Online Travel Market 2019 Global Trends, Segments, Size, Growth, Regional Study and Emerging Technologies by Forecast to 2023
Mar 19, 2019
Global Online Travel Market is expected to grow at a CAGR of approximately 12% during the forecast period 2017-2023
Pune, India - March 19, 2019 /MarketersMedia/ —
Market Highlights:
The latest report by Market Research Future (MRFR) predict a strong growth for the global online travel market, with it set to grow at a healthy CAGR of roughly 12% during the forecast period (2017-2023).
Market Growth Drivers and Key Barriers:
Reports suggest that the US-based software organization Ebix has offered almost USD 336 Mn (INR 2,342 Cr) as part of an acquisition deal to Gurugram-based travel and ticket booking enterprise Yatra Online. The deal entails Ebix merging Yatra with its Indian subsidiary EbixCash. For strengthening their presence in the constantly expanding Online Travel Market, numerous companies are bullish when it comes to indulging in growth strategies such as acquisitions and collaborations to name a few. This results in the extravagant growth pattern of the global online travel market to a large extent.
Adding on, a number of players are also introducing new and the latest versions of mobile apps that offer attractive travel deals as well as hassle-free booking for luring the young travelers among others. Moreover, the online travel booking using mobiles is touted to be the most preferred booking medium amongst many of the young travelers owing to the ease of use, convenience, along with 24/7 accessibility. In addition, the age group of 22-31 years are the travelers that are more inclined to explore new destinations and spend subsequently on these trips, elevating the position of the online travel market even further globally.
The global online travel market is also benefitting by factors such as quick and convenient flight and hotel bookings, growing customers’ trust in online payment, and the ability of comparing various available travel options.
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Major Key Vendors:
The renowned vendors in the global online travel market include Ctrip (China), The Priceline Group (U.S.), TripAdvisor Inc. (U.S.), CheapOair (U.S.), Tuniu (China), Hotel Urbano (Brazil), Expedia Inc. (U.S.), Hostelworld Group (Republic of Ireland), eLong (China), MakeMytrip Inc. (India), Thomas Cook Group plc (U.k), Trivago (Germany), AirGorilla, LLC (U.S.), TUI Group (Germany), Alibaba Group Holding Limited (China), Hays Travel limited (U.k), Airbnb (U.S.), Yatra.com (India), and so on.
Market Trends:
The recognition technology and in particular, face recognition has ample potential for the online travel industry. The primary spheres that part of the technology include the collection of data and the identification of the personality of a traveler. The technology helps the online travel business to offer the clients with personalized services, in addition to granting the clients access to the related services.
An additional essential aspect of the recognition technology is security, as the face identification of the travelers with shady reputation allows the staff to stay alert and also be prepared to take any step required.
Market Segmentation:
The market for online travel is segmented on the basis of platform, mode of booking, and service type.
The platform-dependent segments in the global online travel market are mobile and desktop.
On the basis of the mode of booking, the global market is considered for online travel agencies and direct travel supplies.
Lastly, the market, based on the service type, is segmented into transportation, accommodation, vacation packages, and others.
Regional Outlook:
The global online travel market has been studied in the key regions of Europe, North America, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
North America wins the race amongst all the regions due to the fact that the regional population is quite tech-savvy and are highly dependent on it to travel anywhere. E-commerce applications have also become prolific in the region, touted as a major attribute that is fueling the online travel market growth. Moreover, the United States (U.S.) is the leading market in the region.
Europe is not far behind North America, in terms of market revenue, since almost all the associated industries in the region are keen to take advantage of the bright prospect of online travel market. Countries such as France, Germany, and the U.K. are doing excellent business in the regional market owing to the striking penetration of internet facilities and rise in middle-class segment.
However, it is the APAC market that will be the fastest growing region backed by the burgeoning population coupled with the growing participation from several companies. India and Australia are contributing substantially to the expanding online travel market, with companies like Yatra, MakeMytrip, and Cleartrip thriving as the well-established online travel agencies (OTA) in India. Not just this but business travel has managed to fuel the market growth as well, with almost 90% of the corporate travelers owning either a smartphone or a tablet. Over 50% of business travelers manage their travel using these electronic devices, indulging in online traveling for smoother and convenient trips.
The rest of the world includes the Middle East and Africa, where the online travel market is flourishing owing to various factors. With various online travel companies such as Tajawal, Rehlat, Holidayme, Cleartrip, Musafir, and Flyin, the travelers are spoilt for choice. Moreover, higher internet connectivity, increasing use of smartphones and growing young population that are regular users of internet have been responsible for the increasing value of the online travel market in the region.
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Industry Update:
March 2019 – Airbnb has hit bullseye and elevated its position in the online travel market, by acquiring HotelTonight, which is an online travel agency. The acquisition is a part of the bigger picture, which involves a deliberate shift by Airbnb from just private accommodation to hotels and online travel.
Intended Audience:
• Technology Investors
• Research/Consultancy firms
• Technology Solution Providers
• Government Bodies
• Regulatory agencies
• Consumers
• Corporate sector
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
Continued…
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List of Tables
Table 1 Global Online Travel Market: By Region, 2017-2023
Table 2 North America Online Travel Market: By Country, 2017-2023
Table 3 Europe Online Travel Market: By Country, 2017-2023
Continued…
List of Figures
Figure 1 Global Online Travel Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Five Forces Analysis of Global Online Travel Market
Continued…
About Market Research Future:
At Market Research Future (MRFR), we enable our clients to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Address: Market Research Future Office No. 524/528,, Amanora Chambers Magarpatta Road, Hadapsar Pune - 411028
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/online-travel-market-5182
Source: MarketersMedia
Release ID: 493706
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