Online Travel Market Size Sees Incredible Growth in 2030 – SMU Daily Mustang
Online Travel Market: By booking method (online travel agencies and direct travel suppliers), by platform (desktop, smartphone and tablet), service type (vacation packages, transportation and travel accommodation) and by Region – Global Industry Sizing, Growth, Trend, Opportunity and Forecast (2020-2025)
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The Online Travel Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by key market players operating in the global market . It involves in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will offer one of the most comprehensive analyzes of the market, capturing all aspects of the online travel industry.
Introduction to the online travel market
Online Travel operates through an online platform that allows customers to book various travel-related services directly through the Internet. These are third parties reselling travel, vacation packages, hotels, cars, and flights, among others. Online travel has become popular these days due to the heavy usage of smartphones. Currently, customers are on the go, and the advantage of a booking engine and booking solutions provided by the online travel agency is that it enables instant payment and booking confirmation. Online travel is becoming popular. Travelers use online travel 50% more than hotel websites to compare leisure travel options.
Dynamics of the online travel market
Technological advancements and changing preferences for online travel are primarily driving the online travel market. In addition, the high penetration of smartphones and internet users in the global market is expected to play a vital role in the global online travel booking platform market. As Internet connectivity has become a basic necessity in the office, at home or even in public places, government authorities in various countries such as the United States, Japan, India, China and the United Kingdom are offering in some measure of free Wi-Fi networks. With the potential growth of the internet and mobile phone industry, online travel agencies such as MakeMyTrip and Expedia Group are launching the user-friendly and innovative mobile application, which is increasing the demand for the global online travel market. line during the forecast period.
However, there are no centralized systems that can streamline data between private travel agencies and government agencies, which has led to a difference. Thus, is expected to create challenges in the growth of online travel market in the coming years.
Impact of COVID-19 on the online travel market
The outbreak of the COVID-19 pandemic has had a significant impact on the growth of the online travel and tourism sectors. According to UNWTO forecasts, global international tourist arrivals in 2020 are expected to decline by 20-30% compared to the previous year, translating into a loss of $30-50 billion in travel costs for international visitors. Thus, the possibilities of natural calamities are expected to hamper the growth of the tourism sector, including the online travel market, in the coming years.
Online Travel Market: Report Scope
The report describes the study of the online travel market on the basis of booking mode, platform and service type.
Based on mode of booking, the online travel market is segmented into
- Online travel agencies
- Direct travel providers
Based on platform, the online travel market is segmented into-
Based on type of service, the online travel market is segmented into
- Vacation Packages
- Travel accommodation
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Online Travel Market: Regional Perspectives
The global online travel market is segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa. In 2019, North America was expected to dominate the global online travel market and is expected to dominate the market throughout the forecast period, i.e., 2020 to 2025. Growth in the region is mainly driven by the strong adoption of mobile booking technology and travel. applications, as well as the well-established IT infrastructure and easy availability of online services.
Considering the current market trend, Asia Pacific region is estimated to witness the highest CAGR growth rate of the online travel market during the forecast period owing to the presence of large number emerging economies and the growth of average individual disposable income. In addition, increasing penetration of internet and mobile phone users in the region owing to rapid development of IT infrastructure and emphasis on tourism through government initiatives is further expected to boost demand. of online travel services in the domestic market in the coming years. Yatra, Cleartrip and MakeMyTrip are the major players in the online travel market in India, while Ctrip is the leading online travel agency operating in China. Online travel is becoming the preferred means of booking in the region.
The leading online travel service provider in the global market includes Expedia, TripAdvisor LLC, Ctrip.Com International, Ltd., Priceline Group Inc. and Hostelworld Group.
Other online travel service providers include Cheapoair.Com, Thomas Cook Group PLC, Alibaba Group, MakeMytrip, Trivago Gmbh, TUI Group, Airbnb, Inc., Hays Travel Limited, Elong Inc. and Yatra Online Pvt. ltd.
- In September 2018, TUI Group acquired Musement; this acquisition aimed to help TUI diversify its travel experience services and make its services user-friendly.
- In June 2018, the company Cleartrip acquired Flyin, to help the company expand its customer base, improving its skills in the Middle East and Africa.
- In February 2018, ATPCO acquired Routehappy, a company that provides merchandising tools, flight scores and cabin amenities data.
The Online Travel Market report provides an in-depth analysis of macro-economic factors along with the market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes contributions from industry participants and industry experts across the value chain.
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The Online Travel Market report covers comprehensive analysis on:
- Market dynamics
- Market segmentation
- Regional analysis
- Market size in value and volume
- Price analysis
- Supply and demand analysis
- Supply chain/value chain
- Business analysis
- Market Factor Analysis
- Market trends
- Regulatory landscape
- Patent Analysis
- Competition Landscape
- More than 15 company profiles
The regional analysis includes:
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
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Online travel market: target audience
- Online travel makers
- Online Travel Distributors and Commodity Suppliers
- Tier 1 Component Suppliers
- Manufacturers of online travel platforms
- Research institutions and universities
- Trade publications and magazines
- Government authorities, associations and organizations
- Independent secondary market players
- Technical magazines and publishing houses