According to a report available on Radiant Insights, Inc.; the travel service market is likely to expand progressively by 2025. Factors such as increasing consumer disposable income, rise in business and leisure travel, and technological developments can propel the market over the forecast period (2018 to 2025).
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Growth of e-commerce and m-commerce platform due to high penetration of smartphone and availability of high speed internet is expected to support the market growth. The online travel industry is heavily depending on e-commerce sites and review sites. The e-commerce websites are extensively being used for bookings of hotels, flights, and rental cars. These services can be bought directly from company’s website or through online travel agency (OTA). Increasing use of these services has lead the development of advanced mobile apps. Development of advanced mobile technologies and launche of mobile-based applications to enable communication with clients to get an information related to services can fuel the market in the years to come.
Worldwide travel services market can be segmented on the basis of type, application, and region.As per type, the travel service market can be bifurcated into tour packages, car rental services, rail bookings, flight bookings, cruise bookings, hotel booking services, and others.
Based on application, the market can be classified into corporations and individual travellers.Geographically, the travel service market can be divided into United States, Southeast Asia, Europe, China, Japan, India, and Central and South America.
The U.S. is one of the attractive markets as it is popular destination for the business and leisure trips. Factors such as high disposable income, high adoption of internet and smartphones, presence of established infrastructure, frequent development of technologies, and high influence of social media are driving the growth in this region.
Emerging countries such as India and China are expected to show lucrative growth in the coming years. This growth can be attributed to rising disposable income, rapid infrastructure development, growing middle-class population, and growing outflow of tourists. Increasing infrastructure developments and rapid industrialization have increased the business trips in this region. In addition, availability of high speed internet and increasing use of smartphone for bookings is also expected to support the growth in these countries.
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Some of the leading companies operating in the market include Central America Travel Services, Carlson Wagonlit Travel, Asia World Enterprise, and Regency Travel & Tours.
Major market participants in the travel service market are focusing on offering travel services through mobile websites and apps to attract young and professional customers. Companies are integrating advanced feature to enhance the user experience. Apps developed with advanced features will assist the customer throughout their journey.
For instance, mtrip has recently introduced a group chat feature as a part of the company’s mobile solution for both leisure and business travel. This new feature will allow travel companies to help their clients. Using this feature travelers can reach out to everybody in their group in real time, where they can share information, send updates and connect.
The company has also launched new feature new flight features and interactive airport maps. This new feature can be used for online check-in, flight management, airport lounges and other onboard services. Using this feature, travelers can be able to review their flight information, book airport transfers, and purchase baggage protection. The real-time flight alerts will help them to keep track on changes related to flight, gate or terminal.
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