Market Trends of Online Travel Industry in Latin America
This section covers the major market trends shaping the Latin America Online Travel Market according to our research experts:
Growing Tourism Sector is Helping the Market to Grow Further
The tourism sector, the parent market for the online travel market in the region, has been helping the market record more revenues during the review period. However, in 2020, the tourism market was one of the most hit due to the COVID-19 pandemic. As the situation is returning to normal in most countries worldwide, the online travel market is anticipated to return to the growth track slowly during the forecast period. Tourism in many parts of the world including Latin America has seen an increase in the later half of the year 2021 after the pandemic restrictions were lifted. Increased tourism is also primarily due to rising disposable income across the globe. Factors such as the growing interest of the young generation to visit affordable and unexplored destinations for traveling are also driving the online travel market in Latin America.
Growing Internet Penetration Rate is Driving the Market
The penetration of smartphones and internet connection is improving all over Latin America. This is already increasing the chances of online purchases, and more opportunities are opening daily. Latin Americans are tech-savvy and love to be connected. Consumers are becoming more confident about online security processes. The mobile ecosystem in Latin America continues to thrive and is experiencing rapid innovation, driven by growth in new technologies, services, and use cases. Mobile operators across the region are contributing significantly to the Internet of Things (IoT) market and implementing the necessary infrastructure to take advantage of it.
