Travel - Northern Europe

Northern Europe

The Travel market in Northern Europe is expected to achieve a total revenue of US$12.66m in 2022.
Looking ahead, the market is projected to experience a steady annual growth rate (CAGR 2022-2027) of 10.42%, resulting in a market volume of US$21.92m by 2027.
Within the Travel market, revenue from in-app purchases (IAP) is expected to reach US$2.55m in 2022, while revenue from paid apps is projected to reach US$1.57m in the same year.
Additionally, advertising revenue is forecasted to reach US$8.55m in 2022.
Considering the number of downloads, the Travel market is anticipated to reach 8.44m downloads in 2022.
Currently, the average revenue per download is estimated at US$1.50.
In a global perspective, it is worth noting that in the United States generates the highest revenue in the Travel market, amounting to US$444.90m in 2022.

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

Market

Region

Region comparison

Currency

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.