MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Online Travel Market.
The online travel market is gaining higher grounds with e-commerce industry backing it up properly. While planning a trip, people used to spend times in queues more and haggle a lot with travel agents regarding plans. E-commerce sites were quick to identify this problem and launched solution accordingly. The first step was ticket confirmation, that too, in a hassle-free way. Now the entire tourism industry is banking on the success of this sector. From planning itinerary, hotel booking, and getting discounts for users, these sites have now pervaded every aspect of the tourism industry. The global online travel market is eyeing for a rise by 11.8% CAGR during the forecast period (2022-2030) reveals Market Research Future (MRFR). In the meantime, it can also mount a valuation of USD 2403.22 billion. The extensively discussed report has segmental analysis, reviews of factors that can influence the market in the coming years, and expert views for an all-engrossing understanding of the market.
Among the major factors, the intense percolation of internet and increasing adoption of social media have substantial impact. Social media or comments on the e-commerce website help people in reviewing hotels and share their experiences which can be of great importance for travelers while planning his trip. Increasing application of web-based and app-based interfaces are promoting the market further. Growing demands for hostel services, budget trip, and review-based services are creating grounds for the market to grow exponentially. Increasing involvement from Expedia, Inc. Thomas Cook Group, Trivago, TripAdvisor Inc., and many others are boosting the online travel market significantly.
The online travel market can be segmented by platform, mode of booking, and service type for an extensive understanding of the same in the foreseeable future.
Based on the platform, the online travel market can be segmented into mobile and desktop. Rising use of smartphones is giving the mobile segment much-needed impetus.
Based on the mode of booking, the online travel market can be segmented into online travel agencies and direct travel supplies. Direct travel supplies segment is ruling the market substantially. But the online travel agencies segment is witnessing rapid growth.
Based on the service type, the online travel market includes transportation, accommodation, vacation packages, and others. Travel ticket booking and hotel booking are providing thrust to the transportation and accommodation segment.
The online travel market can be studied based on the following regions namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America has an edge over the rest as the regional population are quite tech-savvy and rely on it much for their planning. E-commerce applications are also getting prolific traction which can be deemed as a major attribute to spur the online travel market growth. The U.S. is leading the regional market. Europe is also having a great go as all the associated sectors are taking a keen interest in the prospect online travel market offers. Germany, France, and the U.K. are doing great business for the regional market. The APAC market is about to become the fastest growing region owing to huge population and increasing participation from several companies. Australia, and India are contributing significantly to the growing online travel market.
Eminent players in the global online travel market are Ctrip (China), Expedia, Inc. (U.S.), Hostelworld Group (Republic of Ireland), The Priceline Group (U.S.), TripAdvisor Inc. (U.S.), Hotel Urbano (Brazil), CheapOair (U.S.), MakeMytrip Inc. (India), Alibaba Group Holding Limited (China), eLong (China), Trivago (Germany), Thomas Cook Group plc (U.k), TUI Group (Germany), AirGorilla, LLC (U.S.), Tuniu (China), Hays Travel limited (U.k), Airbnb (U.S.), Yatra.com (India), and others.
Blockchain technology is going to revolutionise the online travel market in the coming years. As a major trend, it is sweeping up sectors real fast. With it, hotel or hostel booking and payment would become really easy.
On the other hand, big data analytics is about to make the entire experience more personalized. Accordingly, users will get recommendations and offer. This can transform the market significantly.