or experiences that create a sense of adventure, thrill, and discovery. Digital technology and social media platforms have made it easier for people to research, plan, and book trips. The availability of online travel agencies, booking platforms, and review sites has empowered travelers. Digital travel increases the accessibility, convenience, and attraction of tourism, which is becoming increasingly popular among tourists looking for adventurous and unique experiences. For instance, in June 2023, according to Adventure Travel Trade Association, a US-based non-profit organization, the trip fill rate averaged 65%, marking a significant 52% increase from the levels observed in 2021. Furthermore, in June 2022, according to reports shared by the US Department of Commerce 2021 Highlights, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to 22.1 million in 2021 from 19.2 million in 2020. Therefore, the growing popularity of tourism is driving the growth of the digital travel market.
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What Are The Key Trends That Influence Digital Travel Share Analysis?
Key companies in the digital travel market are developing intelligent solutions, including digital apps, to improve user experience and streamline travel processes. Digital apps offer users convenient access to information, services, and entertainment, allowing for personalized experiences. For instance, in February 2023, Lufthansa, a Germany-based airline, introduced a digital travel companion app. This app offers travelers up-to-date information and features a redesigned interface. It includes self-service tools for peak times, a digital wallet for easy payments, and an intuitive check-in process.
Which Market Players Are Driving Growth In The Digital Travel Market?
Major companies operating in the digital travel market are Oracle Corporation, Uber Technologies Inc., TUI Group , Booking Holdings Inc., Expedia Group Inc., Airbnb Inc., Amadeus IT Group SA, Trip.com Group, Sabre Corporation, WEX Inc., American Express Global Business Travel, Tripadvisor Inc., Orbitz , Travelport International Operations Limited, Hopper Inc., Fareportal Inc., Hotels.com, MakeMyTrip Ltd., Hotel Reservation Service, Kayak Inc., Yatra Online Inc., Tavisca Solutions Pvt. Ltd., Thomas Cook India Ltd., Hurb Co S/A, SABS Travel Technologies
How Is The Global Digital Travel Market Segmented?
1) By Tour Type: Domestic; International
2) By Tourist Type: Independent Traveler; Tour Group; Package Traveler
3) By Age Group: 26-35 Years; 36-45 Years; 46-55 Years
4) By Consumer Orientation: Men; Women
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The Digital Travel Global Market Report 2024 provides an overview of the digital travelmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The digital travel market forecast analyzes digital travel market size, digital travel market share, leading competitor and their market positions.
The Table Of Content For The Digital Travel Market Include
1. Digital Travel Market Executive Summary
2. Digital Travel Market Segments
3. Digital Travel Market Size And Template Market Growth Rate
4. Key Digital Travel Market Trends
5. Major Digital Travel Market Drivers
……
25. Key Mergers And Acquisitions In The Digital Travel Market
26. Top Digital Travel Companies
27. Digital Travel Market Opportunities And Strategies
28. Digital Travel Market, Conclusions And Recommendations
29. Appendix
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