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The online travel booking platform market is poised to grow by USD 943.60 billion accelerating at a CAGR of 14.64% between 2023 and 2027. Additionally, the market is fragmented in nature and shows a YOY growth of 13.45%. The report covers diverse dimensions such as the market size of forecast and historic data, influential drivers, analysis of prominent vendors, and evolving trends, presenting a comprehensive outlook on the global market scenario.
The growth of the market depends on factors such as increasing internet and smartphone penetration, increasing consolidation of online travel agencies, and differential packaging methods used by vendors. The comprehensive report of online travel booking platform market offers crucial insights of the industry's changing dynamics, helping businesses to identify growth opportunities in the constantly evolving digital retail landscape.
The market is Segmented as
1. Platform- The platform segment is classified into mobile/tablet and desktop/laptop.
2. Type- The type segment is classified into packages and direct.
Online Travel Booking Platform Market market size, Request for Free Report Sample
The increasing consolidation of online travel agencies significantly propels the growth of the online travel booking platform market. The sector features major players engaged in intense competition, intensified by the growth of the travel and tourism market, resulting in numerous mergers and acquisitions. Vendors are forming strategic alliances to enhance market reach and customer bases, leveraging technologies like metasearch and dynamic pricing. The prevalence of strategic alliances is expected to drive market penetration, evident in recent M&A activities, such as eDreams ODIGEO's agreement with RoamAmore Inc. in January 2020 and Lastminute.com's acquisition of iTraveller.com in July 2020. These trends anticipate sustained growth in the online travel booking service market.
Dynamic pricing emerges as a pivotal trend shaping the growth of the online travel booking platform market. Vendors employ this strategy to optimize earnings during peak seasons in specific locations by adjusting prices based on the average number of travelers to a destination. For instance, if a particular country or region experiences heightened travel during a specific period, prices for hotels, flights, and other amenities rise in response to demand. Dynamic pricing proves advantageous in attracting more tourists during off-peak seasons, allowing vendors to enhance profits compared to fixed pricing techniques. This approach is poised to contribute to the continued growth of the global online travel booking service market.
The online travel booking service market share growth by the mobile/tablet segment will be significant during the forecast period. Many customers use their phones for booking, with the increasing adoption of smartphones and the availability of multiple travel applications. Hence, vendors constantly update their mobile applications to provide a personalized experience to their customers. They also offer coupons and discounts for downloading, referring, and using mobile applications.
The mobile/tablet segment was valued at USD 315.33 billion in 2017 and continued to grow until 2021. The rising number of mobile applications for room bookings, restaurant bookings, car rentals, and travel tickets is expected to increase the use of mobiles/tablets for online travel bookings during the forecast period. Airlines, hotels, and online travel agencies made applications and mobile websites that are easy to use. This will increase their adoption during the forecast period.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period.
North America is another key region in the global online travel booking platform market. The US and Canada are the main revenue-generating countries for the regional market. The growth of the market in North America is attributed to factors such as the growing population of baby boomers, the increasing demand for micro trips, the rising demand for multigenerational customized travels, the increasing number of domestic tourist destinations, growth in disposable income, and the rising expenditure in leisure and travel activities. Moreover, North America has a well-connected transportation infrastructure, numerous luxurious hotels, and exotic destinations. These factors will promote the growth of the market in the region during the forecast period.
Airbnb Inc. - The company offers online travel booking platforms for booking of accommodations and hosting. The company also offers vacation rentals, which provides holiday homeowners and agents a platform to manage their rentals.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
The online travel booking platform market faces a challenge from offline travel agencies, which hold a significant share in the global travel industry due to low awareness. Certain customers, particularly in the 50-70 age group, prefer in-person interactions for confirming travel bookings. Families also opt for travel agents despite the availability of low-cost alternatives. Offline service providers, often regional, with multiple offices across the country, are favored by customers with limited internet knowledge, contributing to their substantial market share. The presence of these offline agents poses a challenge to the growth of the global online travel booking service market during the forecast period.
The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth. For details analysis BUY FULL REPORT.
Online Travel Booking Platform Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.64% |
Market growth 2023-2027 |
USD 943.60 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.45 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Airbnb Inc., BlueStar Air Travel Services I Pvt. Ltd., Booking Holdings Inc., DirectVision SRL, eDreams ODIGEO, Expedia Group Inc., Fareportal Inc, Happyeasygo Group, Hopper Inc., Hostel World Group Plc, Kiwi.com sro, Lastminute.com NV, MakeMyTrip Ltd., OneTwoTrip Ltd., Thomas Cook India Ltd., Travelopro, Trip.com Group Ltd., TripAdvisor LLC, TUI AG, and Yatra Online Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Platform
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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