AI-Driven Personalized Travel Guides Revolutionizing The Tourism Experience: Personalized Travel And Experiences Market
Personalized Travel And Experiences Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Personalized Travel And Experiences Market Evolved Over Time?
The personalized travel and experiences market has witnessed remarkable growth in recent years. The market size is pegged to expand from <b>$123.53 billion in 2023 to $144.45 billion in 2024, marking a compound annual growth rate CAGR of 16.9%. </b> This growth in the historic period can be attributed to trends such as online bookings for travel, an escalating demand for unique and exotic holiday experiences, the rise in disposable income of individuals, and the emerging trend of new travel destinations worldwide, coupled with increasing international tourist arrivals.
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What Does the Future Look Like for the Personalized Travel And Experiences Market?
Anticipating future trends, the personalized travel and experiences market is set for strong growth in the coming years. It is on course to reach <b>$271.48 billion in 2028 with a compound annual growth rate CAGR of 17.1%. </b> The forecasted growth can be attributed to a rise in loyalty programs, an increased attention towards health and safety, growth of social media influence, rising interest in experiential travel, and enhanced personalization in hospitality. Major trends in the forecast period include integration of technology, AI-driven recommendations, virtual travel planning, custom travel packages, and the customization of group travel.
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What Are the Key Factors Driving the Market Growth?
The rising international tourist arrivals are set to drive the growth of the personalized travel and experiences market in the future. Enhanced accessibility of travel, improved technology, and transportation systems have made traveling more affordable and easier than ever before. International tourist arrivals, calculated as the count of overseas visitors entering a country for leisure, business, or other reasons and staying for at least one night, are on the rise. With personalized travel experiences aligning individual preferences and interests, travellers are encouraged to explore new locations resulting in memorable trips. As an illustration, in February 2024, the International Trade Administration, a US-based government resource, projected that the number of international visitors to the United States is expected to rise to 77.7 million in 2024, a spike of 10.4 million, or 15.4%, from the 67.3 million visitors recorded in 2023.
Who Are the Major Players in the Market?
The personalized travel and experiences market is dominated by a few major players including Delta Air Lines Inc., Carnival Corporation, Koninklijke Luchtvaart Maatschappij N.V. KLM, Expedia Group Inc., Airbnb Inc., easyJet plc, Best Western International Inc., Abercrombie & Kent Ltd., Kensington Tours Ltd., Virgin Hotels Group Limited, EXO Travel Co Ltd., Butterfield & Robinson Inc., Jacada Travel Ltd., Geographic Expeditions Inc. GeoEx, Authentic Vacations, Black Tomato Ltd., Artisans of Leisure, Classic Journeys LLC, Cox & Kings Limited, and Elevation Travel & Tours Inc.
What Are the Emerging Trends in the Personalized Travel And Experiences Market?
A significant trend in the market is the development of artificial intelligence-based personalized travel guides aimed at enhancing the overall customer experience. These guides provide tailored travel recommendations and enhance the overall customer experience. For instance, in September 2023, SmartGuide, a Czech Republic-based digital audio guide platform, launched SmartGuide AI. The innovation transforms a traveler's phone into a customized guide, suggesting destinations and activities based on individual preferences.
How Is the Personalized Travel And Experiences Market Segmented?
The personalized travel and experiences market can be segmented:
1 By Service Type: In-Flight Personalization, Cruise Lines Personalization, Adventure Travel, In-Hotel Personalization, Other Personalization
2 By Age Group: Millennial, Generation X, Baby Boomers, Other Age Groups
3 By Purpose: Leisure, Business
4 By Mode Of Booking: Online Travel Agency OTA Platform, Offline
What Are the Regional Insights Into the Personalized Travel And Experiences Market?
In terms of regional presence, Asia-Pacific was the largest region in the personalized travel and experiences market in 2023. The market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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