Increasing smartphone penetration is driving the mobile travel booking market
Globally, the mobile travel booking market is expected to grow with a CAGR of 12.2% during the forecast period from 2021 to 2029, starting from US$ 1,067.3 Mn in 2020.
The growth of the market is attributed to the increasing adoption of the smartphone across the globe. The number of the smartphone users worldwide has significantly increases over the past five years. The number of smartphones has increased from 1.57 Bn in 2014 to 2.53 Bn in 2018. This increase is mainly driven by the decline in the price of the smartphones and increasing competition among the market players.