The Future of Travel is Bright
With recent research by Allied forecasting that the personalised travel and experiences market revenue is due to grow by 17.8% CAGR by 2030*, the future of travel is certainly looking bright.
The growth forecast is attributed to the increase in use of online booking platforms, social media marketing, and development of the travel and tourism industry.
Technology playing a part
Technology advancements around the world are expected to heavily shape the future of the personalised travel and experiences industry. Innovative advancements in artificial intelligence, big data and analytics, social media, and machine learning also leverage expectations of customers, from destination planning to obtaining visas and currency exchange to bookings and payments, digital technologies are expected to enter the personal space of travellers, providing end-to-end customer solutions with utmost convenience.
The rise in adoption of mobile devices and increase in accessibility of the internet have enhanced communication among travellers, resulting in exchange of experiences and thoughts personally as well as on social media. This, in turn, motivates other adventure seekers to plan for adventure activities, thus promoting market expansion.
North America held the largest share
By region, the global personalised travel and experiences market across North America held the lion's share in 2020, accounting for more than one-third of the market, due to rise in demand for luxury travel and leisure travel and tourism services. However, the market across Asia-Pacific would showcase the highest CAGR of 19.5% from 2021 to 2030, owing to rise in disposable income, surge in middle-class population, and high penetration of internet and other technologies.
Key findings of the study
The personalised travel and experiences market size was valued at $91.2 billion in 2020, and is estimated to reach $447.3 billion by 2030, growing at a CAGR of 17.8% during the forecast period.
By service type, the cruise lines personalisation segment is estimated to witness the fastest growth, registering a CAGR of 20.5% during the forecast period.
In 2020, depending on mode of booking, The OTA platform segment was valued at $22.6 billion, accounting for 24.8% of the global personalised travel and experiences market share.
Depending on age group, the baby boomers segment is estimated to witness the fastest growth, registering a CAGR of 18.4% during the forecast period.
In 2020, the U.S. was the most prominent market in North America, and is projected to reach $133.4 billion by 2030, growing at a CAGR of 17.2% during the forecast period
The OTA platform segment to manifest the highest CAGR through 2030
At Travel Curious we’re thrilled to be part of the future of travel, offering seamless integrations into the customer journey to allow our clients to deliver extraordinary experiences. We are also committed to ensuring that we make a positive impact on the planet as the industry continues to grow, you can learn more about our Carbon Pledge here.