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 2027
Market Dynamics
The 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). We will provide covid-19 impact analysis with the report. The report offers an in-depth analysis of the market following the coronavirus disease outbreak.
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COVID-19 Analysis
The worldwide economic crisis along with the downfall in consumer spending post the SARS-CoV-2 outbreak has emerged as a significant challenge for the global travel intermediaries. The massive threat to the lodging and airline bookings has pressured travel companies to shut down their operations and lay off workforces in a space of few months. According to the impact analysis on COVID-19, the short term impact on the online travel industry has been significantly high and can remain in the near future. The long-term impact of COVID-19 can lead to continuous practice of social-distancing in the industry. The same proportions of lodging and airline bookings cannot be expected as before. However, since the prices are expected to rise considerably, there will be a surge in the cash flow as people need to travel. This could give rise to lucrative opportunities for the online travel agencies around the globe. These developments are expected to take place in the coming period, even as countries strive to find a covid-19 breakthrough.
Post novel coronavirus, businesses worldwide are expected to experience a significant transition, where the ICT industry can be the biggest gainer. A number of IT vendors have already digitized their processes and have spent considerably on collaboration tools and modern infrastructure to facilitate remote delivery models and also secure their workspaces. The fast adoption of digital transformation has been in line with the emerging mobility and cloud trends. In a nutshell, the expanding IT industry coupled with the prevalence of the digitalization trend can work in favor of the online travel market.
Growth Boosters and Main Barriers
With 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. Mobile apps have gained massive traction in the market and are a big hit among travelers looking for the best travel arrangements. Hassle-free navigation and easy accessibility via online travel sites have led to boom in the online travel market. Over the years, travel bookings on mobiles have become quite prevalent across the globe.
More and more companies are exploring new ways to fulfill the evolving needs of the travelers, leading them to develop innovative apps to generate higher interest. Apps imbibed with numerous features are being created to be connected throughout the traveler’s journey and help them as and when needed. 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. Customers also download airlines and hotels apps for quick booking and other related services. Various other services are emerging that are expected to generate more interest in online traveling, which include concierge services, customized coupons, and in-destination services. These innovative services help promote the brand and procure higher consumer base, thus working in favor of the online travel market.
Social media platform in the online travel market has been a significant influencer, acting as a noteworthy marketing medium for online agencies. More and more travelers are using social media to post their reviews and given information about their travel experience, which helps others decide which travel agency to go for, based on their requirements. Therefore, social media can emerge as a notable trend in the online travel market during the appraisal period.
Segmental Review
Platform type, booking and service type are the main segment according to which the market review has been conducted in the report.
The platform types include desktop-based platform as well as mobile/tablets based.
The booking-wise market segmentation comprises direct travel facilitators and online travel agencies.
Depending on the service type, the primary segments include accommodation (hotels and guest house/dormitory), vacation packages (in-country and outside country) and transportation (air travel, train travel, bus travel and others).
Regional Insight
The geographical analysis of the online travel market is done for North America, Europe, Asia-Pacific, and the rest of the world.
In 2017, North America led the market with a share of 33.75% and held the value of USD 192.46 billion. It is projected that the North American market can achieve a growth rate of 11.8% during the assessment timeline. The same year, the second position was held by Europe at a value of USD 178.72 billion; and estimations indicate that the regional market can progress at a rate of 12.0%. The APAC market can gain the fastest growth rate of 15.9% in the following years.
The influx of automation, augmented and virtual reality and big data have created several opportunities for the travel agencies in North America. The online travel market in the region is booming, backed by the rising demand for CRM solutions across diverse industries, combined with the increasing use of the mobile booking technology as well as travel apps.
In Europe, the thriving travel and tourism industry forms the core of the economy and generates high degree of employment. The expansion of the tourism sector in the region is the biggest growth booster in the online travel market in Europe.
APAC is creating waves in the online travel market, thanks to the rising disposable income, expansion of the middle-class category, and increasing penetration of Internet facilities. Ctrip is considered to be the leader among the online travel companies in China, while Yatra, Cleartrip and MakeMytrip are some of the most renowned online travel agencies in India. OTAs have become the most favored medium for online bookings in APAC, resulting in better market growth.
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