Overview
The global online travel market is growing at a rapid pace. The market growth attributes to the huge advances in technology, online services, and online travel booking solutions. The online travel industry has grown dramatically over the last decade, owing to technological advances. Rising usages of technology in the travel industry have increased exponentially, witnessing the spurting rise in the global distribution system (GDS) and mobile applications & penetration of the Internet.
Besides, factors such as the changing process of travel bookings and service model of online tour agencies positively impact market growth, providing multiple services through a single platform. Moreover, the spurting rise in numbers of travel booking agencies escalates the market growth to furthered height. Market Research Future (MRFR), the global Online Travel Industry is poised to reach USD 1,134.55 BN by 2023, growing at 13.16% CAGR throughout the forecast period (2017 – 2023).
Online tour agencies are integrating all modes of transport and accommodation options under a single platform, encouraging users to opt the same. Additionally, rising adoption of online travel booking solutions by service providers and tour operators, alongside the growing digitalization and automation in the travel industry to develop higher productivity and offer customers a unique travel experience, influences the market growth.
Social media platforms have emerged as a significant influencer and an effective marketing platform for online tour agencies. Nowadays, travelers use social media platforms to share their travel experience and post their reviews, helping other customers to choose travel agencies. The proliferation of social media platforms fosters the growth of the market. Conversely, the lack of a centralized system that can streamline data between government agencies and private travel agencies is estimated to impede market growth.
Nevertheless, the influx of big data and other complementing technologies such as automation and augmented and virtual reality (AR/VR) would support market growth throughout the assessment period. Also, increasing adoption of a more open approach towards partner cooperation by the online retailer influences market growth, diversifies the products and services and enriches the marketing channels.
Global Online Travel Market – Segments
The report is segmented into four dynamics;
By Platform Type : Mobile/Tablets Based, Desktop-Based Platform, and others.
By Mode of Booking : Online Travel Agencies, Direct Travel Facilitators, and others.
By Service Type : Transportation (air travel, train travel, bus travel, others), Accommodation (hotels and guest house/dormitory), Vacation Packages (in-country and outside country), and others.
By Region : Americas, Europe, Asia Pacific, and Rest-of-the-World.
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Global Online Travel Market - Competitive Analysis
Highly competitive, the online travel market appears fragmented due to the presence of several notable players. Industry players incorporate strategies such as collaboration, mergers & acquisition, product/technology launch, and expansion to gain a larger competitive advantage. From the product development and sales perspective, players invest in R & D to develop a technology, brand building, and expand their reach to support their competitive position.
Online Travel Market – Regional Analysis
North America dominates the global online travel market. In 2017, the region accounted for the largest as in 33.75% share of the overall market. The significant market share attributes to the increasing demand for CRM solutions across industries. Besides, the adoption of mobile booking technology and travel apps drives the growth of the regional market. Moreover, the strong presence of notable players and the wide adoption of online travel solutions in the region foster the online travel market growth. The North American online travel market is projected to retain its dominance, registering 11.8% CAGR throughout the estimated period.
Europe stands second in the global online travel market. Technological advancements drive the market transpired into the field, bringing about efficient online travel solutions. Additionally, factors such as the booming travel industry and rising demand for online booking formats boost market growth. Also, the advent of various futurist online travel booking platforms, alongside the proliferation of smart connected devices and connectivity technologies, propels the growth of the regional market.
Focus on tourism is one of the key pillars for the growth of employment and inclusive growth of the economy. Resultantly, the region shows a positive sign towards online mobility services and the best-managed services. The Europe online travel market was valued at USD 178.72 BN in 2017 and estimated to grow further at 12.0% CAGR during the projected period.
The Asia Pacific online travel market has emerged as the fastest-growing market globally. Factors such as technological advancements and increasing use of the Internet, smartphones, and tablets boost the regional market growth, enabling easy access to online travel booking services. Countries like China, Japan, and India have shown considerably fair share in the online travel market in the region.
Moreover, the increasing adoption of online managed services across industries and increasing the tourism sector in the region foster market growth. The APAC online travel market is expected to create a substantial revenue pocket during the forecast period.
Industry/ Innovation/ Related News:
August 17, 2020 --- JD Group (South Africa), the parent company of e-commerce giant JD.com, announced a strategic partnership with Trip.com (China), a leading online travel agency to integrate their traffic and supply chains as the country’s travel industry works to recover from the Covid-19 pandemic. Under the partnership, two companies would cooperate across various sectors, including user traffic funneling, marketing, business development, and e-commerce.
JD is on a shopping spree with a USD 100 MN strategic investment in supply chain enterprise Li & Fung Group, the acquisition of home appliance chain 5 Star Electric, and RMB 3 billion (USD 432 MN) acquisition courier Kuayue Express. JD was trying to push into the tourism sector, underscores its confidence in the industry’s revival, which was brought to near-standstill during the lockdown.
Major Players:
Players leading the global online travel market include Booking Holdings Inc. (US), Expedia Inc. (US), TripAdvisor Inc. (US), FlixMobility GmbH (Germany), Ctrip.com International Ltd (China), Ryanair DAC (Ireland), MakeMyTrip (India) Pvt. Ltd (India), Hotel Urbano Travel and Tourism SA (Brazil), Hostelworld Group (Ireland), CheapOair.Com (US), Hays Travel Limited (UK), Tuniu Corporation (China), AirGorilla, LLC (California), Yatra.Com, Thomas Cook Group PLC (UK), Alibaba Group Holding Limited (China), eDreams ODIGEO SA (Luxembourg), and Airbnb Inc. (US), among others.
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Online Travel Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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