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.
According to the insights of CXOs of leading companies, the global personalized travel and experience market is expected to offer remunerative business opportunities in developing economies such as India and China. This is attributed to increase in use of online booking platforms, social media marketing, and development of the travel and tourism industry. Service providers are analyzing social media accounts of customers for their need and preferences to serve them better.
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Technology advancements around the world are expected to heavily shape the future of the personalized travel and experiences industry. Innovative advancements in artificial intelligence, big data and analytics, social media, and machine learning also leverage expectations of customers in the personalized travel and experiences industry, from destination planning to obtaining visa and currency exchange to bookings and payments, digital technologies are expected to enter personal space of travelers providing end to end customer solutions with utmost convenience.
Moreover, rise in adoption of mobile devices and increase in accessibility of the internet have enhanced communication among travelers, 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. However, existing challenges, such as increase in unrest due to terrorism, natural calamities, and political unrest are likely to restrain growth of the personalized travel and experiences market during the forecast period.
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Key findings of the study
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, growing at a CAGR of 17.8% during the forecast period.
By service type, the cruise lines personalization 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 personalized 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
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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