The global online travel market is expected to grow at a CAGR of approximately +12% during the forecast period 2018-2023.
For any aspiring entrepreneur who has not yet set his sights on a business idea, the online travel industry offers abundant business opportunities. In fact, with almost 10% year-on-year growth, it is one of the fastest growing e-commerce industries. From Online Travel Market to travel assistant mobile applications, search engines for local online guides to online travel quality control communities, there are numerous business ideas that aspiring entrepreneurs can take advantage of to start a successful business trip.
Top Key Players of Online Travel Market:
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.
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The online travel category is currently experiencing rapid change with mobile channel, personalization, and peer-to-peer travel services being the main disruptors. In particular, the rise of the mobile channel is changing booking patterns, consumer behavior and business models in travel. The growing online travel market could also be shaped by the growing trend of travel service sellers reaching out directly to customers, leading to traditional travel agencies having to branch out in other areas. Online travel providers aim to ease travel planning and bookings for travelers. The online travel is driven by quick and convenient flight and hotel bookings, a rise in customers’ trust in online payment, and the ability to compare various available travel options.
The different service types include transportation, travel accommodation, and vacation packages. Key age groups of the market are 22-31, 32-43, 44-56, and >56. The market is further analyzed across geographical regions, namely, North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (India, China, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Nowadays, market players are extensively offering travel services through mobile websites and apps, as it is one of the most preferred mediums of travel bookings, particularly among young professionals.
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Online Travel Market Segmentation:
By mode of booking:
- Online Travel Agencies,
- Direct Travel Suppliers
Online Travel Market By types of platform:
Online Travel Market By service types:
- Travel Accommodation,
- Vacation Packages
However, the online travel market has to face some long term challenges of cutting through the high market competition which has more than 15 companies and the nullification of commissions on air tickets. Given the current trends, there is a need to diversify the business model and adopt the role of a travel advisor, as well as offer services to end-customers for a more convenient and hassle-free trip. The purpose of this research study is to give an in-depth analysis of various market segments. Researchers throw light on different dynamic aspects of the market such as drivers and restraints. The rising needs and popularity of the travel and tourism sector are increasing the demand of the global online travel market.
Highlighting factors of the global research report:
- In-depth analysis of market dynamics
- Analytical view on global market segments and sub-segments
- Broad elaboration on global online travel market opportunities
- Analysis of micro and macro-economic factors
- Market analysis over industry-specific methods such as SWOT and Porter’s five-technique
Report Consultant concluded with, effective, innovative and accurate insights into the global market by offering the perfect solution for the global market. Different market segments have been examined carefully to understand the ups-down stages of the businesses.
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