The Global Smart Tourism market size is projected to reach approximately $ XXX billion by 2030, at a CAGR of 18.1% from 2022 to 2030. Smart Tourism is an important component of Smart Cities and capitalizes on attracting tourists from all around the world to help expand tourism activity. Not only can it help with attracting more tourists but it also opens up new opportunities. Smart Tourism is focused on cutting-edge applications of communication and technology to emerging innovative tools and models for promoting tourism. The goal is to provide personalized communication and real-time information that allow tourists to make well-informed decisions when it comes to traveling.
COVID-19 Impact Analysis
The COVID-19 pandemic harmed the market for Smart Tourism. Following the strict lockdown, most travel destinations across the world had restricted their areas to residents only. This came about following the guidelines laid out for quarantine which prohibit non-residents from entering. The Smart Tourism industry is having a hard time due to the drop in international tourist arrivals. Online platforms have increased the visibility of and public access to Tourism activities online, which will mean long-term benefits are also arising for the Smart Tourism Market. During the global pandemic, many companies looked at business travel as an unnecessary expense. In doing so, they started to look for cheaper options such as online bookings. As this trend continues, hosting platforms may suffer in the future as the global Smart Tourism industry is at stake.
The growth in the Smart Tourism market is driven by the increasing popularity of Smart Infrastructure. Increasing government initiatives and investments and a rise in international tourism across the world will drive the market growth and create ample opportunity for the Smart Tourism Market. Technological advancement and investment in infrastructural will create opportunities for the Smart Tourism market.
⮚ Increasing Popularity of Smart Infrastructure
New technologies are being used to enhance online travel booking websites, with a focus on multiple functionalities. Some of these services include location tracking, payment gateways, and more. Additional features make it easier to communicate and have a personalized experience, which is increasing the adoption of smart tourism. The increasing adoption of smart devices including phones and laptops supports the demand for smart tourism mobile applications.
- Lack of Data Safety in the Mobile Applications
The primary challenges facing the smart tourism industry today are keeping up with the changes in technology, ensuring a safe and secure environment for visitors, and the need for more robust data and analytics. . The tourism industry is faced with numerous competing streams of information, but the data that is most relevant to planning, marketing, and operational decisions comes from a variety of sources. The size, frequency, and intensity of tourism events can all impact a destination’s infrastructure needs, congestion, and air quality. Locations also face challenges in identity theft, cybercrime, and terrorism as they become more popular. The key to managing the potential risks associated with tourism is to ensure that appropriate and sufficient policies, regulations, legislation, and enforcement mechanisms are in place at the national and international levels to protect both visitors and the host country.
Smart Tourism Market Opportunity:
- The emergence of Smart Cities
The market for smart tourism is becoming increasingly popular as more people are being convinced of the importance of these technologies both in determining what tourist experience they should have and how they should be operated. The rise of smart cities, thanks to a more sustainable approach to urban planning, has made the hotel and tourism industry evolve positively. Intelligent solutions such as Smart Tourism Market, which uses IoT technology to create “smart” services for the touristic experience and operation, are opening up new possibilities for the hospitality business. As more and more smart cities are being built, the Global Smart Tourism Market is expected to grow and contribute significantly to the worldwide market.
Based on the Type, the Smart Tourism market is segmented based on Online and Offline Offerings. The Online segment is anticipated to account for the large market share because this is due to the significant advancement in technology and smart infrastructure. The online offering type allows tourists to explore mobile and internet applications’ smart tourism features. Advancements in online platforms offer features like GPS, payment gateways, reservations, and other functions that are expected to enhance the personalized experience for tourists.
Based on Industry, the global Smart Tourism market has been divided into Making Reservations, Translation Services, Direction Guidance, and Audio Guidance. The Direction Guidance is expected to hold the largest market share. This helps tourists to know where exactly they are headed and it’s also a time-consuming feature for avoiding any type of misguiding.
Global Smart Tourism Market Share, by Segmentation
Based on region, the global Smart Tourism market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Smart Tourism market followed by the Latin America and Europe region.
North America Market
The North American region is projected to dominate the smart tourism market during the forecast period. Initiatives such as those taken by various countries in this region to develop strong technological infrastructure will steer demand for smart tourism solutions in this region. This has led to an increase in the number of visits by tourists across major cities in Canada and the US, which has increased the demand for smart tourism solutions among tourists through their country’s digital platforms. These factors point to substantial growth in the North American market resulting from evolving benefits over the next few years.
Latin America Market
Latin American regions are expected to have the highest rate of CAGR in terms of Smart Tourism due to more users opting for technology-driven travel services such as online hotel room booking, online ticket booking for tourist attractions, etc. Further, the number of international tourists across Latin America is projected to increase over the next few years; this should result in a rise in demand for tourist guides and a consequent increase in the growth of that Latin American market.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as Booking Holdings, TripAdvisor, Expedia, and HomeAway lead the global Smart Tourism business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- Booking Holdings
- Sabre Corporation
In October 2020, Vrbo partnered with NoiseAware LLC to give access to noise monitoring solutions and visitor restriction services for the management of their properties. The solution is often helpful in avoiding and removing unruly visitors, which can help prevent damage to private property.
Scope of the Report
Global Smart Tourism Market, by Type
Global Smart Tourism Market, by Application
- Making Reservations
- Translation Services
- Direction Guidance
- Audio Guidance
Global Smart Tourism Market, by Region
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
|Market Size||2030: $ XXX Billion|
|CAGR||18.1% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Booking Holdings, TripAdvisor, Expedia, HomeAway, Kayak, QUNR, Ctrip, Orbitz, MakeMyTrip, TravelZoo, Sabre Corporation, Opodo, Travelgenio, Voyages, Webjet, Wotif.com|
|Key Market Opportunities||The emergence of Smart Cities|
|Key Market Drivers||Increasing Popularity of Smart Infrastructure|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Smart Tourism market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Smart Tourism market historical market size for the year 2020, and forecast from 2021 to 2028
- Smart Tourism market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Smart Tourism market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Smart Tourism Market Market FAQs
- What is the study period of this market?
- The study period of the global Smart Tourism market is 2020 – 2030
- What is the growth rate of the global Smart Tourism market?
- The global Smart Tourism market is growing at a CAGR of ~ 1% over the next 7 years
- Which region has the highest growth rate in the global Smart Tourism market?
- Latin America is expected to register the highest CAGR from 2022 – to 2030
- Which region has the largest share in the global Smart Tourism market?
- North America holds the largest share in 2021
- Who are the key players in the global Smart Tourism market?
- Booking Holdings, TripAdvisor, Expedia, HomeAway, Kayak, QUNR, Ctrip, Orbitz, MakeMyTrip, TravelZoo, Sabre Corporation, Opodo, Travelgenio, Voyages, Webjet, Wotif.com are the major companies operating in the global Smart Tourism
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