Rise in trend of online bookings and development of the global travel & tourism industry drive the growth of the global personalized travel and experiences market
PORTLAND, Ore., Aug. 16, 2021 /PRNewswire/ — Allied Market Research recently published a report, titled, “Personalized Travel and Experiences Market by Service type (In-flight personalization, Cruise lines personalization, Adventure travel, In-hotel personalization and Others), Mode of booking (OTA platform and Offline), Age Group (Millennial, Generation X, Baby boomers, and Others), Purpose (Leisure and Business): Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global personalized travel and experiences industry was pegged at $91.2 billion in 2020, and is expected to reach $447.3 billion by 2030, growing at a CAGR of 17.8% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in trend of online bookings, increase in social media activities and its impact on travel and tourism industry, and development of the global travel & tourism industry drive the growth of the global personalized travel and experiences market. Moreover, high adoption of internet, inclination of people toward unique and exotic holiday experiences, and positive impact of mobile applications, big data analytics, and artificial intelligence on the tourism industry supplemented the market growth. However, surge in terrorism & crime rate, political uncertainty, natural calamities, and varying socio-economic conditions hinder the market growth. On the contrary, demand for enhanced service standards, surge in disposable income, and emerging new destinations are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak hampered the travel and tourism industry due to ban on international traveling and cancellation of international and domestic flights. Moreover, the prolonged lockdown hampered the hospitality industry and closed hotels and restaurants, which hampered the market.
- However, as the world is recovering from the pandemic, the market is expected get back on track shortly.
The in-hotel personalization segment dominated the market
By service type, the in-hotel personalization segment held the largest share in 2020, accounting for more than one-third of the global personalized travel and experiences market, as it offers customers choices to customize based on their preferences about meals, beverages, and hotel services. However, the cruise lines personalization segment is expected to register the highest CAGR of 20.5% during the forecast period. This is owing to integration of novel technologies such as wearables and internet of things.
The OTA platform segment to manifest the highest CAGR through 2030
By mode of booking, the OTA platform segment would showcase the highest CAGR of 19.9% from 2021 to 2030, due to quick and convenient flight and hotel bookings and surge in trust among consumers on online payment along with ability to compare various available travel options. However, the offline segment held the largest share in 2020, contributing to nearly three-fourths of the global personalized travel and experiences market, due to customized travel planning services offered by travel advisors saves the hassles of finding desired travel experiences.
North America held the largest share
By region, the global personalized 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.
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Major market players
- Best Western
- Club Family Hotel
- Carnival Corp.
- EasyJet
- Delta Flights
- Princess Cruises
- KLM Royal Dutch
- IBERIA LAE SA
- Virgin Hotels
- Expedia Group, Inc.
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