Travel - Southern Asia

Southern Asia

The Southern Asian country is projected to witness a significant growth in the Travel market.
By 2022, the total revenue in this market is expected to reach US$10.11m.
This is just a glimpse of the potential of the Travel market in Southern Asia.
Furthermore, a promising annual growth rate of 14.47% is anticipated from 2022 to 2027, resulting in a projected market volume of US$22.14m by 2027.
This indicates a steady and progressive expansion of the Travel market in the region.
In terms of revenue streams within the Travel market, in-app purchases (IAP) are projected to generate US$1.45m in 2022.
Additionally, paid app revenue is expected to reach US$0.83m in the same year.
These figures demonstrate the growing popularity of digital transactions and the potential for revenue generation through apps in the Travel market sector.
Moreover, advertising revenue in the Travel market is projected to contribute significantly, reaching US$7.82m in 2022.
This highlights the importance of advertising as a revenue source within the industry.
The demand for travel-related apps is expected to drive a substantial number of downloads in the Travel market.
By 2022, the number of downloads is projected to reach a staggering 471.60m downloads.
This showcases the immense popularity and widespread usage of such apps among consumers in Southern Asia.
The average revenue per download currently stands at US$0.02, indicating the potential for monetization and profit generation through these downloads.
When comparing the Travel market globally, it is worth noting that in the United States leads in terms of revenue generation.
In 2022, in the United States is projected to generate a remarkable revenue of US$444.90m.
This demonstrates the dominance of the US market in the global Travel market industry.
Overall, the Travel market in Southern Asia is poised for substantial growth, with various revenue streams and a large user base.
The projected revenue figures and download numbers highlight the immense potential that this market holds for businesses operating in the region.

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.