Online Travel Market - By Platform Type (Mobile/Tablets Based, Desktop Based), Mode of Booking (Online Travel Agencies, Direct Travel Facilitators), by Service Type (Transportation, Accommodation, Vacation Packages) - Industry Forecast 2027
|ID: VPR/ICT/1018||Publishing Year: September 2021||Pages: 115||Format:|
Online Travel Market Overview:
The Online Travel Market is projected to grow from USD 900 billion in 2020 to reach USD 1750 billion by 2027; it is expected to grow at a CAGR of 9.97% from 2020 to 2027.
The primary reasons projected to stimulate the growth of the Online Travel Market include an increase in mobile usage, a rise in internet penetration, and innovative mobile apps. People in emerging markets are likely to have more disposable cash, and it will be easier to compare a variety of travel options online, which will help the Online Travel Market Grow. However, there is no unified mechanism in place to streamline data between government organisations and private travel agents, resulting in a gap. This factor could limit the targeted market's growth. Furthermore, travel firms are likely to benefit from the influx of big data and other complementary technologies such as automation and augmented and virtual reality.
Uses primary sources to narrow down the available data, validate it, and apply it to compile a full-fledged market research study. The Online Travel Market Report includes a quantitative and qualitative assessment of market factors that the client is interested in. The “Online Travel Market” is primarily divided into sub-segments that can provide categorised data on current market developments.
Key players profiled in this Online Travel Market Report are Expedia, Inc., Priceline Group Inc., TripAdvisor LLC, Ctrip.Com International, Ltd., Hostelworld Group, Hotel Urbano Travel and Tourism SA, CheapOair.Com.,Trivago GmbH, Thomas Cook Group plc, and MakeMyTrip Limited.
Other players in the value chain include AirGorilla, LLC, Hays Travel limited, Airbnb, Inc., Yatra Online Private Limited, India, Alibaba Group, Elong, Inc., TUI Group, and Tuniu Corporation.
The global financial crisis, along with a lack of consumer spending in the aftermath of the COVID-19 epidemic, has posed a serious danger to travel brokers. Due to the detrimental impact on airline and accommodation bookings, travel organisations have had to halt operations and lay off personnel in the last month. According to the CEO of Booking Holdings, internet travel has previously experienced two recessions, but this outbreak has harmed market growth the most. According to estimates, the 2020 Coronavirus outbreak will cost some of the top public Online Travel Firms more than USD 11 billion in income, with the figure rising to USD 22 billion if the number of cases rises in the coming months. The pandemic has wreaked havoc on North American and European nations. The business climate in these countries is deteriorating. At the same time, Chinese online travel agencies (OTAs) are gradually resuming operations, but at a sub-optimal level.
The way people communicate and travel has changed dramatically around the world as a result of technological advancements. With the advancement of technology and the increased usage of mobile phones, simple and efficient techniques for making travel simple and comfortable are being developed, fueling the expansion of the travel and tourist business.
Travelers prefer to make their travel reservations using mobile travel apps, which are gradually gaining traction in the market. The Online Travel Market rise is largely due to the ease with which it can be accessed and navigated through Online Travel Sites.
To win market share, businesses have begun to cater to the demands of passengers with creative mobile travel apps. Apps with a variety of capabilities are being created to keep travellers connected during their journey and to assist them as needed. Travel apps provide passengers with freedom, making them a key differentiator for customers when selecting a travel provider. Customers have also begun to download hotel and airline applications in order to get a rapid snapshot of their booking status. Other services, such as tailored coupons, concierge services, and other in-destination services, are being incorporated into travel apps to provide an easy client touch point and promote their brand. As a result, the expansion of the internet travel industry is projected to be aided by the proliferation of mobile usage and innovative mobile travel apps in the future.
The Online Travel Market is divided into three categories: Platform Type, Mode of Booking, and Service Type. Due to the availability of a greater variety of bargains, offers, and other incentives, the air tour package category is predicted to be the fastest expanding segment. Flight tickets are more expensive in the case of air travel, hence income creation from air tickets is higher.
The increasing demand for CRM solutions across various industries, as well as the development of mobile booking technologies and travel apps, are major factors driving the growth of the Online Travel Market in North America. In Europe, a focus on tourism is seen as one of the most important pillars for job creation and inclusive economic growth. Advancements in travel technology are boosting the expansion of the Online Travel Industry in Asia-Pacific. The expansion of this Online Travel Market in the Middle East and South America is due to the expanding reach of the Internet, technological advancements, and increased tourism services.
Frequently Asked Questions
Type Here for table of content.