The global smart travel sector market is estimated to reach USD 28,763.8 million in 2023. As per the report, sales are forecasted to increase at a notable 16% CAGR, with the market valuation reaching USD 126,889.6 million by 2033. Total sales in the overall market represent 8% to 10% of the global tourism market.
| Attribute | Details |
|---|---|
| Global Smart Travel Sector Market Valuation in 2022 | USD 25,121.3 million |
| Estimated Global Market Share in 2023 | USD 28,763.8 million |
| Forecasted Global Market Size by 2033 | USD 126,889.6 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 16% CAGR |
| Market Share of Top 3 market players in the Year 2022 | 6% to 10% |
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The traveler of the twenty-first century has high expectations for efficiency and little patience for obstacles to cross-border travel. Similar to how the smartphone has revolutionized the telecommunications and media industries, a "smart travel" paradigm that incorporates smart visas, smart borders, smart security procedures, and smart infrastructure might completely change the travel and tourist industry. As a result, it stands as one of the most successful short-term options accessible to policymakers looking to stimulate development and generate employment.
The smart travel industry is being tapped into in developing nations like South Korea, India, and China thanks to government financing assistance. The increased use of technology has led to an increase in smart cities, which has led to an increase in smart travel destinations.
The essential component of smart destinations is the use and integration of ICT in infrastructure. The development of the smart travel industry is being aided by this. Travelers find it convenient as a result of the employment of cutting-edge technology to meet their demands and better understand and share their experiences with other visitors.
Aggregation of information, global connection, and time synchronization are a few key factors that propel the smart travel industry.
The fact that the smart tourist experience is the tip of a broad technical pyramid made up of services generated from apps, which depend on software and hardware and access to communication networks/the cloud, was one of the most crucial topics highlighted. For smart services to be provided, tourists must have smart devices that can run these applications.
There might likely be a digital divide or even digital exclusion in the context of dependency on technology, thus it is important to consider what type of experience visitors without the required gadgets will have at the destination for smart tourism. To reduce the gap, some places, like Korea, attempt to make smartphones and mobile access broadly and affordably available. On the other hand, it must also be debated whether all visitors necessarily want to engage in smart tourism and what choices they have to visit a place without engaging in smart tourism.
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The overall market value was a mere USD 14,462 million in the year 2018. Between the years 2018 and 2022, the demand for the smart travel sector progressed at a rate of 14.8% per year.
Globally, there has been a large increase in the global smart travel sector between 2018 and 2022. A smart city needs smart tourism to function properly. For towns throughout the world, tourism is one of the key drivers of economic growth.
Increasing the number of visitors from all over the world has been a crucial component of the tourism industry. To provide cutting-edge tools and methods to enhance tourism, smart tourism refers to the application of information and communication technology, much like smart cities.
ICT, mobile communication, cloud computing, artificial intelligence, and virtual reality are some of the fundamental technologies that smart tourism depends on. It encourages coordinated efforts at a location to discover novel methods of data collection and use drawn from physical infrastructure, social connectivity, and organizational sources (both government and non-government), users, in conjunction with cutting-edge technology to boost
North America is Likely to Continue Paying a Significant Role in the Global Smart Travel Market
Based on the research methodology used by Future Market Insights, North America is expected to be among the most alluring markets over the projected period since it accounts for 34.5 percent of global business. North America is following the global trend in the creation of smart tourist destinations, with the United States serving as a significant example. The rise of leisure and wealth, which are the most crucial resources for tourist activities in North America, is a result of the industrial revolution.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 26.5% |
| Europe | 22% |
The EU's Policies and Initiatives are Proving to be Successful
The COSME Program is now funding the EU program known as the European Capital of Smart Tourism. The Preparatory Action, put forth by the European Parliament and carried out by the European Commission in 2019, 2020, and 2022, served as a solid foundation for it. The 2021 competition was put on hold due to the COVID-19 pandemic outbreak.
The program aims to enhance the inventive development brought about by tourism in European cities and the areas around them, boost their allure, and promote economic development and job creation. It also aspires to build a platform for the sharing of best practices among competing cities, open doors for collaboration, and forge new alliances.
The importance of battery power in the smart tourism ecosystem is evidenced by the city of Barcelona now offering USB ports for charging mobile phones in its bus shelters to support its smart tourism development efforts. Further, in light of the sustainability goal, this becomes an especially tricky problem to tackle.
Looking at the importance of the smart travel sector, many cities in Europe are opting for new technology to attract tourists. For instance, to support the development of smart tourism, the city of Barcelona now places USB charging ports in its bus shelters, highlighting the importance of battery power in the ecosystem for smart tourism. Further, given the sustainability goal, this turns out to be a very difficult problem to resolve.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| The United States | 12% |
| Germany | 6% |
| Japan | 5% |
| Australia | 6.6% |
Smart Travel Sector is Expected to Boost in East Asia
In 2019, Seoul welcomed 17,502.756 million foreign tourists (Korea Tourism Organization, 2019). The city's capital, which is in eastern Asia, draws tourists because of its traditional culture and cutting-edge technology in many fields. Further, this has caused a phenomenon known as the Korean Wave, or "Hallyu" in Korean, which is comparable to the rising global acclaim of South Korean culture since the 1990s.
International export, particularly the export of information technology items like digital TVs and smartphones, has benefited from the nation's fast industrialization and economic expansion and helped the success of the Hallyu movement. Moreover, South Korean pop culture (music, television, film, etc.) is also part of the Korean wave and has contributed to popularizing Korea and drawing numerous foreign tourists.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| The United Kingdom | 5% |
| China | 7% |
| India | 4.8% |
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The Internet Booking Market is Expanding and is Likely to Eventually Occupy the Majority of the Market
The increasing internet and smartphone penetration along with a growing consumer concentration toward m-commerce is expected to push online travel services. The way a traveler selects and completes his vacation arrangements has changed with the advent of the Internet.
Many travelers are utilizing the Internet to plan their trips, find flights, and make hotel reservations instead of using traditional travel agencies (OTAs). In recent years, several people in India have booked flights, hotels, trains, buses, and other activities online because of the country's increasing adoption of smartphones and the internet.
| Category | By Solution Type |
|---|---|
| Top Segment | Smart Ticketing |
| Market Share in Percentage | 28% |
| Category | By Booking Channel |
|---|---|
| Top Segment | Online Booking |
| Market Share in Percentage | 35% |
A Smart City is Made by Smart Tourism
Smart tourism is essential to the growth of smart cities since tourism-related efforts can result in a large rise in the number of people and vehicles in even small towns. A clever parking solution, for example, may transform a good location into a terrific location. Also, the typical traveler prefers to leave their car as close to the city's main attractions, including beaches or ski slopes, as feasible.
The ensuing search traffic affects both the quality of life for locals and visitors by increasing congestion and transportation dangers. Turn-by-turn directions that direct cars to the most practical (nearest) parking spots are provided by smart parking solutions, which helps to decrease the volume of search results.
Key businesses are concentrating on growing their clientele by implementing a variety of cutting-edge technology to promote smart tourism. New players are raising money to create diverse apps for smart tourism. For Instance,
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Key Region Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & the Middle East and Africa |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom., France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand. |
| Key Segments Covered | Tourism Type, Booking Channel, Consumer Orientation, Tourist Type, Tour Type, Age Group, and Region. |
| Key Companies Profiled |
InnoQuant Strategic Analytics, S.L; Booking Holdings Inc.; TripAdvisor LLC; AudioConexus Inc.; Expedia Inc; Kayak; QUNR; Ctrip; Orbitz; MakeMyTrip; Travelzoo; Sabre |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The 2023 market value is US$ 28,763.8 million.
The market will flourish at a 16% CAGR through 2033.
Europe holds a 22% revenue share in the market.
Key players InnoQuant Strategic Analytics, S.L, Booking Holdings Inc. and TripAdvisor LLC
The market will reach US$ 126,889.6 million in 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solution Type 5.1. Smart Ticketing 5.2. Smart Security Services 5.3. Smart City Bots 5.4. Smart Parking 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Booking Channel 6.1. Phone Booking 6.2. Online Booking 6.3. In-Person Booking 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tourism Type 7.1. Domestic 7.2. International 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tourist Type 8.1. Independent Traveller 8.2. Tour Group 8.3. Package Traveller 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Consumer Orientation 9.1. Men 9.2. Women 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Age Group 10.1. 15-25 Years 10.2. 26-35 Years 10.3. 36-45 Years 10.4. 46-55 Years 10.5. 66-75 Years 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. Eastern Europe 11.5. South Asia and Pacific 11.6. East Asia 11.7. Middle East and Africa 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 19. Key Countries Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. InnoQuant Strategic Analytics, S.L 21.2. Booking Holdings Inc. 21.3. TripAdvisor LLC 21.4. AudioConexus Inc. 21.5. Expedia Inc 21.6. Kayak 21.7. QUNR 21.8. Ctrip 21.9. Orbitz 21.10. MakeMyTrip 21.11. TravelZoo 21.12. Sabre 22. Assumptions & Acronyms Used 23. Research Methodology
Travel and Tourism
February 2023
REP-GB-3006
250 pages
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Smart Travel Sector Market
