Online Travel Booking Platform Market by Booking Platform, Type, and Geography - Forecast and Analysis 2022-2026

The online travel booking platform market share is expected to increase by USD 943.60 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 14.64%.

The market research report extensively covers market segmentation by type (packages and direct), booking platform (mobile/tablet and desktop/laptop), and geography (APAC, North America, Europe, South America, and MEA). This report also offers information on several market vendors, including Airbnb Inc., Booking Holdings Inc., eDreams ODIGEO, Expedia Group Inc., Hostelworld.com Ltd., MakeMyTrip Ltd., Thomas Cook India Ltd., Trip.com Group Ltd., TripAdvisor LLC, and TUI AG among others.

What will the Online Travel Booking Platform Market Size be During the Forecast Period?

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Online Travel Booking Platform Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing internet and smartphone penetration is notably driving the market growth, although factors such as disruptions in travel demand may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the online travel booking platform industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Online Travel Booking Platform Market Driver

One of the key factors driving the global market growth is the increasing internet and smartphone penetration due to the rapid technological advances. The governments of various countries such as China, India, Japan, the US, and the UK are providing free Wi-Fi networks. The availability of low-budget smartphones and free internet services has played a major role in the increased usage of the internet through mobile phones that accelerated the growth of the global market. In India, internet penetration increased by about 10.78% during 2018-2019. Factors such as the focus of smartphone manufacturers to expand their business in underdeveloped or developing countries will further drive the growth in the market in focus during the forecast period.

Key Online Travel Booking Platform Market Trend

The increasing adoption of online payment platforms is another factor supporting the market share growth. The security concern related to online transactions is one of the major challenges that restrict the growth of the global market. However, with the advances in the security certification and the increasing number of certified ethical hackers, online transactions are becoming secure and popular. The adoption of online payment platforms is rising over the past few years, owing to the increased government initiatives to promote online transactions. Online payments are getting more popular, and the demand will increase during the forecast period. This, in turn, will increase the demand for the global market.

Key Online Travel Booking Platform Market Challenge

One of the key factors impeding the global market growth is the disruptions in travel demand due to various issues such as airline pricing, hotel pricing, and natural calamities. The price of the travel, stay, and food is high and depends on the destination, according to the weather conditions and other features. Furthermore, the cancelation of tickets and other amenities owing to various reasons leads to the loss of vendors. For example, during COVID-19, the majority of countries imposed lockdown globally, which resulted in the cancelation of flights, travel bookings, hotel stays, and transfer facilities. Similarly, in 2018, the Thailand government announced that it would be closing its Maya Bay until October 2018, as the overcrowding on the beach has affected the marine life and coral reefs. Vendors across the world face heavy losses due to such disruptions, which is expected to limit the growth of the market in focus during the forecast period.

This online travel booking platform market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global online travel booking platform market as a part of the global internet and direct marketing retail market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Online Travel Booking Platform Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Airbnb Inc.
• Booking Holdings Inc.
• eDreams ODIGEO
• Expedia Group Inc.
• Hostelworld.com Ltd.
• MakeMyTrip Ltd.
• Thomas Cook India Ltd.
• Trip.com Group Ltd.
• TripAdvisor LLC
• TUI AG

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as introducing low-budget plans to compete in the market.

Product Insights and News

• Booking Holdings Inc. - The company offers online travel and related services through its various subsidiaries such as pricline.com, booking.com, KAYAK, Agoda, rentalcars.com, and OpenTable.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Online Travel Booking Platform Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the internet and direct marketing retail market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Online Travel Booking Platform Market?

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36% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for online travel booking platforms in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The significant increase in internet and smartphone penetration across countries such as China and India will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Online Travel Booking Platform Market?

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The market share growth by the packages segment will be significant during the forecast period. Vendors in the market, such as Expedia Group, Ctrip.com International, TripAdvisor, and MakeMyTrip, are increasingly competing to provide such packages at a more convenient cost and discounts for various domestic and international locations. Families and older people prefer packages as they include all the necessary add-ons, and the entire trip is taken care of by the tour operators, which will further drive the growth in this segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Online Travel Booking Platform Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive online travel booking platform market growth during the next five years
• Precise estimation of the online travel booking platform market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the online travel booking platform market industry across APAC, North America, Europe, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of online travel booking platform market vendors

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