The Growth of Domestic Tourism Will Be Accelerated by Technological Advances

The social and economic development of a nation is significantly influenced by the tourism sector. The entrance of foreign tourists is the main source of revenue for developing nations, frequently at the expense of encouraging domestic travel. Despite this, domestic tourism has developed into one of the most significant economic activity in the world. A sizable number of developing nations have already acknowledged the potential economic benefits of domestic tourism and are attempting to build and put various strategies for the expansion of domestic tourism into place.

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The global domestic tourism market is expanding as a result of a rise in demand for unusual and exotic vacation experiences, a rise in social media influence and its effects on the travel industry, and a rise in the popularity of online bookings. Additionally, the market is growing as a result of the convergence of big data analytics, artificial intelligence, and mobile applications. The global domestic tourism industry is anticipated to reach $6,736.1 by 2030, according to Allied Market Research. From 2021 to 2030, the market is projected to expand at a noteworthy CAGR of 13.4 percent. The research provides a thorough analysis of the segments of the domestic tourism market, including location, tour type, booking methods, age group, and area.

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Key Take Away

The local or regional travel segment would witness the faster growth, registering a CAGR of 16.4% during the forecast.
OTA segment would dominate the market, accounting for 56% of the market.
On the basis of mode of booking, the direct booking segment acquired $930.9 billion, exhibiting 43.28% of the global market share.
Conference/Meetings segment would witness the fastest growth, registering a CAGR of 16.2% during the forecast period.
The 50 years and above age group segment would witness the fastest growth, registering a CAGR of 15.2% during the forecast.
Asia-Pacific is the largest market growing at a CAGR of 12.7% from 2021-2030.
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As tourists seek more tourist destinations, small & medium enterprises (SMEs) will play a more important role in ensuring the long-term sustainability and sustainability of the tourism industry. Governments and institutions need to support SMEs in these difficult times and help them achieve this transition. The pandemic may include tax breaks and remittances, which are essential for SMEs to maintain their business and help their online businesses and national platforms to digitally transform, which may become a new source of external income. Emerging companies have experienced a boom in the region to meet the needs of those willing to travel. For example, in Thailand, cafes started serving dinner on old planes for people who never flew.

The domestic tourism market is segmented into location, mode of booking, tour type, age group, and region. On the basis of location, the market is categorized into local or regional travel and interstate travel. By mode of booking, it is segregated into OTA and direct booking. Depending on tour type, it is fragmented into conferences/meetings, weekend getaways, adventures tours, organized tours, holidays trip, and others. As per age group, it is segregated into below 30 years, 30-41 years, 42-49 years, and 50 years & above. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Spain, Italy, Russia, Sweden, Switzerland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, New Zealand, South Korea, Thailand, Malaysia, Philippines, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, United Arab Emirates, Turkey, and rest of LAMEA).

On the basis of location, the local or regional travel segment was valued at $295.3 billion in 2020, and is projected to reach $1,983.0 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030. The trends of local immersion and authentic experiences are encouraging visitors to explore new destinations in their local or regional area. People are slowing their travel experiences, preferring to focus on a single region where they can leisurely mingle with locals and discover a true insider's experience in their home region. Thus, raising interest of the people to explore and get aware of popular destination places in their local and regional area is likely to garner the growth of the domestic tourism market through local or regional travel segment.

According to the mode of booking, online travel agencies (OTA) are third-party booking sites such as Expedia and Priceline that provide travelers with a convenient database of travel service providers. In addition, they offer the option of booking travel plans directly through their website. These participants invested heavily in advertising, providing incentives, and high search engine rankings, sometimes leading to a significant increase in travel agency KPIs. Since most travel and leisure service providers offer their products through OTA, users have only one store to compare purchases. OTA, which emerged in the mid-1990s, is garnering high market share, and currently accounts for 39% of the U.S. digital online booking market. This trend is expected to continue and reach 41% of the U.S. OTA market share in 2020.

According to tour type, the adventures tours segment was valued at $292.1 billion in 2020, and is expected to grow at $1,879.5 billion by 2030, registering a CAGR of 15.9%. Activities involved in the adventure tours such as land-based activity, water-based activity, and air-based activity are gaining considerable popularity among the millennial population, owing to its physical and mental health benefits. The adoption of mobiles, computers, and other networking devices is rising notably, which helps people to get aware of exotic and interesting adventure places.

According to the domestic tourism market analysis, on the basis of age group, the adventures tours segment was valued at $292.1 billion in 2020, and is expected to grow to $1,879.5 billion by 2030, exhibiting a CAGR of 15.9%. The 42-49-year age group is financially & physically mature and contributes significantly in the domestic tourism. These individuals have their social groups to travel together, and some of them prefer solo travelling to explore different adventures. Thus, the 42-49 years age group is promoting the growth of domestic tourism market, and anticipated to continue this trend throughout the domestic tourism market forecast period.

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