Social Media and destination market is projected to reach at a USD 407.35bn. by 2032

Social Media and destination market is projected to reach at a USD 407.35bn. by 2032

07 November 2022

The global social media and destination market is estimated at USD 120.0 billion in 2022 and is projected to reach USD 407.35 billion by 2032, at a CAGR of 13.0% from 2022 to 2032.

In the new age of marketing the social media is making a commendable progress in the growth of social media and destination market. In the modern era people are tech savvy, the upgraded devices and better network connectivity make it easy to access social media on anytime around the globe. This help travellers majorly as it enables traveller to get the information of the place in details.

According to Future Market Insights, the accessibility of details of the destination help them to decide and organize the trip to the place. The customer gets an opportunity to study the review of other visitors travel the place and also allow the traveller to share his feedback as a review on social media platform. The agencies channelize the information to promote the destinations on social media. The social media and destination market has helped to boost hospitality industry.

Radonic+ a Canada based travel and tourism marketing agency help clients to promote their business on social media. They prepare strategy for branding and marketing of travel agencies and hotels. Marriot Hotel is one of client of Radonic+ and they promote the hotel with the help of social media and destination market.

Destination Market

As such, the global social media and destination market is estimated to expand at a CAGR of over 13.0% throughout the forecast period of 2022-2032, to be valued at US$ 407.35 Bn by the end of 2032.

Key Takeaways from the Global Social Media And Destination Market Study

  • In case of service type there can be high demand for both virtual tour and physical tour. The advertisement shown on social media are easy to access and easily navigate the user through the website from information overview to final booking on website. Furthermore, the social media advertisements are attractive and are interactive.
  • In case of application outlook, almost all type travel agencies, hotels, airline agencies, other tour aggregators use social media and destination marketing to promote their services on media platform. Apart from this the social media and destination market agencies help travel business to get a mass audience by creating attractive content on social media and with other social media strategies.

Impact of COVID-19 on the Market
In the year 2020, the tourism and hospitality market faced an uncertain and dramatic hit of covid-19 wave that traumatize the entire industry. According to our analysis there was a 30% effect on entire social media and destination market. The government preventive measure on pandemic has affected the market. But there was an early recovery in social media and destination market. As social media market is overwhelming it benefited in recovery of the market.

There was a demand for virtual tour on social media platform for destination places. Also the growth in participant in the market boost the overall recovery of tourism industry. Therefore, social media in destination market was an important pillar of tourism industry during pandemic.

Who is winning?

  • Leading manufacturers of social media and destination market are focused on promotional strategies, upgradations and technological development, and new merger strategies that have driven sales growth of social media and destination market globally.
  • Major players present in the social media and destination market are Accord, MMGY Global, DCI Marketing, Screen Pilot, Net Affinity, Sojern, Cendyn, Digital Coconut, Guestcentric, Avvio, Olive Group, Ten 26 Media, Sagittarius, Radonic Rogers Strategy+ are among others.

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