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2021
Personalized Travel And Experiences Market

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 Forecast2021-2030
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Report Code: A12540
Pages: 279
Jul 2021 | 3714 Views
Author(s) : Anil Kamble , RoshanDeshmukh
Tables: 137
Charts: 60
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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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.         

Personalization in travel and experience sector is combined use of technology and traveler and tourist information to tailor electronic commerce interactions between service providers and each individual traveler or tourist.  This is a new strategy used to enhance customer experience through their journey. This can be done by providing services and products according to likings, interest, and preferences of travelers, tourists, and customers. Social media plays vital role for dragging information regarding what customers like or what customers prefer to eat to have in their travel trip. Flight travel, hotel, and cruise lines are some of the areas where service providers can offer personalized experiences to their customers.  

Personalized-Travel-and-Experiences-Market

Growth in travel and tourism including leisure & business travel, adventure tourism, and medical tourism, increase in spending for luxury travel and tourism, and rise in internet penetration are expected to contribute for growth of the personalized travel and experience market during the forecast period. Increase in terrorism & crime rate, political uncertainty, and natural calamities, varying socio-economic conditions, and poor adoption of technology are some of the factors that restrain growth of the market. Social media platforms play a vital role in influencing people and encouraging them for leisure travel. Social media platforms are also used by service providers for advertisement and promotion of tourism services. 

COVID-19 pandemic has impacted all the industries globally. The tourism industry has been hit hard all over the world, impacting its associated sectors such as travel agencies, hospitality, tour operators, and all kinds of transportation services.  Around 90% of the global population was adjusted to their lifestyle under several travel restrictions and remaining population stayed home in fear of the virus itself. Thus, the tourism sector came to a near standstill. The aforementioned factors act as threat for the growth of the personalized travel and experience market.

The personalized travel and experiences market is divided into service type, mode of booking, age group, purpose, and region. On the basis of service type, it 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, the 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).  

According to personalized travel and experiences market analysis, on the basis of service type, the in-hotel personalization segment accounted for around 35.5% of the global personalized travel and experiences market share in 2020, and is expected to sustain its share during the forecast period. 

Personalization in hotel services has become a trendy topic now a days. Service providers are coming up with innovative ideas to personalize hotel services make their customers feel special, which enhances hotel stay experiences. For instance, in most hotels, champagne is offered to customers for their marriage, birthday, engagement, or other special celebrations. Furthermore, in-hotel personalization can be done by offering services according to preferences of customers such as their color choices, meal preferences, and allergic conditions.  Collectively, growth in spending on luxury hotel stays and demand for exotic and premium services are expected to generate demand for in-hotel personalization services, which contributes toward growth of the personalized travel and experiences market. 

Personalized Travel and Experiences Market
By Service Type

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In-hotel personalization segment helds the major share of 35.5% in 2020

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On the basis of mode of booking, the online travel agency platform segment was valued at $22.6 billion in 2020, and is expected to grow to $132.6 billion by 2030, with a CAGR of 19.9%.  OTA platforms provide access to enormous options of travel and tourism packages from which they can choose and modify, which world be difficult for customers through their own research efforts. Furthermore, OTAs provide market insights and tools for targeting travelers, securing and processing bookings, and communicating with guests and managing reviews, which is expected to impact on growth of the personalized travel and experiences market.

Personalized Travel and Experiences Market
By Mode Of Booking

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Offline segment helds the major share of 75.1% in 2020

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By age group, the millennial segment is projected to grow at $ 143.9 billion by 2030, registering a CAGR of 17.0%. The segment includes young generation, which is open to new learning and are enthusiast to take up challenges & thrilling activities. Numerous school and college students take part in summer camps and other activities; therefore, several adventure service providers prospect schools & colleges as the easiest market source. Millennials are more interested in adventure trips and like to visit unique destinations, which is expected to contribute toward growth of the personalized travel and experiences market.     

Personalized Travel and Experiences Market
By Age Group

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Millennial segment helds the major share of 34.6% in 2020

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On the basis of purpose, the leisure segment accounted for the around 80.9% of the global personalized travel and experiences market share in 2020, and is expected to sustain its share during the forecast period. Leisure travel is a form of travel that encompasses a wide range of activities such as visiting new places and staying in hotels and resorts. Travelers opt for unique and exotic holiday destinations to get away from daily hectic schedule and gain valuable experiences. Private, quiet, serene, and exotic locations are major factors that people consider while choosing their travel location. Private islands have been voted as top preferences by leisure travelers. Emerging new and unique destination places and their publicity through social media platforms attract people for leisure traveling, which are expected to favor growth of the personalized travel and experiences market during the forecast period.   

Personalized Travel and Experiences Market
By Purpose

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Leisure segment helds the major share of 80.9% in 2020

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Region wise, Asia-Pacific has been holding significant share in global personalized travel and experiences market, and is expected to sustain its share throughout the personalized travel and experiences market forecast period. Asia-Pacific has been known for its diverse culture and attractive destinations. China, Japan, South Korea, India, and Malaysia have the highest outbound trip concentration among higher household income brackets. Growth in adoption of internet enabled phones and adoption of internet of things by service providers are expected to contribute for growth of the market. Furthermore, holiday types preferred by Asia-Pacific travelers in the region include tours, city trips, and beach holidays. International tourist arrivals in Asia-Pacific increased by 12% in 2019, with increase in arrivals to South-Asia by 8%, North-East Asia by 7%, and Oceania by 6% higher than the Asian country average over the first eight months in 2019.

Personalized Travel and Experiences Market
By Region

2030
North America 
Europe
Asia Pacific
Lamea

North America region helds the higest market share of 35.6% in 2020

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The players in the personalized travel and experiences market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Best Western, Carnival Corp., Club Family Hotel, Delta Flights, EasyJet, KLM Royal Dutch, Princess Cruises, Virgin Hotels, IBERIA LAE SA, and Expedia Group, Inc.

Key Benefits For Stakeholders

  • The report provides a quantitative analysis of the currentpersonalized travel and experiences market trends, estimations, and dynamics of the market size from 2020 to 2027 to identify the prevailing opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assists to determine the prevailingpersonalized travel and experiences marketopportunities.
  • The major countries in each region are mapped according to their revenue contribution to the market. 
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the personalized travel and experiences industry.

Key Market Segments

By Service Type

  • In-flight personalization
  • Cruise lines personalization
  • Adventure Travel
  • In-hotel personalization
  • Other personalization

By Mode of Booking

  • OTA Platform
  • Offline

By Age Group

  • Millennial
  • Generation X
  • Baby Boomers
  • Others

Purpose

  • Leisure
  • Business

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

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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.         

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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FREQUENTLY ASKED QUESTIONS?

A. 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.

A. 17.8% is the CAGR of Personalized travel and experiences Market

A. You can request sample from the website (www.alliedmarketresearch.com) or you can call our sales representative on U.S. - Canada toll free - +1-800-792-5285, Int'l : +1-503-894-6022 and for Europe region + 44-845-528-1300.

A. 2020 is the base year calculated in the personalized travel and experiences Market report

A. Best Western, Carnival Corp., Club Family Hotel, Delta Flights, EasyJet, KLM Royal Dutch, Princess Cruises and Virgin Hotels are some of the top companies in the personalized travel and experiences Market

A. Service type, mode of booking, age group, purpose, and region are the segments of personalized travel and experiences Market

A. Asia-Pacific has been holding significant share in global personalized travel and experiences market, and is expected to sustain its share throughout the personalized travel and experiences market forecast period

A. COVID-19 pandemic badly affected the growth of the personalized travel and experiences Market

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