Market Analysis
Market Research Future (MRFR) presumes the global online travel market to reach USD 2214.70 billion at a CAGR of 11.8% from 2020 to 2030 (forecast period).
Multiple Factors Contributing to Market Growth
Due to technological advancements, the online travel industry has seen significant changes during the last decade. Due to the usage of mobile applications and increased Internet penetration, the use of technology in the travel sector has come a long way since the global distribution system (GDS). This has aided in the transformation of the travel booking process, making it simple and quick. Online tour firms' service approach offers a variety of services through a single platform. This has resulted in a substantial shift in the travel booking process, from physical to web bookings, and now mobile platforms. Online tour agencies have combined all modes of transportation and accommodation options on a single platform, encouraging users to do the same. Furthermore, service providers and tour operators have embraced digitalization and automation in order to increase productivity and provide customers with a one-of-a-kind travel experience. Social media platforms have evolved as significant influencers and an efficient marketing platform for online tour operators. Travelers use social media platforms to share their travel experiences and post reviews, assisting other customers in selecting travel agencies that meet their needs. With the addition of more social media platforms, this trend is expected to grow. Before booking hotels or making restaurant reservations, the majority of travelers rely on online reviews and comments from other users. As a result, hotels and restaurants are constantly striving to improve their services in response to customer feedback. Hotels also employ social media teams to promote their brands on various social media platforms. These teams read, review, and analyze bookings to identify trends that will help them attract new customers while retaining old ones.
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Key Players
The key players in the global online travel market are Expedia Inc. (US), Booking Holdings Inc. (US), FlixMobility GmbH (Germany), TripAdvisor Inc. (US), Alibaba Group Holding Limited (China), Ctrip.com International Ltd (China), Ryanair DAC (Ireland), Thomas Cook Group PLC (UK), MakeMyTrip (India) Pvt. Ltd (India), Airbnb Inc. (US), and eDreams ODIGEO SA (Luxembourg).
Other players including CheapOair.Com (US), Hostelworld Group (Ireland), Hotel Urbano Travel and Tourism SA (Brazil), AirGorilla, LLC (California), Yatra Online Private Limited (India), Tuniu Corporation (China), Hays Travel Limited (UK), among others also have a significant presence in the market.
The Global Market to Rebound Post-COVID-19 Pandemic
According to the MRFR study, the impact of COVID-19 on the online travel industry is significant and is expected to stay so in the following months. Even if the situation returns to normal, the industry will continue to adhere to social-distancing rules. The industry cannot expect the same volume of airline and lodging reservations as in the past. Given how crucial it is for customers to travel, it is projected that prices will rise. This, in turn, will result in higher cash flow in the market, creating opportunities for OTAs all over the world.
Market Segmentation
The worldwide online travel market has been segmented into platform type, mode of booking, and service type.
By platform type, the worldwide online travel market has been segmented into Mobile/Tablets Based and Desktop Based.
By mode of booking, the worldwide online travel industry has been segmented into online travel agencies and direct travel facilitators.
By service type, the worldwide online travel market has been segmented into transportation, accommodation, and vacation packages.
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Regional Analysis
North America to Dominate the Global Market
North America held the largest market share of 33.75% in 2017, with a valuation of USD 192.46 billion; the market is projected to register a CAGR of 11.8% during the assessment period. Major factors responsible for the development of the online travel market in North America are the increasing demand for CRM solutions throughout different industries and the adoption of mobile booking technology and travel apps.
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