Digital Travel Global Market Report 2024

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 observed during the historic period can be attributed to several factors, including the rise in internet penetration, increasing consumer trust in online transactions, greater accessibility of smartphones, the trend of globalization, and the growing 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 anticipated growth in the forecast period can be credited to several factors, including the increasing integration of artificial intelligence, a rising demand for virtual and augmented reality, the growing adoption of blockchain technology, the increasing use of voice-activated assistants, and a rising demand for hyper-personalized travel experiences. Notable trends expected in the forecast period encompass the integration of Internet of Things, augmented reality, artificial intelligence, blockchain technology, and innovative software solutions.

The surge in tourism's popularity is anticipated to drive the expansion of the digital travel market in the foreseeable future. Tourism entails journeys to distant or exotic locales for physically challenging activities or experiences that evoke a sense of adventure, excitement, and exploration. Thanks to digital technology and social media platforms, individuals now have easier access to research, plan, and book their trips. The proliferation of online travel agencies, booking platforms, and review websites has empowered travelers, enhancing the accessibility, convenience, and appeal of tourism. This trend is particularly favored by tourists seeking adventurous and distinctive experiences. For instance, in June 2023, the Adventure Travel Trade Association reported an average trip fill rate of 65%, reflecting a significant 52% surge from 2021 levels. Moreover, according to the US Department of Commerce 2021 Highlights, international arrivals for travel and tourism in US states rose to 22.1 million in 2021 from 19.2 million in 2020, further illustrating the upward trajectory of tourism and its impact on the digital travel market.

Leading players in the digital travel market are prioritizing the development of intelligent and sophisticated solutions, including digital applications, to enrich user experiences and streamline travel processes. These apps offer convenient access to information, services, and entertainment, often allowing users to personalize their experiences based on preferences and requirements. For example, in February 2023, Lufthansa introduced a digital travel companion app, furnishing travelers with real-time updates and pertinent information in a redesigned and optimized interface. Additionally, the app features self-service tools to aid travelers during peak periods, a user-friendly digital wallet for seamless payment transactions, and an intuitive check-in process.

In March 2024, Amadeus, a technology company headquartered in Spain, acquired Voxel for an undisclosed sum. This acquisition provides Amadeus with expanded payment services for travel sellers and a more automated electronic invoicing solution for various entities in the travel sector, including tour operators, TMCs, hotel aggregators, and hotels. Voxel, a US-based technology company specializing in digital travel solutions, particularly focuses on electronic invoicing and B2B payment solutions for the travel industry.

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.

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. The countries covered in the digital travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital travel involves utilizing online platforms and technologies to facilitate the planning, booking, and organization of travel-related services, including flights, accommodations, and activities. These platforms encompass a diverse array of websites and mobile applications designed to simplify the travel process for consumers.

The primary categories of digital travel are domestic and international. Domestic travel involves individuals exploring different cities, regions, or attractions within their own country, without crossing national borders. This type of travel is popular among various types of tourists, including independent travelers, tour groups, and package travelers, across different age groups such as 26-35 years, 36-45 years, and 46-55 years, as well as various consumer orientations such as men and women.

The digital travel market research report is one of a series of new reports that provides digital travel market statistics, including digital travel industry global market size, regional shares, competitors with a digital travel market share, detailed digital travel market segments, market trends and opportunities, and any further data you may need to thrive in the digital travel industry. This digital travel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital travel market includes revenues earned by online booking platforms, transportation services, and accommodation booking. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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