New York, NY, Dec. 26, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Online Travel Booking Market by Service Type (Transportation Booking, Accommodation Booking, and Others), by Mode of Booking (Online and Direct Agency), and by Platform (Desktop and Mobile): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2026”. According to the report, the global online travel booking market was valued at approximately USD 765 billion in 2017 and is expected to generate USD 1,955 billion by 2026, growing at a CAGR of around 12.1% between 2018 and 2026.
The travel industry and online hotel booking sector are experiencing a major transformation, mostly due to technological improvements and digital trends. Rapid technological advancements, such as handheld mobile devices like smartphones, tablets, and laptops, are constantly upgraded with new features. This is one of the major factors likely to drive the global online travel booking market in the forecast time period. Increasing penetration of internet, the rising disposable income of people in emerging countries and ease of comparing various travel options online is predicted to drive the online travel booking market in the future.
Browse through 60 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Online Travel Booking Market Size & Share 2017 Analysis: Industry Type, Trends, Growth, Segments and Forecast 2026”.
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Online travel providers aim to make travel planning and bookings easy and simple for customers. Along with the easy accessibility of online travel booking sources, they also include many innovative services for customers. These services include easy and secure payment modes, twenty-four by seven service accessibility, easy and free cancellation, online comparison of hotels and transportation, easy installation of applications, etc. Thus, the aforementioned parameters are expected to positively impact the online travel booking market over the forecast timeframe.
By on service type, the online travel booking market is segmented into transportation booking, accommodation booking, and others. Transportation booking is expected to grow at the highest CAGR in the future, due to the rising number of online flight bookings, expanding of various low-cost transportation, and an increasing number of connecting flights for tier I and II cities across the world.
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By mode of booking, the market is segmented into online and direct agency. Online travel agency accounted for a major revenue share in 2017. The growth is attributed to the rising popularity of online travel agencies (OTAs). OTAs are also expanding their offerings in order to attract travelers. Such factors are expected to drive segment growth in the upcoming years.
By platform, the market is segmented into desktop and mobile. The mobile platform is expected to grow at the highest rate in the forecast time period, due to the increasing penetration of smartphones and the growing confidence of people in making secure mobile payments.
Browse the full “Online Travel Booking Market by Service Type (Transportation Booking, Accommodation Booking, and Others), by Mode of Booking (Online and Direct Agency), and by Platform (Desktop and Mobile): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2026” Report at https://www.zionmarketresearch.com/report/online-travel-booking-market
The North American online travel booking market held a major revenue share in 2017, due to the rising adoption of mobile applications for online travel booking, especially in the transportation sector. Online travel agencies are the most preferred shopping and booking channel for hotel accommodations in the U.S., which, in turn, is expected to drive this regional market over the forecast time period.
Europe accounted for a substantial market share in the global online travel booking market in 2017, as the European online travel agency domain represents a vast and varied landscape of both national and international market players. UK travelers mostly use online travel agencies for long-haul air packages, which, in turn, is likely to drive the region’s online travel booking market in the future.
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The Asia Pacific online travel market is likely to be one of the fastest growing in the future, due to the rising disposable income of the population in China and India. Emerging countries, such as China and India, are predicted to drive this regional market in the future, owing to increased internet adoption in the region. Furthermore, Ctrip is a major market player in China, whereas Yatra, Cleartrip, and MakeMyTrip are major online travel agencies (OTA) operating in India. These agencies are becoming the most preferred medium for travel bookings in the Asia Pacific region. Moreover, growing industrialization and increasing number of IT companies in the region is leading to an increase in business travel, which is expected to drive the region’s online travel booking market over the forecast timeframe.
The Latin American online travel booking market is expected to witness significant growth over the forecast time period, owing to the emerging middle-class population in the region that is becoming major consumers of smartphones. This, in turn, is likely to ease the online booking process and drive this regional market in the future. The Middle East and Africa region is expected to experience moderate growth in the online travel booking market over the forecast time period.
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Some key players operating in the global online travel booking market include Priceline Group Inc., Expedia, Inc., Ctrip.Com International, Ltd., Trip Advisor LLC, Hostelworld Group, CheapOair.Com., Hotel Urbano Travel, and Tourism SA, Trivago GmbH, MakeMyTrip Limited, and Thomas Cook Group Plc.
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This report segments the global online travel booking market into:
Global Online Travel Booking Market: Service Type Analysis
- Transportation Booking
- Accommodation Booking
- Others
Global Online Travel Booking Market: Mode of Booking Analysis
- Online
- Direct Agency
Global Online Travel Booking Market: Platform Analysis
- Desktop
- Mobile
Global Online Travel Booking Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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