The online travel industry is basically made up of e-commerce websites trying to provide a hassle-free booking and buying experience to the customers. Increasing internet penetration and rising adoption of social media are among the primary factors influencing the growth of the online travel market. Most of the online travel market is being driven by the flight and hotel bookings. Additionally, the online travel market is highly affected by the reviews on the websites. These reviews help the consumers to decide on which websites should they buy from.
Expedia, Inc., The Priceline Group, TripAdvisor Inc., Ctrip, Hostelworld Group, Hotel Urbano, CheapOair, Trivago, Thomas Cook Group plc, MakeMytrip Inc., and Alibaba Group Holding Limited are a few of the major players in the global online travel market. Expedia offers its customers a huge selection of hotels, activities, and travel services to meet every budget and activities at the best possible price. Increasing use of web-based interfaces and social computing are the major factors driving the growth of the global online travel market. Furthermore, increasing deployment of online travel by corporate as well as individual end users is boosting the growth of the market. Moreover, growing demand for hosted services from small and medium business units is set to drive the growth of the global online travel market. Increasing popularity of CRM and digital media marketing are other factors responsible for the growth of the global online travel market.
The direct travel suppliers segment is expected to hold the largest market share of the market. Whereas, online travel agencies segment is expected to grow at the highest rate during the forecast period owing to the increasing adoption of social media and rising demand for hassle-free travel booking options. Also, the growing trend of e-commerce and m-commerce is one major factors driving the growth of the online travel market.
The North American region holds the largest share of the global market followed by Europe and Asia Pacific region. The U.S. and Canada are dominating the North American market due to rising technological enhancements and proliferation of intelligent connected devices in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of social media is another major factor driving the growth of the online travel market in this region.
The global Online Travel Market is expected to grow at a CAGR of approximately 12% during the forecast period 2017-2023.
Major Key Players:
- Expedia, Inc. (U.S.)
- The Priceline Group (U.S.)
- TripAdvisor Inc. (U.S.)
- Ctrip (China)
- Hostelworld Group (Republic of Ireland)
- Hotel Urbano (Brazil)
- CheapOair (U.S.)
- Trivago (Germany)
- Thomas Cook Group plc (U.k)
- MakeMytrip Inc. (India)
- Alibaba Group Holding Limited (China)
- eLong (China)
- TUI Group (Germany)
- Tuniu (China)
- AirGorilla, LLC (U.S.)
- Hays Travel limited (U.k)
- Airbnb (U.S.)
- Yatra.com (India)
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The global online travel market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period.
The growth of market in North America is attributed to the technological advancements and increased adoption of e-commerce applications across various industry verticals.
Online Travel Market Segmentation:
The global online travel market is segmented by platform, mode of booking, and service type. Based on the platform, the market is segmented into mobile and desktop. Based on the mode of booking, the market is segmented into online travel agencies and direct travel supplies. Whereas, based on the service type, the market is segmented into transportation, accommodation, vacation packages, and others.
Market Research Analysis:
North America is estimated to account for the largest share of the global market, whereas European market is projected to grow at the fastest rate during the forecast period.
The North American market is witnessing a rapid growth due to technological advancements and increasing demand for CRM solutions across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as the growing adoption of smartphones.
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- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Regulatory agencies
- Corporate sector
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
List of Tables
Table 1 Global Online Travel Market: By Region, 2017-2023
Table 2 North America Online Travel Market: By Country, 2017-2023
Table 3 Europe Online Travel Market: By Country, 2017-2023
List of Figures
Figure 1 Global Online Travel Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Five Forces Analysis of Global Online Travel Market
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