Based on a report available on Radiant Insights, Inc.; the global online travel bookings market is anticipated to showcase healthy growth by 2022. Factors such as convenient and quick flight and hotel bookings and rising adoption of e-commerce are the major market drivers. Apart from that, availability of numerous choices and comparison options and increased safety of online payment methods can further propel the market over the forecast period (2018 to 2022).
Growing trends of e-commerce and m-commerce due to high adoption of internet and mobile devices are projected to spur the market growth in the forthcoming years. Online travel industry fundamentally depends on e-commerce websites developed to offer continent bookings of hotels and flights. High penetration of internet and use of social media are the crucial factors expected to positively influence expansion of the market for online travel bookings. Since, the growth of the industry mostly depends on reviews on the different websites, the rise in these reviewing websites can further fuel market.
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Social media platforms are extensively being used to review travel service providers, destinations, accommodations, and transportation. The travelers are very active on various popular social media platforms to update their day to day activities including check-ins and photo uploads. The travel websites, blogs, and recommendation sites can strongly influence the traveling decisions of these travelers. Moreover, high adoption of smartphones and development of mobile apps are expected to be crucial for the development of the market over the forecast period. Customers are increasingly downloading the apps to manage their travel plan. This factor is expected to impel the demand for online travel booking services in the years to come.
The worldwide online travel bookings market can be segmented on the basis of mode of booking, types of platform, and regions. Based on mode of booking, the market can be split into online travel agencies and direct travel suppliers. As per service types, the market can be categorized into travel accommodation, transportation, and vacation packages. Geographically, the market can be divided into North America, Europe, and Asia Pacific.
North America has been dominating the market followed by Europe and Asia Pacific. Factors such as high disposable income, high penetration of internet and smartphones and availability of well-established infrastructure are the primary regional market drivers. Increasing adoption of social media is anticipated to further boost the regional growth over the forecast period. The United States and Canada are the major contributors for the market growth due to frequent technological advancements and usage of intelligent connected devices in these regions.
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Asia-Pacific is expected to hold the maximum growth potential in the online travel bookings market and is likely to showcase impressive growth during the forecast period. Economic growth, rising middle-class population, high adoption of smartphones, and availability of high-speed internet are expected to support the regional market growth. Developing countries such as India and China are expected to showcase high growth over the forecast period.
Some of the leading players operating in the market for online travel bookings include Thomas Cook Group plc; Trivago GmbH; MakeMyTrip Limited; Priceline Group Inc.; and Expedia, Inc. Major market participants are emphasizing on offering travel services over multiple platforms such as websites, and mobile apps to attract customers from young consumers and professionals. Development of apps with several advanced features assist the customer throughout their journey. Companies are also offering services like customized coupons and in-destination services in the apps to promote their brands.
For instance, mTrip has recently launched a group chat feature as a part of the company’s label mobile solution for both leisure and business travelers. This new feature is expected to enable companies to help their clients and to increase traveler engagement. Using this feature, travelers can reach out to everyone in their group to share whereabouts, updates, and connect in real-time.
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