Overview and Scope
Digital travel refers to the exploitation of online platforms and technologies to assist the planning, booking, and management of travel-related services such as flights, lodgings, and activities. These platforms comprise a wide range of websites and mobile applications aimed to streamline the travel experience for consumers.
Sizing and Forecast
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, increasing 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, growing use of voice-activated assistants, increasing demand for hyper-personalized travel experiences. Major trends in the forecast period include integration of Internet of Things, integration of augmented reality, artificial intelligence, blockchain technology, and innovative software solutions.
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Segmentation & Regional Insights
The digital travel market covered in this report is 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
Asia-Pacific was the largest region in the digital travel market in 2023. The regions covered in the digital travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The digital travel market report table of contents includes:
1. Executive Summary
2. Digital Travel Market Characteristics
3. Digital Travel Market Trends And Strategies
4. Digital Travel Market – Macro Economic Scenario
5. Global Digital Travel Market Size and Growth
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31. Digital Travel Market Other Major And Innovative Companies
32. Global Digital Travel Market Competitive Benchmarking
33. Global Digital Travel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Travel Market
35. Digital Travel Market Future Outlook and Potential Analysis
36.Appendix
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