{"id":104062,"date":"2023-03-23T14:27:54","date_gmt":"2021-12-07T04:49:01","guid":{"rendered":"http:\/\/traveltriangle.com\/blog\/?p=104062"},"modified":"2021-12-07T17:05:46","modified_gmt":"2021-12-07T11:35:46","slug":"india-is-set-to-become-a-48-billion-dollar-travel-market-by-2020","status":"publish","type":"post","link":"https:\/\/traveltriangle.com\/blog\/india-is-set-to-become-a-48-billion-dollar-travel-market-by-2020\/","title":{"rendered":"India Is Set To Become A 48-Billion Dollar Travel Market By 2020, And The Credit Goes To YOU!"},"content":{"rendered":"<p>As much as it looks like domestic travel has inspired and evoked the never-ending wanderlust in Indian travelers, a recent study carried out by Google India and Boston Consulting Group (BCG) reveals that <em><strong>India is set to become a 48-billion dollar travel market by 2020.<\/strong><\/em><!--more--> According to the report called <a class=\"external-link\" href=\"https:\/\/media-publications.bcg.com\/BCG-Google-Demystifying-the-Indian-online-traveler-Jun-2017.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Demystifying The Indian Online Traveler<\/a>, the domestic travel market in India is expected to grow at a rate of 11 to 11.5 percent within a span of next three years.<\/p>\n<p>The report not just maps <strong>the decision making process by Indians<\/strong> throughout the planning of a trip, but also opens up umpteen opportunities for the growth of travel industry as a whole. From the frequently visited touch points to the highest contributor to the travel industry, here are some of the key findings of the report that are <strong>informative, interesting, and intriguing<\/strong> at the same time.<\/p>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-104071\" src=\"https:\/\/assets.traveltriangle.com\/blog\/wp-content\/uploads\/2018\/03\/Rajasthan2.jpg\" alt=\"Rajasthan, India\" width=\"700\" height=\"466\" \/><\/div>\n<p style=\"text-align: center\"><strong>Suggested Read:<\/strong> <a class=\"mustread-link\" href=\"https:\/\/traveltriangle.com\/blog\/indian-travelers-increasingly-heading-to-these-4-beach-destinations\/\" target=\"_blank\" rel=\"noopener noreferrer\">Indian Travelers Are Increasingly Holidaying At These 4 Gorgeous Beach Destinations<\/a><\/p>\n<h2>Key Findings On The Indian Online Traveler<\/h2>\n<ul>\n<li>The <strong>domestic travel market<\/strong> in India is predicted to grow at the rate of 11 to 11.5 percent to about <strong>$48 billion<\/strong> by the year of 2020.<\/li>\n<li>The <strong>biggest contributors<\/strong> of domestic Indian travel market will be the air travel and the hotel industry.<\/li>\n<li>While <strong>air travel<\/strong> is projected to grow at a rate of 15 percent to $30 billion, <strong>the hotel industry<\/strong> is predicted to grow at a rate of 13 percent to $13 billion within three years.<\/li>\n<li>With an increase in the penetration of <strong>smartphones<\/strong> and usage of <strong>digital wallets<\/strong>, the presence of travelers on online platforms is expected to increase as well.<\/li>\n<li>The network of <strong>railways<\/strong> is predicted to slug through at a current pace of $5 billion.<\/li>\n<li>With a penetration of 31 percent, the <strong>online hotel market in India<\/strong> is expected to grow at an annual rate of 25 percent (CAGR) to $4 billion.<\/li>\n<li>The penetration of online hotel market will increase to an extent that within a period of three years from now, <strong>one in three bookings<\/strong> for hotel accommodation will be done online.<\/li>\n<li>Of all the existing touch points, Online Travel Agencies or <strong>OTA (64 percent), search engines (33 percent), and maps (26 percent)<\/strong> are the top three touch points that have maximum reach among the travelers.<\/li>\n<li>When it comes to a planning a vacation which includes research, planning, and bookings, an Indian traveler spends about <strong>49 minutes over a period of 46 days<\/strong> and browses through a maximum of <strong>17 varied touch points<\/strong> on an average.<\/li>\n<li>The duration of <strong>each online session<\/strong> which sums upto a total of 49 minutes, is observed to be below 3 minutes which is primarily due to the ubiquity of smartphones.<\/li>\n<li>As far as research is concerned, 57 percent of the travelers have it in their opinion that they find better deals and discounts on <strong>online platforms<\/strong> against 12 percent of the travelers who still prefer <strong>offline sources<\/strong>.<\/li>\n<li>Of the 57 percent travelers that <strong>research online<\/strong>, 41 percent of them find it comfortable and convenient to book their trips online.<\/li>\n<li>Of all the factors, 76 percent of the travelers get inspired to travel via <strong>the positive word of mouth<\/strong> that is spread by their friends, family, and colleagues.<\/li>\n<li>Also, <strong>ratings and reviews<\/strong> given by other travelers and consumers act as the prime factor for influencing the traveler\u2019s choice of a booking channel.<\/li>\n<\/ul>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-104067\" src=\"https:\/\/assets.traveltriangle.com\/blog\/wp-content\/uploads\/2018\/03\/Kerala.jpg\" alt=\"Kerala In Monsoon\" width=\"700\" height=\"466\" \/><\/div>\n<p><em><strong>According to Vikas Agnihotri &#8211; the Industry Director, Google India,<\/strong> \u201cIndia\u2019s domestic travel market is on an acceleration path. One of the key findings of the report is that by 2020, one in three hotel rooms will be booked online &#8211; a clear indicator of the growing importance of digital in travel research, planning and booking. There are several actionable insights for domestic online travel players including the role of mobile and the level of curation and personalization that Indian travellers are looking for.\u201d<\/em><\/p>\n<p>On the other hand, <em><strong>Abheek Singhi, Senior Partner and Asia Pacific Head of Consumer Practice, BCG said<\/strong>, \u201cTravel is a high investment \u2013 both monetary and emotional &#8211; category. Technology has led to democratization of travel through better information and price discovery \u2013 and shall lead to 11-11.5% growth in years ahead. The question is \u201c how to address the 17 different touch points of three minutes each over 49 days!\u201d<\/em><\/p>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-104066\" src=\"https:\/\/assets.traveltriangle.com\/blog\/wp-content\/uploads\/2018\/03\/Himalayas.jpg\" alt=\"Himalayas In India\" width=\"700\" height=\"466\" \/><\/div>\n<p><a class=\"imagesource-link\" href=\"https:\/\/farm5.staticflickr.com\/4029\/5160223881_3c51d9947e_b.jpg\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Image Source<\/a><\/p>\n<p style=\"text-align: center\"><strong>Suggested Read:<\/strong> <a class=\"mustread-link\" href=\"https:\/\/traveltriangle.com\/blog\/family-travel-tips\/\" target=\"_blank\" rel=\"noopener noreferrer\">10 Family Travel Tips For A Hassle Free Vacation With Your Loved Ones<\/a><\/p>\n<p>While it was also observed that <strong><a class=\"bookpackages-link\" href=\"https:\/\/traveltriangle.com\/blog\/indian-travelers-seek-customized-services-over-privacy\/\" target=\"_blank\" rel=\"noopener noreferrer\">Indians travelers seek customized services over privacy<\/a><\/strong> in a recent report by Amadeus, this study by Google India and BCG only comes in as an added advantage for the travel businesses especially those who have their presence, online.<\/p>\n<p><em>As much as it\u2019s clear that a vacation for majority of Indian travelers is a serious business, the evolution of domestic Indian travel market will be an interesting turn of events in the near future. However, it all boils down to how the leading <strong><a class=\"bookpackages-link\" href=\"https:\/\/traveltriangle.com\/?utm_source=Blog_bs\" target=\"_blank\" rel=\"noopener noreferrer\">online travel portals<\/a><\/strong> capture the needs of the travelers right at the planning stage of a vacation, which is not just a trip, but a well-thought and well-planned call of action by the travelers of India.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As much as it looks like domestic travel has inspired and evoked the never-ending wanderlust in Indian travelers, a recent study carried out by Google India and Boston Consulting Group (BCG) reveals that India is set to become a 48-billion dollar travel market by 2020.<\/p>\n","protected":false},"author":75,"featured_media":104065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,33,23],"tags":[4635,547,344,4429,1083,2525,314,9817,4636,330,1837,264,4634,329,2616],"coauthors":[1281],"class_list":{"0":"post-104062","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-india","8":"category-news","9":"category-trending","10":"tag-adventure-tourism","11":"tag-budget","12":"tag-budget-travel","13":"tag-ecotourism","14":"tag-family-travel","15":"tag-holidays","16":"tag-india","17":"tag-leaderboardads","18":"tag-pilgrimage","19":"tag-places-to-visit","20":"tag-referral-popup","21":"tag-showform","22":"tag-staycation","23":"tag-things-to-do","24":"tag-vacations"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Is Set To Become A 48-Billion Dollar Travel Market By 2020<\/title>\n<meta name=\"description\" content=\"Owing to the never-ending wanderlust of the travelers, India is set to become a 48-billion dollar travel market by 2020. 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