The global online travel market is expected to grow at a thriving CAGR of 12% and attain USD 1.2 Bn over the forecast period of 2017-2023, as per a research report published by Market Research Future (MRFR). The market has been growing on account of continually evolving and converging business models and fierce competition among companies to gain market share. A substantial rise in the advertising of online travel platforms has also aided in market expansion.
The growth of mobile channels is changing booking patterns as the average traveler reads dozens of reviews and juggles between numerous websites before traveling anywhere and thus advertising helps largely in market growth. Ease of use options on the online travel websites and convenience of booking tickets, hotels and luxury packages online from the comfort of one’s home has been the primary driver of the online travel market. Convergence of BPO/ BPM (Business Process Outsourcing/ Business Process Management) with the online travel industry has been a significant driver of the market. The online travel industry was one of the early adopters of BPOs and outsourcing activities such as managing reservations and customer service which allowed for a greater focus on core business competencies.
Adoption of dynamic packaging technology is allowing travel agencies to create and offer packages to customers or enable customers to create their own which results in a myriad of holiday offers for travelers and thus catalyzes the growth of the market. Moreover, growing penetration of internet and smartphones has facilitated easy access to enormous amounts of travel information which assists in market growth. Increasing number of mobile travel retailer has also added fuel to the growth of the market. Many Online Travel Market retailers make offers available exclusively for mobile app users which helps to attract more users and is a crucial growth factor. Online payment trends have impacted the online travel market to a large extent. In the past, many customers could not complete reservations due to unavailability of payment methods.
The rise in e-wallet applications and the availability of a broad range of payment options has facilitated scalable payment process which, in turn, has supported the growth of the online travel market. Growing usage of web-based interface and social computing along with rising use of social media are other driving factors. Travel decisions of consumers, especially youth are greatly influenced by online travel reviews, social media, blogs, and recommendations. However, the growth of the market might be impeded by overcapacity or overbooking driven by strong growth in the online travel market.
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The online travel market is highly competitive and fragmented. To remain competitive, the market participants are thinking ahead and adapting their product and business models on foreseen changes. The notable players operating in the market include Expedia, Inc. (U.S.), The Priceline Group (U.S.), Tuniu (China), Ctrip (China), Hostelworld Group (Republic of Ireland), Alibaba Group Holding Limited (China), Airbnb (U.S.), Thomas Cook Group plc (U.k), Hays Travel limited (U.k), Trivago (Germany),TUI Group (Germany), TripAdvisor Inc. (U.S.), MakeMytrip Inc. (India), Hotel Urbano (Brazil), CheapOair (U.S.), AirGorilla, LLC (U.S.), eLong (China), Yatra.com (India) and others.
The global online travel market has been segmented based on platform, mode of booking, and service type. By platform, the market has been segmented into mobile and desktop.
By mode of booking, the market has been segmented into online travel agencies and direct travel supplies. By service type, the market has been segmented into transportation, accommodation, vacation packages, and others.
The principal markets of the global online travel market include North America, Europe, Asia Pacific, and the Middle East & Africa. North America accounts for the most significant share of the market owing to technological advancements and growing demand for CRM solutions and e-commerce applications in the travel industry in the region. Additionally, the presence of a well-established infrastructure and availability of information technology in the region.
The Europe market for online travel is also strong and is the second largest market after North America. Asia Pacific is projected to grow at the fastest rate, and the market is expected to be led by China, Malaysia, and India. Substantial growth in internet usage coupled with penetration of smartphones in the emerging economies has been drivers of the market growth in the region. However, Africa is expected to exhibit limited growth over the forecast period due to low internet penetration and poor socio-economic conditions prevailing in the region.
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- In July 2018, NextTech Group, signed a deal with 12trip.vn, an online travel portal to capture online travel market share in the next three years. The agreement will facilitate users to quickly look up cheap flights, hold tickets, prices and flight codes until the end of the payment session.
- In July 2018, Ctrip, world’s second largest online travel agency signed MOU with Tourism New Zealand to deepen ties with the travel market in New Zealand. The agreement is a preparatory step towards the upcoming 2019 China-New Zealand Tourism Year.
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