ICT

Online Travel Market

Online Travel Market Research Report: Size, Share, Trend Analysis Platform Type (Desktop, Mobile/Tablet), Mode of Booking (Direct Travel Facilitator, Online Travel Agency), Service Type (Transportation, Accommodation, Vacation Packages) and By Region (North America, Europe, Asia Pacific, Rest of the World) - Growth Outlook & Industry Forecast To 2023

Vertical: ICTBase Year: 20179 Sections

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Executive Summary

Online Travel Market — Snapshot

  • Market Size (2017)

    2017

    $570.25M

  • Projected (2023)

    2023

    $1.13B

  • CAGR (2017–2023)

    12.1%

  • Key Players

    11+

The scenario of the travel and tourism industry has experienced a tremendous change owing to digitization, increasing inclination of customers towards online transactions, and the introduction of mobile apps. This has encouraged service providers to partner with software developers to develop platforms compatible with desktops, tablets, and smartphones. Tourism has evolved rapidly with the emergence of online travel agencies (OTAs). OTAs help travelers plan their mode of transport, book tickets and hotels, and avail travel services. Online travel platforms provide users with a comfortable booking experience along with personalized package deals to attract a number of customers. With the boost in tourism across geographies and affordable, convenient, and faster-traveling modes, the frequency of travelers has increased which is contributing to the growth of the online travel market.

The growth of the global online travel market is expected to be driven owing to the growing adoption of online travel medium by travelers and the use of social media platforms for travel bookings. Moreover, the influx of big data and other complementing technologies such as automation and augmented and virtual reality (AR/VR) is expected to create opportunities for travel agencies by incorporating these technologies in their existing platforms and applications to deliver better user experience. However, there exists no centralized system that can streamline data between government agencies and private travel agencies thus, creating a gap between them. This, in turn, can hamper the growth of the global online travel market.

The global online travel market was valued at USD 570.25 million in 2017 and is estimated to reach USD 1,134.55 million in 2023 with a compound annual growth rate (CAGR) of 13.16%.

The online travel market has been segmented on the basis of platform type, mode of booking, service type, and region. By platform type, the global online travel market has been segmented into a desktop-based platform and mobile/tablet-based platform. By mode of booking, the global online travel market has been segmented into online travel agencies and direct travel facilitators. By service type, the market has been segmented into transportation, accommodation, and vacation packages. The transportation segment is further segmented into air travel, train travel, bus travel, and others. The accommodation segment has been further categorized into hotels, and guest house/dormitory. The vacation packages segment has been further segmented into in-country vacation packages and outside country vacation packages. By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Market Size

· 2017: USD 570.25 Billion

· 2023: USD 1,134.55 Billion

CAGR

· 13.16%

Key Leading Regions (CAGR %)

· US: 10.76%

· UK: 10.56%

· Canada: 11.25%

· China: 14.09%

· Germany: 11.25%

Key Market Drivers

· Rising Internet penetration

· Use of social media platforms for travel bookings

Key Market Opportunities

· Introduction of big data analytics

Key Vendors

· Expedia Inc.

· Booking Holdings Inc.

· TripAdvisor Inc.

· Ctrip.com International Ltd

· Thomas Cook Group PLC

Key Insight

The Online Travel Market market is projected to grow at a CAGR of 12.1% from 2017 to 2023.

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Market Scope & Coverage

What this report covers

  • Geographic Coverage: This analysis covers 4 regions: North America, Europe, Asia Pacific, Rest of the World.
  • Market Segmentation: The market is analyzed across 2 segments: Direct Travel Facilitator, Online Travel Agency. Forecasts are provided for each segment from 2017 to 2023.
  • Competitive Landscape: 11 leading companies are profiled, covering market positioning, strategies, and recent developments.

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Online Travel Market

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