Online Travel Market 2018: Company Profiles, Trends, Segments, Landscape, Global Size, Industry Growth and Demand by Forecast to 2023
Online Travel Market Research Report: by Platform (Mobile, Desktop), Mode of Booking (Online Travel Agencies, Direct Travel Suppliers), Service Type (Transportation, Accommodation, Vacation Packages) – Forecast till 2023
Pune, India – September 28, 2018 /MarketersMedia/ —
Market Synopsis:
The traditional way of planning for a trip, be it official or leisure, often used to consume unnecessary time. Online travel industry simplified the entire process by introducing e-commerce websites with which one can have hassle-free booking and buying experience. The market is further getting sparked by gradual adoption of digitization at every level. Flight and hotel bookings mainly drive the market. People can check these sites reliability by going through the ratings and comments left by other users. Social media is also playing a pivotal role in impacting this market growth.
These sites are also providing an opportunity to compare prices of various deals which gives buyers an added advantage. The global Online Travel Market is expecting a stellar 12% CAGR during the forecast period (2017-2023), and the market can reach a valuation of USD 12 billion during this time. Market Research Future’s (MRFR) report on the industry has an all-inclusive approach that would assist in having a detailed prediction of the said market.
On the flip side, relying completely on the reviews can mar the experience of the users. Complete reliance on the web can also compromise personal data. This can hinder the potential market growth.
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Market Dashboard:
The competitive market is heavily relying on strategies that have their focus on collaborations, merger, and acquisitions. For instance, Thomas Cook has a strategic alliance with Expedia for their European market. Expedia, Orbitz, and Travelocity are collaborating with Universal Air Travel Plan, Inc. (UATP) for their payment service which can be seen as exemplary.
Some of the prominent players in the global online travel market are Expedia, Inc. (U.S.), The Priceline Group (U.S.), TripAdvisor Inc. (U.S.), Ctrip (China), Hostelworld Group (Republic of Ireland), Hotel Urbano (Brazil), CheapOair (U.S.), Trivago (Germany), Thomas Cook Group plc (U.k), MakeMytrip Inc. (India), Alibaba Group Holding Limited (China), eLong (China), TUI Group (Germany), Tuniu (China), AirGorilla, LLC (U.S.), Hays Travel limited (U.k), Airbnb (U.S.), and Yatra.com (India) and others.
Industry Trend:
Destygo, based out of Paris, is offering a chatbot solution for travel where the bots are going to provide all the travel-related assistance to users. They are already building chatbots for companies such as Carlson Wagonlit Travel and Iberia Travels.
The blockchain is now getting introduced in the market. Lockchain, a company has already implemented this idea that uses back-end tools to streamline booking, flight planning, payment, and other functionalities.
Segmentation:
The global online travel market can be segmented by platform, mode of booking, and service type.
By platform, the market can be segmented into mobile and desktop.
Based on the mode of booking, the market includes online travel agencies and direct travel supplies. Although direct travel supplies hold the major share of the market revenue at present, online travel agencies are going to gain the most during the forecast period owing to its hassle-free execution.
Based on service type, the market comprises transportation, accommodation, vacation packages, and others.
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Regional Analysis:
Region-specific segmentation of the global market includes namely Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America is currently standing on the crest with the maximum share of the market. Fast-speed life in the region has also spurred the growth of the said market as many do not prefer spending much time for planning. At the same time, growing adoption of digitization and technological advancement in the region have set up a perfect space for the market to flourish. Across verticals, penetration of the e-commerce segment has given the market further boost.
The APAC region is to grow with the fastest CAGR as emerging economies of the region are showing significant promise. The huge population of the zone is also a major factor that can take the market further ahead at a considerable speed.
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