DUBLIN--(BUSINESS WIRE)--The "Personalized Travel and Experiences Market by Service type, Mode of booking, Age Group, Purpose: Global Opportunity Analysis and Industry Forecast 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The personalized travel and experiences market size was valued at $91.2 billion in 2020, and is estimated to reach $447.3 billion by 2030, registering a CAGR of 17.8% from 2021 to 2030.
Personalized travel and experiences is provision of services and products in flight, hotel, and cruise lines to travelers and tourist, based on their characteristics, behaviors, preferences, and individual needs. These kind of preferences and needs can be known or analyzed through social media platforms or in some hotels customers download their custom apps and fill up their requirements, likings, and interests. This could be helpful for service providers to know their customers and accordingly their crew member serve them. Furthermore, in most of cruise lines customers offered with Bluetooth or internet connected wearables, which can be used to open and close hotel rooms and these wearables can be accessed by every counter, which help to recognize names, needs, allergies, and preferences of customers and accordingly crew member serve their customers.
Rise in exposure of people to different forms of social media has enhanced their knowledge about various trends shaping the travel and tourism industry. Social media is increasingly becoming a pseudo-travel agent. Customers are increasingly opting for travel services and products by taking advice from people who have either stayed or traveled there before. Growth in use of social media, online booking platform, and availability of customizing options to customers, which allows to change their mode of traveling and hotel to stay in, which further accelerates growth of the personalized travel and experiences market during the forecast period.
Natural disasters and outbreak of life-threatening diseases severely affect growth of the travel industry. Natural disasters such as hurricane, earthquake, and tsunami affect the number of people visiting such areas, as these natural calamities damage public transportation systems, disrupt natural beauty, culture, and economy for either a short or an extended period. In addition, regions hit by diseases such as swine flu and Zika virus, have witnessed a decline in travel and tourism, which is expected to have negative impact on the personalized travel and experiences market during the forecast period
The report segments the personalized travel and experiences market into service type, mode of booking, age group, purpose and region. On the basis of service type, the market is categorized into In-flight personalization, cruise lines personalization, adventure travel, in-hotel personalization and others. By mode of booking, it is segregated into OTA platform and offline. According to age group, it is divided into millennial, generation X, baby boomers and others. On the basis of purpose, it is segregated into leisure and business. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
Key Benefits
- The study provides an in-depth analysis of the global personalized travel and experiences market, with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis of the current market and estimation for the same from 2020 to 2030 is provided to showcase the financial competency of the market.
- Porter's five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
Market Dynamics
Drivers
- Growth in trend of online bookings
- Rise of social media and its impact on travel and tourism industry
- Development of the global travel & tourism industry
- High adoption of internet
- Growth in inclination of people toward unique and exotic holiday experiences
- Positive impact of mobile applications, big data analytics, and artificial intelligence on tourism industry
Restraints
- Increase in terrorism & crime rate, political uncertainty, and natural calamities
- Varying socio-economic conditions
Opportunities
- Emerging new destinations
- Demand for enhanced service standards
- Rise in disposable income
Companies Mentioned
- Best Western
- Carnival Corp.
- Club Family Hotel
- Delta Flights
- EasyJet
- KLM Royal Dutch
- Princess Cruises
- Virgin Hotels
- IBERIA LAE SA
- Expedia Group Inc.
For more information about this report visit https://www.researchandmarkets.com/r/1w0cw2
