Travel Now Pay Later Market Seen Soaring 9.17% Growth to Reach USD 69.2 Billion by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 24, 2023
- NEWS, TELECOM & IT
- Travel Now Pay Later Market Analysis, Travel Now Pay Later Market Forecast, Travel Now Pay Later Market Growth, Travel Now Pay Later Market Outlook, Travel Now Pay Later Market Share, Travel Now Pay Later Market Size, Travel Now Pay Later Market Trends
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According to a new report by Univdatos Market Insights, Travel Now Pay Later Market was valued at 34.64 billion in 2022 and is expected to grow at a steady rate of around 9.17% in the forecasted period (2023-2030) owing to the increasing popularity of travel and the growing number of people who want to travel. Travel Now Pay Later is a financial service that allows travelers to book their trip and pay for it in installments, rather than paying the full amount upfront. This is particularly helpful for travelers who want to plan a trip but may not have the full amount of money available to pay for it at the time of booking. The rise of online travel booking platforms has made it easier for travelers to find and book their trips and has also made it easier for travel companies and tour operators to offer this type of service.
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The rise of the gig economy and the growing trend of young people prioritizing experiences over material possessions has led to an increase in demand for travel services that offer flexibility and affordability. Moreover, the COVID-19 pandemic has disrupted traditional travel industries, leading to a surge in demand for alternative forms of travel that offer greater flexibility and reduced risk. Also, the growth of fintech companies and the increasing availability of digital payment options have made it easier for travel companies to offer travel now pay later services, and have made these services more accessible to a wider range of consumers.
Fig1: Consumers willing to use more BNPL if provided by their primary bank
The increasing use of artificial intelligence (AI) and machine learning (ML) by travel companies to improve the user experience and increase the efficiency of their services. For example, some travel companies are using AI and ML to offer personalized travel recommendations based on a user’s preferences and past bookings. Some of the recent developments are:
· According to a report by PwC, 72% of travel companies plan to invest in AI and ML over the coming years.
· A survey by PhocusWire found that 81% of travel companies are currently using AI in some capacity, with the most common uses being for personalization (72%), pricing optimization (69%), and customer service (61%).
· A report by IBM found that AI can help the travel industry reduce costs by up to 40%, increase revenue by up to 20%, and improve customer satisfaction by up to 50%.
Click here to view the Report Description & TOC https://univdatos.com/report/travel-now-pay-later-market/
Conclusion
The travel now pay later market is a rapidly growing segment of the travel industry that allows consumers to book travel and pay for it later, without having to pay upfront. This can be especially beneficial for consumers who may not have the funds available to pay for their travel upfront, or who may want to spread out the cost of their trip over time. The use of technology, such as AI and ML, is also playing a significant role in the travel now pay later market, as it allows companies to offer more personalized recommendations and pricing, and to improve the overall customer experience. Overall, the travel now pay later market is likely to continue to grow in the coming years, as more consumers look for ways to make travel more accessible and affordable. As this market evolves, we can expect to see new and innovative solutions emerge, as companies look to meet the changing needs and preferences of consumers.
