Understanding the Global Travel Apps Market Size: Trends and Forecasts
With advancements in technology, the travel industry has undergone a significant transformation over the years. From booking a flight to reserving a hotel room, everything can now be done through a few taps on a smartphone, thanks to travel apps.
According to a market research report by MarketWatch, the global travel apps market size is expected to rise from USD 8.8 billion in 2020 to USD 24.7 billion by 2026, growing at a CAGR of 18.4% during the forecast period. This growth can be attributed to factors such as the increasing adoption of smartphones and the rising trend of digitalization in the travel industry. Let’s delve deeper into the trends and forecasts of the global travel apps market.
The Rise of Mobile Bookings
One of the significant trends in the travel apps market is the rise of mobile bookings. In the past, travelers would have to visit travel agencies or use desktop computers to book their flights and accommodation. However, mobile apps have made this process more convenient, allowing travelers to book and manage their travel plans on the go.
Mobile bookings also offer other advantages, such as the ability to receive real-time updates on flight schedules and hotel availability. This ease of use has led to increased adoption of travel apps and subsequently, a rise in market size.
The Emergence of AI and Chatbots
Artificial intelligence (AI) and chatbots have become increasingly popular elements in travel apps. They offer travelers a more personalized experience, by providing them with information on flight delays, hotel recommendations, and local attractions.
AI and chatbots also help with customer service, as they can provide quick responses to frequently asked questions and resolve issues in a timely manner. This feature has become even more crucial during the pandemic, where travelers may have to make last-minute changes to their travel plans.
The Impact of COVID-19 on the Market
The global travel industry has been hit hard by the COVID-19 pandemic, with travel restrictions and border closures affecting travel plans. This has had a significant impact on the travel apps market, with many apps experiencing a decrease in demand.
However, as the world begins to recover from the pandemic, the travel industry is expected to see a resurgence. Travel apps will also play a significant role in assisting travelers, by providing them with information on safety regulations, travel restrictions, and vaccine requirements.
Conclusion
The global travel apps market is expected to see significant growth in the coming years, driven by the increasing adoption of smartphones and the rise of digitalization in the travel industry. Mobile bookings, the emergence of AI and chatbots, and the impact of COVID-19 are among the key trends and forecasts in the market.
As more travelers look for convenience and personalization in their travel plans, the demand for travel apps is only expected to increase. This presents a significant opportunity for companies in the travel industry to develop innovative and user-friendly travel apps that cater to the needs of today’s travelers.
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