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Indian Travel Industry Seen Growing To $56 Billion: 5 Things To Know

According to Kapil Goswamy, CMD, Bigbreaks.com, the Indian travel industry is set to grow from a $33 billion in 2015 to $56 billion by 2020.

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Indian Travel Industry Seen Growing To $56 Billion: 5 Things To Know

The travel industry is responding highly to the rising demand for vacations.

The Indian travel market is growing at a very profligate pace. With the expanding economic scenario, people are now having more disposable incomes, greater awareness because of internet and social media, and also increased air connectivity both within India and from India. Travel and tourism Industry is flourishing. Consumers are moving more towards online travel booking. According to Kapil Goswamy, CMD, Bigbreaks.com (a tours and travel dedicated portal), the Indian travel industry is set to grow from $33 billion in 2015 to $56 billion by 2020.

Here are 5 things to know about India's online travel market situation:

1. In the present scenario, it has become easy for the online players to use technology and advanced analytics capability to understand individual journey needs and offer curated travel solutions. According to Mr Goswamy, the Indian online travel industry is now in a position to utilize technology with the availability of artificial intelligence tools and analytics.

2. The travel industry is responding highly to the rising demand for vacations. The tourism boards of almost all major countries of the world have set up their representative and marketing offices in India, says Mr Goswamy.

3. The number of travel agents, both online and offline, is increasing and large generalist players are also coming up. The number of niche players have also increased and agents specializing in previously unheard segments like women only travel, pilgrimage travel, cruise holidays and others are also coming up, adds Mr Goswamy on the current corporate situation of travel market.

4. Acoording to Mr Goswamy, the number of agents, both online and offline , who earlier were limited to selling air tickets or were only corporate travel agents, are now moving, or have already moved, towards the leisure and vacation travel segment.

5. Additionally, as more people come online, smartphone penetration increases and use of digital payments goes up.

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