Online Travel Market Overview:
The worldwide market for online travel was valued at USD 570.25 billion in 2017 and can reach a valuation of USD 1,134.55 billion by 2023, says Market Research Future (MRFR). MRFR adds that the market can achieve a decent growth rate of 13.16% during the forecast period (2018 to 2023).
Online travel portals offer a 360-degree virtual tour, in addition to photographs, audio tours, video blogs as well as video reviews. These are put up by the travel agency or the regular travelers in order to pique the interest of other travelers. The increasing stress of day to day life combined with the ease of access as well as booking via online tourism portals has led to a higher number of spontaneous travels. This is touted to give a substantial boost to the market growth in the years ahead.
The market also notes strong growth on the back of the rising spending power of the people, increasing internet and credit card penetration and the governmental efforts to induce growth of tourism. Emergence of online segments along with the expected growth of the civil aviation market can also stimulate the growth of the Online Travel Market in the following years.
The online travel market size can also be influenced by the rising trend of travel service sellers connecting directly with the customers, which has prompted traditional travel agencies to branch out in various other areas. Social media platforms can also emerge as a lucrative marketing opportunity for the market players during the review period. Given the widespread use of social media among consumers, it is easier to efficiently track their interests as well as preferences on social media. This helps the travel companies target consumers who are likely to indulge in travel experiences and have the means to afford those travel packages.
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Online Travel Market Global Leading Companies:
Some of the leading players in the worldwide market for online travel include eDreams ODIGEO SA (Luxembourg), FlixMobility GmbH (Germany), TripAdvisor Inc. (US), Expedia Inc. (US), Booking Holdings Inc. (US), Alibaba Group Holding Limited (China), Thomas Cook Group PLC (UK), MakeMyTrip (India) Pvt. Ltd (India), Ryanair DAC (Ireland), Airbnb Inc. (US), Ctrip.com International Ltd (China), and others.
Other vendors in the market are Hays Travel limited (UK), CheapOair.Com (US), AirGorilla, LLC (California), Tuniu Corporation (China) Hostelworld Group (Ireland), Yatra Online Private Limited (India), Hotel Urbano Travel and Tourism SA (Brazil), to mention a few.
Online Travel Market Segmentation:
The global market for online travel can be segmented with regard to platform type, mode of booking and service type.
The platform type segment can be considered for desktop-based platform and mobile/tablets based.
The mode of booking segment caters to online travel agencies as well as direct travel facilitators.
Depending on the service type, the market includes accommodation and vacation packages. The transportation segment can be segmented into bus travel, train travel, air travel, and others, while the accommodation segment comprises hotels and guest house/dormitory. The vacation packages segment can be divided into in-country and outside country.
Online Travel Market Regional Insight:
The global market for online travel is spread across the primary regions of Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
North America was identified as the leading market for online travel in 2017, and the market value was estimated at USD 192.46 billion. Europe came a close second in 2017 and has the capacity to attain a growth rate of 12.0% during the forecast period. However, the APAC market has the potential to achieve the highest growth rate of 15.9% from 2018 to 2023.
North America has been established as the top market for online travel, on account of the mounting demand for CRM solutions in personalizing services to fulfill certain needs of travel and hospitality vendors. In the United States (US), the travel and tourism industry does not come under a single entity like a tourism bureau or ministry; however its regulations are incorporated into several federal agencies of the government. The travel agencies in Canada are now focusing on boosting their online travel sales. A number of companies in the travel sector are striving to create authentic experiences to further establish their market position. Moreover, the rising adoption of mobile booking technology as well as travel apps seems to be benefitting the regional market to a great extent.
Surge in inbound tourism along with international investments in is expected to induce the growth of the online travel market in Europe. On top of this, exciting offers on travel packages provided by various companies have garnered the interest of more customers, intensifying the competition between the suppliers.
In APAC, the mounting use of the Internet coupled with the emergence of low-cost carriers can give a considerable boost to the online travel market in the near future. The proliferation of mobile devices as well as technology-driven tools and platforms has changed the dynamics of the travel industry. Ease of use and accessibility are some significant factors that have led to the strong demand for mobile devices to make bookings online.
MEA along with South America are expected to be strong contenders in the global online travel market during the appraisal period. In March 2019, the department of tourism and commerce marketing in Dubai had launched the B2B attractions marketplace, designed to attract the industry’s wide network of B2B resellers. This has led to surge in the productivity across the country’s destination offering.
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