As per the latest findings of Future Market Insights, mobile travel market revenue is expected to be USD 343.3 Million by the end of 2023. In the long-term, the market is estimated to reach at around USD 1,486.7 Million in 2033.
| Attribute | Details |
|---|---|
| Travel Gross Revenue (2023) | USD 343.3 Million |
| Projected Market Size (2033) | USD 1,486.7 Million |
| Value CAGR (2023 to 2033) | 15.8% |
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Besides altering societal dynamics, the rapid development of mobile services in the twenty-first century has also rattled and reshaped the foundations of the world economy. The development of smartphones and the availability of better internet services have created new opportunities for numerous companies. With the improved internet-backed mobile facility, the travel and tourism sector has overall picked up speed and increased its popular appeal.
Today's smartphones are equipped with a variety of essential, user-friendly applications that facilitate travel. Paper maps are out of date; today's travellers are more likely to use mobile devices with GPS capabilities, which aid in accurate navigation. Booking a car, a trip, or a hotel is now simple and comfortable because smartphones allow users to quickly and easily browse all available info.
Further, the global smartphone market is expanding. The expanding tourism industry benefits from the growing app market, and their long-standing friendship has a positive effect on both businesses' expansion. With the considerable advancement of android and IOS based smartphones as well as the explosive growth of new mobile users around the world, the mobile travel scene is changing.
To forge strong connections with their target audience, numerous travel agencies have modified their marketing communications and implemented technological advancements. Many hotels and airline businesses have integrated their additional services in a smart app in an effort to capitalise on the expanding travel and tourism sector. They can now understand new and developing trends as well as the market's surging need by using an appropriate smart app.
Surge in the Smartphone Apps Fuelled the growth of the Market.
The abundance of app-enabled phones on the global market and the influx of wealthy consumers are two factors that are driving the constant rise of the smartphone app market. One of the few things accelerating the expansion of the market is lower data charges. In the past few years, the sale of phones with app capabilities has skyrocketed across the globe. The mobile travel landscape has undergone a significant upheaval because to user-friendly, inexpensive smartphones.
The landscape of mobile travel has seen a considerable transformation as a result of the emergence of new tourist locations, increased traveler buying power, and innovations in the tourism industry. Another important element that has changed the mobile travel environment is the incorporation of various tourism promotion initiatives carried out by corporate and public partners.
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Limited accessibility and technical know-how adversely affect the market
The mobile travel industry is rapidly evolving with time and the new, innovative technical developments are supporting the expansion of the travel sector. First off, the use of mobile applications is restricted to a specific socioeconomic scale, and the mobile travel business is heavily dependent on apps. The use of cellphones with apps is still relatively new in poor or developing nations.
Even though the travel industry is flourishing, recent terrorist incidents have severely damaged the travel and tourism industry globally, which has also hampered the free movement of tourists in those unstable regions of the world. This has had a negative impact on the expansion of the mobile travel industry.
Improvement of Online Travel Facilities and Standard of Living will Accelerate the Growth of the Market During the Forecast Period.
Due to the widespread acceptance of mobile payments and booking services, the global market for mobile travel booking is now experiencing substantial growth and is predicted to continue growing in the future. Customers utilize their smartphones to book their travel using mobile travel sites. Additionally, clients may browse a variety of options and make direct bookings from their cellphones thanks to mobile booking tools that are linked into travel websites. Instead of physically visiting booking offices, it enables customers to book their travel conveniently online.
Mobile is a popular choice among people and tourists all around the world for conducting research and planning trips. Due to the increased acceptance of mobile travel booking solutions worldwide, mobile travel bookings have increased significantly in recent years. According to MakeMyTrip Limited, an Indian company that offers online services for booking travel, a prolific percentage of flights were booked in the past years using a smartphone.
Mobile travel booking companies keep improving their mobile friendliness as the trend grows. To deliver a wonderful user experience on mobile phones and tablets, they are building responsive operating systems.
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Spur in the Demand for Online Services in the Asia Pacific Region has Created a Favourable Market Condition in that Region.
With India and China being the most lucrative regions, Asia Pacific held the most share in the market for the online travel industry market in the recent years. This is due to the region's greatest potential for growth in the industry. The rise in the middle class, the increase in disposable income, and the increased use of online services are all contributors in the expansion.
Older generation greatly influences the market
The mobile application usage differs widely on the basis of usage by the different generations. In the current scenario, the older generation is utilizing the resources and hence it has been observed that a major proportion of this population frequently uses mobile travel applications as compared to the young generation.
However, owing to the advancements younger generation is more likely to influence the market in the long run because the user interface and the operations are gradually becoming all the more complex which makes it difficult for the older generation to access the same.
Business Travel and Healthcare is More Likely to Drive the Market.
Mobile travel services such as GPS, online payment facilities, accommodation facilities etc., make it more convenient for the travelers to switch from traditional methods and enable them to overcome the barriers faced earlier. Tourists travelling for business and healthcare purposes usually have less time and such geo-localized mobile applications simplifies the complex and tedious process and provides the much needed relief. Further, these applications should also avoid the use of long, rigid registration procedures to reduce time and efforts involved.
Elong Inc., TUI Group, Tuniu Corporation, AirGorilla, LLC, Hays Travel Limited, MakeMyTrip Pvt. Ltd., Airbnb Inc., HomeAway, trivago, Expedia Inc., Delta Air Lines Inc., Skyscanner Ltd., KAYAK, Cleartrip Pvt. Ltd. are significantly involved in the global mobile travel booking market. To strengthen their position in the worldwide mobile travel booking industry, these companies have employed a number of initiatives, including product introduction, sponsorships, collaborations, mergers & acquisitions, and joint ventures.
Furthermore, Innovation in the tourist industry has broadened the scope and profoundly changed the mobile travel sector. Another important element that has revolutionized the mobile travel environment is the incorporation of various tourism promotion initiatives carried out by corporate and public partners.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Countries Covered | USA, Canada, United Kingdom, Germany, France, Spain, Italy, China, Japan, India, Australia, South Korea, Latin America, Middle East, Africa. |
| Key Segments Covered | Age, Visit Purpose, Demographic, Service Type, Tourism Type |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives, Spending, |
| Customization & Pricing | Available upon Request |
The market is valued at USD 343.3 million in 2023.
The market’s CAGR from 2023 to 2033 is estimated to be 15.8%.
The market is estimated to reach USD 1,486.7 million in 2033.
An increasing number of smartphone apps drives mobile travel sales.
The older generation remains the leading demographic.
1. Executive Summary | Mobile Travel Market 2. Growth Parameters in Mobile Travel 3. Market Stakeholders Landscape – Key Direct Suppliers 4. Direct Suppliers in Mobile Travel 5. Number of Bookings, 2022 5.1. By Age 5.1.1. Under 15 5.1.2. 16-25 5.1.3. 26-35 5.1.4. 36-45 5.1.5. 46-55 5.1.6. Over 55 5.2. By Visit Purpose 5.2.1. Business Travel 5.2.2. Leisure Travel 5.2.3. Education-Employment-Pilgrimage 5.2.4. Visiting Friends & Relatives 5.3. By Demographic 5.3.1. Male 5.3.2. Female 5.3.3. Kids 5.4. By Service Type 5.4.1. Transportation 5.4.2. Travel Accommodation 5.4.3. Vacation Packages 5.5. By Tourism Type 5.5.1. Domestic 5.5.2. International 6. Gross Revenue 7. Challenges & Looking Forward 8. Social Media Sentimental Analysis 9. Assumptions and Acronyms Used 10. Research Methodology
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