The global online travel market is expected to grow at a CAGR of approximately +12% during the forecast period 2019-2026.
Online travel providers aim to facilitate travel planning and reservations for travelers. The online travel industry is driven by quick and convenient flight and hotel reservations, an increase in customer confidence in online payment and the ability to compare various available travel options. Today, market operators are offering travel services through websites and mobile applications, as it is one of the preferred means of booking travel, especially among young professionals.
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Top Prominent Players:
Expedia, Priceline Group (Booking.com), TripAdvisor, Orbitz, Ctrip.com International, Hostelworld Group, Hotel Urbano Travel, Tourism, CheapOair, Trivago, Thomas Cook Group, MakeMyTrip, CheapTickets, OneTravel, Travelocity, AirGorilla, Hotwire, Kayak, BOD Tech.
It is reported that this age group spends approximately $ 200 billion on trips every year. These travelers have revolutionized the Online Travel Market by the extensive use of technology. Smartphones and other mobile devices are greatly preferred to make travel arrangements. In addition, social networking platforms are used to review various providers of travel services, destinations, transportation and accommodation.
Market segmentation of online travel market
By mode of booking
- Online Travel Agencies
- Direct Travel Suppliers
By types of platform
By service types
- Travel Accommodation
- Vacation Packages
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Growth of the online travel market is driven by the increase in internet penetration, rise in disposable income of people in emerging markets, and ease of comparing a variety of travel options online. Market players are introducing innovative travel and vacation package deals to assist travelers in making sound travel decisions as per their spending capability, such as affordable packages for international destination, discounts on car rentals and cash back on international flights.
Demand in the online travel market is driven by the general consumer’s income, which is often reliant upon the state of the economy. Competition exists between the various online travel services; each service must market their services effectively to garner usage and consumers, and thus overturn revenue.
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