Travel - North America

North America

The Travel market in North America is set to experience significant growth in the coming years.
According to projections, the total revenue of the market is expected to reach €0.44bn by 2022.
This indicates a promising future for the industry in the region.
Furthermore, the Travel market is anticipated to maintain a steady annual growth rate of 12.38% from 2022 to 2027.
As a result, the market volume is projected to reach €0.88bn by 2027.
This demonstrates the potential for continued expansion and development within the industry.
When examining the various revenue streams within the Travel market, it is estimated that in-app purchase (IAP) revenue will reach €21.81m in 2022.
Additionally, paid app revenue is expected to reach €22.04m in the same year.
These figures highlight the increasing trend of consumers utilizing mobile applications within the travel sector.
Advertising revenue is also projected to contribute significantly to the overall revenue of the Travel market.
It is forecasted to reach €400.60m in 2022.
This emphasizes the importance of advertising strategies in capturing the attention of potential customers within the industry.
Moreover, the number of downloads within the Travel market is expected to reach 91.21m downloads in 2022.
This showcases the growing popularity of travel-related applications among consumers.
Currently, the average revenue per download is estimated to be €4.87, reflecting the potential profitability of each customer.
On a global scale, it is worth noting that in the United States generates the highest revenue within the Travel market.
In 2022, the projected revenue for the United States alone is €422.20m.
This highlights the country's dominant position in the industry and its significant contribution to the overall market revenue.
Overall, the Travel market in North America is poised for substantial growth in the coming years.
With promising revenue projections and a strong presence in the United States, the industry is set to thrive in this region.

Key regions: Germany, South Korea, United States, Europe, Asia

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Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.