Online Travel Market Highlights:
The global online travel market was valued at USD 570.25 billion in 2017, and by 2023, it could touch a valuation of USD 1,134.55 billion, reveals Market Research Future (MRFR). MRFR adds that the market is projected to attain a CAGR of 13.16% during the forecast period (2017-2023).
The global online travel market benefits primarily from the soaring customer demand in emerging and developed nations for international tours. The market is also lucratively shaped by the increasing trend of travel service sellers that strive to reach the customers directly. This prompts several travel agencies to branch out in other areas, which could elevate the growth trajectory of the online travel market in subsequent years.
Social media platforms have emerged as a prominent marketing opportunity for online travel companies in recent years. Given the large-scale use of social media by consumers, their preferences and interests are easily tracked which helps travel companies to target those that are likely to opt for travel experiences and who can also afford travel packages. These factors offer online travel companies a highly comprehensive insight into customer wants and behavior.
Another major trend making its way into the Online Travel Market is the rising preference among travel companies to provide various other services including food and shopping experiences. With the increasing focus of primary suppliers like railway and airlines authorities on reaching out directly to customers, online travel companies are expected to expand in other areas to engage customers. Apart from this, growing use of apps, as well as online shopping portals by key suppliers of transportation options, could elevate the market position in the near future. Citing a reference, in April 2019, a renowned online travel agency in Southeast Asia named Traveloka started providing entry to spas, hotels, and movie theaters. This move was mirrored by numerous companies around the world, depicting the popularity of such aspects in the transportation sector.
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Top Companies:
The top players in the worldwide online travel market include Alibaba Group Holding Limited (China), TripAdvisor Inc. (US), Thomas Cook Group PLC (UK), Expedia Inc. (US), MakeMyTrip (India) Pvt. Ltd (India), Ryanair DAC (Ireland), eDreams ODIGEO SA (Luxembourg), Airbnb Inc. (US), Ctrip.com International Ltd (China), Booking Holdings Inc. (US), FlixMobility GmbH (Germany), among others.
Few other companies enlisted in the MRFR report are Hays Travel limited (UK), Yatra Online Private Limited (India), CheapOair.Com (US), AirGorilla, LLC (California), Hotel Urbano Travel and Tourism SA (Brazil), Tuniu Corporation (China), Hostelworld Group (Ireland), to name a few.
Market Segmentation:
The worldwide online travel market has been split into platform type, mode of booking, and service type.
The types of platforms are mobile/tablets-based and desktop-based platform.
With respect to the mode of booking, the segments covered by the report are online travel agencies and direct travel facilitators.
With context to the service type, the market includes accommodation, transportation, and vacation packages. The transportation segment consists of air travel, train travel, bus travel, and others. The accommodation segment can be divided into hotels and guest house/dormitory, while the vacation packages segment has been considered for in-country and outside country.
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Regional Analysis:
The online travel market is mainly concentrated in the regions of Europe, North America, Asia Pacific (APAC), Middle East and Africa (MEA) and South America.
In 2017, North America was identified as the leading market for online travel with a share of 34%. The market value in the region was estimated at USD 192.46 billion the same year. Europe was the second-largest market for online travel in 2017 and could achieve a CAGR of 12.0% in the given timeframe. However, the online travel market in Asia Pacific is touted to record the highest CAGR of 15.9% from 2017 to 2023.
North America is hailed as the top online travel market, on account of soaring demand for customer relationship management (CRM) solutions for personalizing the services that meet with certain needs of travel and hospitality companies. In the United States (US), the travel and tourism industry does not come under any single entity such as tourism ministry or bureau. Instead, the industry is incorporated into several federal agencies that are part of the government. Travel agencies based in Canada are now focusing on accelerating online travel sales. The regional market also benefits from the boost in adoption of mobile booking technology as well as travel apps.
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Online Travel Market Report: By Platform Type (Mobile/Tablets Based, Desktop Based) Mode of Booking (Online Travel Agencies, Direct Travel Facilitators) Service Type (Transportation, Accommodation, Vacation Packages) - Global Forecast till 2027Market DynamicsThe online travel market 2020 could potentially reach a valuation of USD 1,134.55 Billion by 2027, confirms Market Research Future (MRFR).
MRFR also estimates the market progression rate to be 13.16% between 2020 and 2027 (review period).
The report offers an in-depth analysis of the market following the coronavirus disease outbreak.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/5182COVID-19 ImpactAs per MRFR analysis, the impact of COVID-19 on the online travel industry is quite high and is likely to remain the same during the coming months.
It is expected that the prices will increase considering how important it is for the customers to travel.
This will, in turn, result in increased cash flow in the market, thereby creating opportunities for the OTAs across the globe.Growth Boosters and Main BarriersWith frequent technical innovations along with the rising use of smartphones, new methods are being explored that can make traveling more comfortable and easy, leading to expansion of the travel and tourism industry.
These apps offer the travelers with high flexibility, becoming a differentiating factor that helps the consumers determine which travel company to choose from during the online travel process.
The latest trending report Global Online Travel Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The global Online Travel market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 7.1% in the forecast period of 2020 to 2025 and will expected to reach USD 767620 million by 2025, from USD 582540 million in 2019.The Online Travel market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.Final Report will cover the impact of COVID-19 on this industry.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/31566-online-travel-market-analysis-reportThe major players covered in Online Travel are:ExpediaCheapOair.ComCtrip.Com InternationalPricelineTourismTripAdvisorThomas CookHotel UrbanoHostelworldTrivagoYatra OnlineMakeMyTripAlibabaAirbnbAirGorillaTuniuHays TravelBy Type, Online Travel market has been segmented into: Online Travel Agencies Direct Travel SuppliersBy Application, Online Travel has been segmented into: Transportation Travel Accommodation Vacation PackagesThe report offers in-depth assessment of the growth and other aspects of the Online Travel market in important countries (regions), including: North America (United States, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia) South America (Brazil, Argentina, Colombia) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)Download Free Sample Report of Global Online Travel Market @ https://www.decisiondatabases.com/contact/download-sample-31566There are 14 Chapters to deeply display the global Online Travel market.1 Online Travel Market Overview2 Company Profiles3 Global Online Travel Market Competition, by Players4 Global Online Travel Market Size by Regions5 North America Online Travel Revenue by Countries6 Europe Online Travel Revenue by Countries7 Asia-Pacific Online Travel Revenue by Countries8 South America Online Travel Revenue by Countries9 Middle East and Africa Revenue Online Travel by Countries10 Global Online Travel Market Segment by Type11 Global Online Travel Market Segment by Application12 Global Online Travel Market Size Forecast (2021-2025)13 Research Findings and Conclusion14 AppendixPurchase the complete Global Online Travel Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-31566Other Reports by DecisionDatabases.com:Global Baby Travel Bags Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025Global Luxury Travel Market 2020 by Company, Regions, Type and Application, Forecast to 2025Global Travel Vaccines Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
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We provide intellectual, precise and meaningful data at a lightning speed.For more details:DecisionDatabases.comE-Mail: [email protected]: +91 9028057900Web: https://www.decisiondatabases.comNews Source – https://www.industrynewsengine.com/2020/11/18/online-travel-market-2020-covid-19-impact-analysis-report-2025/
