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Digital Spending in Travel & Tourism Trend, 2030 - Introduction

  • Social media platforms are playing a vital role as influencers for travelers in terms of their tour plan choices. More than 50% of travelers use social media platforms for travel tips. Solution providers are offering a different digital platform for travel booking, hotel selection & reviews, transportation bookings, and necessary data regarding travel and tourism.
  • Travel companies and agencies are investing in digital ads to increase awareness about different tour plans and increase the penetration of travel apps among users. Hotels and other service providing companies use advanced database technologies and applications to enhance customer travel experiences.
  • Companies are increasing spending on digital platforms and digital ads or marketing to maintain social media presence and increase market share in the travel industry.
  • Customers are using mobile applications, and web-based platforms for ticket booking and to make tour arrangements. Increasing customer demand for more user-friendly travel apps are expected to increase the spending in the travel and tourism industry.
Digital Spending in Travel & Tourism

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Key Trends: Digital Spending in Travel & Tourism, 2030

  • Increasing adoption of payment/financial platforms for financial operations of tour and travel booking is expected to drive the market growth. Increasing demand for more advanced digital ads in travel & tourism sectors to expand the customer base and increase the awareness about travel services is expected to set a new trend of digital ads in the industry. Several travel platform providers are undertaking data analysis work for customers by comparing and analyzing different travel plans of the organizer's website and showing the best results to meet customer demands. Travel companies focus on service sectors to improve the travel experience of customers by offering 24x7 customer support, refund policies, travel insurance, and consulting regarding tour plans.

Challenges: Increasing online frauds on travel apps and limited budget of small and medium enterprises

  • Customers are not so confident about online platforms for travel booking due to increasing payment frauds in the travel & tourism sector. Small and medium enterprises have limited budget for digital ads and digital marketing services. This also hampers the adoption of new technologies and digital spending in the travel & tourism industry
digital spending in travel and tourism market 1

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Impact of COVID-19 on the Global Digital Spending in Travel & Tourism Trend

  • The travel companies are facing financial loss during the lockdown conditions due to COVID-19. The government has put a restriction on domestic and international travels during this period. The travel companies are decreasing the investment in new technologies and digital media ads and marketing operations due to the low return of investment. Demand for technological products in the travel & tourism sectors is expected to low during COVID-19. The global travel & tourism industry is negatively impacted by the lockdown condition but now with the unlocking procedure, the travel companies and hotel business are expected to back on track in the next few years.

North America to Hold Major Share of the Digital Spending in Travel & Tourism Trend

  • North America holds prominent share of the digital spending in travel & tourism industry due to the presence of key solution providers and increasing investment by companies on advanced tools and technologies to manage global business operations in the region.
  • The travel & tourism industry in Asia Pacific is expected to expand the fastest during the forecast period due to increasing government initiatives to promote and support the travel & tourism industry. Local players are increasing investment in travel & tourism technologies to enhance their market share.   
digital spending in travel and tourism market 2

Key Players Operating in the Global Digital Spending in Travel & Tourism Trend

  • Airbnb, Inc.

Airbnb, Inc. was founded in 2008 and is based in San Francisco, California, the U.S. The company is a leading global player providing vacation rental online services. The company offers online services in lodging and rental home services in different regions.

  • Accor S.A.

Accor S.A. is a global provider of hospitality services to customers. The company manages its franchises and own hotels to offer rental services in hotel booking, rental houses, and vacation properties. The company operates its business and provides services in more than 100 countries with 280,000 employees globally.

Other key players operating in the global digital spending in travel & tourism industry include Balkan Holidays Ltd, Crown Ltd., TCS World Travel (Travelopia Group of Companies), Adris Group, and Fred Harvey Company

Global Digital Spending in Travel & Tourism: Research Scope

Global Digital Spending in Travel & Tourism, by Business Model

  • Pay-Per-Booking (Commission-based)
  • Annual Subscription (Paid Listings)

Global Digital Spending in Travel & Tourism, by Travel Type

  • Leisure Spending
  • Business Spending

Global Digital Spending in Travel & Tourism, by Application

  • Domestic Spending
  • International Spending

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Digital Spending In Travel And Tourism Market

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