The global online travel market is expected to grow at a CAGR of approximately +12% during the forecast period 2019-2027.
The online travel category is currently experiencing rapid change with mobile channels, 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. 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, a rise in customers’ trust in online payment, and the 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). Nowadays, market players are extensively offering travel services through mobile websites and apps, as it is one of the most preferred mediums of travel bookings, particularly among young professionals.
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Furthermore, the online travel Market report also explains the causes and factors responsible for the industry trends enabling the reader to understand the various approaches adopted by the key players to gain a firm position in the industry. This information is based upon an investigative exploration that aids the reader in identifying features such as the stability, rate of expansion, drivers, restraints, and opportunities making it easy for the new as well as the existing key players to take mindful corporate decisions as per the requirements.
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Online Travel Market Segmentation:
Online Travel Market By mode of booking:
Online Travel Market By types of platform:
Online Travel Market By service types:
- Online Travel Agencies,
- Direct Travel Suppliers
- 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. Given the current trends, there is a need to diversify the business model and adopt the role of a travel advisor, as well as offer services to end-customers for a more convenient and hassle-free journey. 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. The rising needs and popularity of the travel and tourism sector are increasing the demand of the global online travel market.
Report Consultant concluded with, effective, innovative and accurate insights into the global online travel market by offering the perfect solution for the global market. Different market segments have been examined carefully to understand the ups-down stages of the businesses.
In This Study, The Years Considered To Estimate the Size Of online travel Market Are As Follows:
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- History Year: 2015-2018
- Base Year: 2018
- Estimated Year: 2019
- Forecast Year 2019 to 2027