As per a recent market analysis by Future Market Insights (FMI), the travel & tourism user generated content market is poised to reach a valuation of US$ 184 Million in 2022. Sales are projected to increase at a 15% CAGR, with the market size reaching US$ 744.38 Million by 2032.
User-generated content (UGC), is any type of content that users have uploaded to online spaces like social media, forums, and wikis. Examples include photographs, videos, text, and audio. It’s a product that users make to share information on online goods or the companies who sell them. Applications for user-generated material are numerous and include issue solving, news, entertainment, customer interaction, advertising, rumors, research, and many more. It serves as an illustration of how traditional media hierarchies are flattening and content generation becoming more democratic.
By 2020, businesses will be using user-generated content more and more to market their goods because it is considered as a genuine and affordable approach to boost a brand’s reputation and sales. The Internet offers an easy platform to develop and disseminate user-generated content because of new media and technology affordances, such as low cost and low barriers to entry, which allows the transmission of information at a quick rate in the wake of an event.
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Tourism organizations cannot afford to ignore the growth of user created content, and online communities. In contrast to being irrelevant, blogs are frequently seen as more legitimate and trustworthy than conventional marketing communications. Customers trust websites with reviews more than professional guides and travel firms. However, there is a problem: given the enormous number of potentially appropriate travel blogs, finding, extracting, and interpreting blog content has so far proven to be time-consuming, draining, and expensive, offsetting the relative worth of the information acquired. A blog visualization system or the application of artificial intelligence and “opinion mining” could be a solution.
Key Takeaways from the Travel & Tourism User Generated Content Market Study:
- Marketing companies are largely engaged in promoting usage of user generated content for travel industry.
- The Covid-19 pandemic had an 80% impact on the value of the Travel & Tourism User Generated Content Market.
- Social media, Blogs, Video sharing services are the most popular Platform types in the Travel & Tourism User Generated Content Market.
- Online booking channels lead the charts in Travel & Tourism User Generated Content Market booking channel segmentation.
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Impact of COVID-19
The amount of time spent exploring across social media platforms has significantly increased as a result of the rigorous lockdown limitations. Companies and governmental entities must both invest in multi-channel interaction in order to achieve the best results. The most popular platforms are Instagram, Facebook, and YouTube, but TikTok certainly has unrealized commercial potential. User generated content provides a raw, first-person account of a company and is likely to be heavily consulted when making future travel arrangements.
This suggests further that managing one’s internet reputation will be crucial in the fight against consumer unease in the wake of the pandemic. Consumers feel exposed globally and will continue to do so. Because they are aware that their lives are about to change drastically, they feel less comfortable and in control than ever before. Additionally, their method of making purchases will. They must provide them better, safer, and more seamless interactions and experiences, just like hospitality or a travel company.
Who is winning?
The top players are able to maintain their competitive advantage in the industry by offering all-inclusive packages and saving travellers from the hassle of browsing many channels for their trips. The market is being stimulated by government investments and efforts, which have also helped enterprises improve the services they offer. The pandemic has significantly increased the use of online multimedia as well as the production and proliferation of informational content across numerous channels (social media networks, blogs, whitepapers, etc.).
Key Players
- Travel Technology & Solutions
- Amara Marketing and among others
The Travel & Tourism User Generated Content Market by Category
By Platform Type:
- Social media
- Blogs
- Video sharing services
By Type of Content:
- Photos
- Videos
- Blogs
- Infomercials
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveller
- Package Traveller
- Tour Group
By Consumer Orientation:
- Men
- Women
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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