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Personalized Travel And Experiences Market Trends, Analysis, Growth Prospects And Forecast 2033
Personalized Travel And Experiences Market Trends
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According to The Business Research Company's, The personalized travel and experiences market size has grown rapidly in recent years. It will grow from $123.53 billion in 2023 to $144.45 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to the growing trend of online bookings for travel, the rise in demand for unique and exotic holiday experiences, the emergence of new travel destinations across the globe, the rise in disposable income of people, and rising international tourist arrivals.
The personalized travel and experiences market size is expected to see rapid growth in the next few years. It will grow to $271.48 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to significant growth in loyalty programs, increased focus on health and safety, rising interest in experiential travel, growth of social media influence, and increased personalization in hospitality. Major trends in the forecast period include technology integration, custom travel packages, AI-driven recommendations, virtual travel planning, and customized group travel.
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Market Drivers and Trends:
The rising international tourist arrivals are expected to propel the growth of the personalized travel and experience market going forward. International tourist arrivals are the count of overseas visitors coming to a country for leisure, business, or other reasons who stay for at least one night. The rise in enhanced accessibility of travel, improved technology, and transportation have made traveling easier and more affordable. Personalized travel experiences boost international tourist arrivals by aligning with individual preferences and interests, resulting in unforgettable trips that motivate tourists to explore new locations. For instance, in February 2024, according to the International Trade Administration, a US-based government resource, the overall number of international visitors to the United States is expected to rise to 77.7 million in 2024, an increase of 10.4 million, or 15.4%, from the 67.3 million visitors recorded in 2023. Therefore, rising international tourist arrivals are driving the personalized travel and experience market.
Major companies operating in the personalized travel and experiences market are developing artificial intelligence-based personalized travel guides to offer tailored travel recommendations and enhance the overall customer experience. An AI-powered travel guide customizes travel recommendations based on your unique preferences using artificial intelligence. For instance, in September 2023, SmartGuide, a Czech Republic-based digital audio guide platform, launched SmartGuide AI. This innovation transforms a traveler's phone into a customized guide, enhancing the tourism experience by suggesting destinations and activities based on individual preferences. The AI model, trained by SmartGuide, analyzes content and user interactions to create personalized profiles, offering tailored recommendations that appear on the home screen, within destinations, and in search results.
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Major Key Players of the Market:
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, Elevation Travel & Tours Inc.
Personalized Travel And Experiences Market 2024 Key Insights:
• The personalized travel and experiences market size is expected to see rapid growth in the next few years. It will grow to $271.48 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%.
• Impact Of Rising International Tourist Arrivals On The Growth Of The Personalized Travel And Experiences Market
• AI-Driven Personalized Travel Guides Revolutionizing The Tourism Experience
• Asia-Pacific was the largest region in the personalized travel and experiences market in 2023
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