The online travel category is currently experiencing rapid change with mobile channel, personalization and peer-to-peer travel services being the main disruptors. In particular the rise of the mobile channel is changing booking patterns, consumer behavior and business models in travel. The growing online travel market could also be shaped by the growing trend of travel service sellers reaching out directly to customers, leading to traditional travel agencies having to branch out in other areas.
The global online travel market is expected to grow at a CAGR of approximately +12% during the forecast period 2019-2026.
Online travel providers aim to ease travel planning and bookings for travelers. The online travel is driven by quick and convenient flight and hotel bookings, rise in customers’ trust in online payment, and ability to compare various available travel options.
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Top Key Players of Online Travel Market:
Expedia, Priceline Group (Booking.com), TripAdvisor, Orbitz, Ctrip.com International, Hostelworld Group, Hotel Urbano Travel, Tourism, CheapOair, Trivago, Thomas Cook Group, MakeMyTrip, CheapTickets, OneTravel, Travelocity, AirGorilla, Hotwire, Kayak, BOD Tech.
The different service types include transportation, travel accommodation, and vacation packages. Key age groups of the online travel market are 22-31, 32-43, 44-56, and >56. The market is further analyzed across geographical regions, namely, North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (India, China, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
For any aspiring entrepreneur who has not yet set his sights on a business idea, the online travel industry offers abundant business opportunities. In fact, with almost 10% year-on-year growth, it is one of the fastest growing e-commerce industries. From Online Travel Market to travel assistant mobile applications, search engines for local online guides to online travel quality control communities, there are numerous business ideas that aspiring entrepreneurs can take advantage to start a successful business trip.
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Online Travel Market Segmentation:
By mode of booking: Online Travel Agencies, Direct Travel Suppliers
Online Travel Market By types of platform: Mobile, Desktop
Online Travel Market By service types: Transportation, Travel Accommodation, Vacation Packages
However, the online travel market has to face some long term challenges of cutting through the high market competition which has more than 15 companies and the nullification of commissions on air tickets. The purpose of this research study is to give an in-depth analysis of various market segments. Researchers throw light on different dynamic aspects of the market such as drivers and restraints. Rising needs and popularity of travel and tourism sector is increasing the demand of the global online travel market.
Report Consultant concluded with, effective, innovative and accurate insights into the global market by offering the perfect solution for the global online travel market. Different market segments have been examined carefully to understand the ups-down stages of the businesses.
Reasons for buying this research report:
- It offers a detailed analysis of macroeconomic and microeconomic factors of the global market
- Detailed insights into ongoing technological advancements along with their impact on the global Online Travel Market.
- Analysis of global competitive landscape across the global regions
- It offers an understanding of global market segments and sub-segments
- It provides extensive research on global sales approaches and methodologies
- It offers an in-depth analysis of key players functioning across the global regions
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