SEATTLE, Feb. 27, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global online travel market was valued at USD 770 billion in 2017, and is projected to exhibit CAGR of 11% over the forecast period (2018 – 2026).
Key Trends and Analysis of the global online travel Market:
Increasing digitization by enterprises to automate business processes, rising adoption of online platforms, and increasing usage of mobile devices are factors expected to drive growth of the online travel market. For instance, according to Coherent Market Insights’ analysis, online travel booking platform will witness a CAGR of 11% over the forecast period. Consistent improvements of IT Technology, helps the diffusion of smartphone and internet across the world, which will increase growth of the online travel market. Companies are also providing total security for digital payments of consumers and giving instant cashback if any problem occurs.
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As usage of mobile devices is increasing, websites such as MakeMyTrip, Gibibo, Skypark are providing mobile applications with smart user interface features that are simple and convenient to use. Simplified and timesaving e-commerce websites offer such as Hotel booking, travel tickets booking, cab booking, which impacts the customers’ decision making and thus boosts the growth of online platforms. These online booking websites may vary from direct to consumer trip planning portals to social booking platforms. Some of these websites target individual travelers while others target business travelers. Moreover, virtual reality allows the hotel booking websites to show 360 degrees videos of rooms before booking, which results in increased booking of the hotels. Business travel will continue to grow in the near future, and has high prospects to bloom the online travel industry.
According to a report published by the Forbes in July 2018, booking habits of young population has shifted from conventional travel agencies to online travel agencies. The role of travel websites, social media, and comparison or referral websites has increased significantly from 2012.
Some of top hotel booking websites in India are Make My Trip, Goibibo, Booking.com, Agoda, Expedia, Trip Advisor India, ixigo, OYO Rooms, Yatra, and Trivago.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/online-travel-market-2504
Key Market Takeaways:
- The global online travel market is projected to witness CAGR of 11% during the forecast period, owing to increasing adoption of smartphones, globally
- Asia Pacific is expected to be the most conducive region for growth of online travel solution providers, owing to high disposable income and internet reach in emerging economies such as India and China in the region. Increasing number of business travel also fuels the growth of the market. According to a report published by India Times in December 2017, the spending capacity of Indians is increasing and they are spending four times more on an international tour as compared to national tour.
- Increasing use of mobile phones and high penetration of internet has resulted in high number of e-travel applications and travel websites or review websites. For instance, TripAdvisor, Expedia, and Google are some of the review websites.
- Online travel websites are user friendly mobile application and easy to navigate website. Easy navigation feature in mobile applications is also one of the key factors behind increasing use of these applications. Furthermore, travel app offers high flexibility to customers and provides an easy medium to stay connected with the services providers.
- Key players operating in the online travel market of are OpenTable, Sky Park Secure, Viator, FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner, Owners Direct, and Accuweather