Online travel market: by booking method (online travel agencies and direct travel providers), by platform (desktop, smartphone and tablet), type of service (vacation packages, transport and travel accommodation) and by region – size Global Industry, Growth, Trend, Opportunity and Forecast (2020-2025)
The Online Travel Market report covers in-depth analysis of market dynamics, business models, segmental / regional analysis, along with respective market shares and strategies adopted by major market players operating in the market global. It involves in-depth analysis of factors influencing the global market and market statistics indicating market share / growth analysis by region and segment. The study of the report will present one of the most comprehensive analysis of the market, capturing all aspects of the online travel industry.
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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 include the resale of trips, vacation packages, hotels, cars and flights to third parties. Online travel has become popular these days due to the heavy use 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 allows 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
Advances in technology and changing preferences for online travel are primarily driving the online travel market. In addition, the strong penetration of smartphones and internet users in the global market is expected to play a major role in the global online travel booking platform market. With internet connectivity having 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 to some extent 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 introducing the user-friendly and innovative mobile application, which is increasing the demand for the global travel market in line during the forecast period.
However, there are no centralized systems that can streamline data between private travel agencies and government agencies, which has resulted in a difference. Thus, is expected to create challenges in the growth of the online travel market in the years to come.
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 industries. As predicted by the UNWTO, global international tourist arrivals in 2020 are expected to decline by 20-30% from the previous year, translating into a loss of $ 30-50 billion in travel costs for international visitors. Thus, the possibilities of natural disasters are likely to hamper the growth of the tourism sector, including the online travel market, over the next few years.
Online Travel Market: Scope of the Report
The report describes the study of the online travel market on the basis of booking method, platform and type of service.
Depending on the method of booking, the online travel market is segmented into-
- Online travel agencies
- Direct travel providers
On the basis of the platform, the online travel market is segmented into-
Based on the type of service, the online travel market is segmented into-
- Vacation Packages
- Travel Accommodation
Online Travel Market: Regional Perspectives
The global online travel market is regionally divided into North America, Europe, Asia-Pacific, Middle East, and Africa. In 2019, North America is expected to dominate the global online travel market and dominate the market throughout the forecast period i.e. 2020 to 2025. The growth of the region is mainly driven through the strong adoption of mobile booking and travel technology. applications, as well as the well-established IT infrastructure and easy availability of online services.
Considering the current market trend, Asia-Pacific is expected to grow at the highest CAGR growth rate in the online travel market during the forecast period due to the presence of large number of emerging economies and growth in average individual disposable income. In addition, the increasing penetration of internet and mobile users in the region due to the rapid development of IT infrastructure and the emphasis on tourism through government initiatives is further expected to drive the demand for services. travel online in the domestic market for years to come. Yatra, Cleartrip and MakeMyTrip are the main players in the Indian online travel market, 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 provider of online travel services 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 was intended 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 and improve its skills in the Middle East and Africa.
- In February 2018, ATPCO acquired Routehappy, a company that provides merchandising tools, flight scores and cabin amenity data.
The online travel market report provides the in-depth analysis of the macroeconomic factors as well as the market attractiveness of each segment. The report will comprise an in-depth qualitative and quantitative assessment of the segmental / regional outlook with the presence of market players in the segment and the respective region / country. The information concluded in the report includes contributions from industry participants and industry experts along the value chain..
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
- Analysis of market factors
- Market trends
- Regulatory landscape
- Patent analysis
- Competition landscape
- 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)
- 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 manufactures
- Online travel distributors and raw material suppliers
- Tier 1 component suppliers
- Online travel platform manufacturers
- Research institutions and universities
- Specialized publications and magazines
- Government authorities, associations and organizations
- Independent secondary market players
- Technical journals and publishing houses
Main issues addressed
- What is the size of the market according to the different segmentations of online travel by region and its respective countries?
- What is customer buying behavior, key takeaways, Porter’s five forces, and the online travel market supply chain?
- What are the key trends and opportunities for OEMs and Tier 1 vendors in the online travel market?
- What are the market dynamics (drivers, restraints, opportunities and challenges) of the market?
- What and how are regulations, programs, patents and policies impacting market growth?
- What are the upcoming technological solutions influencing market trends? How will existing service providers adapt to changing technological trends?
- How will advanced technologies impact the online travel market?
- What is the impact of COVID-19 on online travel demand and sales in the global market?
- Detailed analysis of competitors and their latest launch, and who are the top startups introduced to the target market?
- Detailed analysis of competitors and their latest launch, and what are the top startups introduced in the target market? In addition, detailed profiling of more than 25 leading and eminent companies in the market
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