SAN FRANCISCO, U.S., March 01, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Online Travel Booking Market – By Type of Service (Vacation Packages, Accommodation Booking, Transportation Booking, and Others), By Booking Method (Online Booking and Direct Travel Agency), and By Device (Mobile and Desktop): Global Industry Perspective, Competitive Landscape, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2021–2028” in its research database.
“According to the latest research study, the demand of global Online Travel Booking Market size & share was valued at around USD 782 Million in 2020 and is anticipated to reach around USD 2000 Million by 2028, at a compound annual growth rate (CAGR) of about 12.2% during the forecast period 2021 to 2028.”
What is Online Travel Booking? How big is the Online Travel Booking Market?
Market Overview:
Owing to technological advancements, the online travel industry has endured numerous changes over the last few years. The travel booking process is molded by the rapid growth in the usage of mobile applications and rising penetration of the internet, resulting in making the process swifter and easier. Service of Online travel booking is available on channels such as mobile applications, online browsers, portals, and so on. Online travel booking can be used for various industries, such as travel and tourism, hospitality, lodging, and more.
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Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2021 updated report.
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- About 217+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2021
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Market Growth Dynamics
- The rising use of mobile applications for online travel booking is becoming more common
The travel industry and the online hotel booking sector have undergone a major transformation due to technological enhancements and digital trends. Additionally, the increasing penetration of mobile applications for online travel booking is expected to boost the market's margin over the next few years. Furthermore, the hospitality industry has played a crucial role in increasing the global market for online travel bookings. Most hotel owners support digital platforms to make use of the digital revolution, as internet penetration is growing across the globe. Online travel agencies such as Booking Holdings, Expedia, Trips, etc. are crucial players in the global online travel industry, providing services such as promotions, information sharing, and transactions that benefit both service providers and consumers of hotels.
Moreover, in recent times consumers prefer the online method of booking because of its features such as easy booking, easy payment, etc. Additionally, innovative services such as easy and safer payment modes, twenty-four-seven services accessibility, easy and free cancellation, online charges comparison for hotels and transportation, easily installed application, etc. Thus, the aforementioned parameters may positively influence the online travel market over the future years. The sharp increase in internet subscribers due to the mass acceptance of the online travel market is expected to boost the market's profits over the coming years; Supported by the fact that, the online travel market is likely to grow due to the rising disposable incomes of customers.
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Industry Major Market Players
- Ctrip.com
- Priceline.com LLC
- MakeMyTrip Limited
- Trivago
- Expedia Group Inc.
- International Ltd.
- Hostelworld.com Limited
- TripAdvisor LLC
- Fareportal Inc.
- Ibibogroup
- Hays Travel
- Thomas Cook
- E-dragon Holdings Limited (eLong)
- TUI Group
- Airbnb Inc.
Key questions answered in this report:
- What is the size of the online travel booking market and what is its expected growth rate?
- What are the main driving factors propelling the online travel booking market forward?
- What are the leading companies in the online travel booking industry?
- What segments does the online travel booking market cover?
- How can I receive a free copy of the online travel booking market sample report and company profiles?
Key Insights from Primary Research:
- As per the analysis shared by our primary respondents, the Online Travel Booking market is expected to grow at a CAGR of 12.2% by 2028.
- Through the primary research, it was established that the Online Travel Booking market was valued at around USD 782 Million in 2020 and is predicted to exceed about USD 2000 Million by 2028.
- Based on the type of service segment, the Transportation booking segment is predicted to lead the market.
- Region-wise, North America witnessed a maximum market share in 2020 with a CAGR of around 12.8% by the end of 2028.
Report Scope
| Report Attribute | Details |
| Market Size in 2020 | USD 782 Million |
| Projected Market Size in 2028 | USD 2000 Million |
| CAGR Growth Rate | 12.2% CAGR |
| Base Year | 2020 |
| Forecast Years | 2021-2028 |
| Key Market Players | Ctrip.com, Priceline.com LLC, MakeMyTrip Limited, Trivago, Expedia Group, Inc., International, Ltd., Hostelworld.com Limited, TripAdvisor LLC, Fareportal, Inc., Ibibogroup, Hays Travel, Thomas Cook, E-dragon Holdings Limited (eLong), TUI Group, and Airbnb, Inc., and Others/among others |
| Key Segment | By Type, By Booking Method, By Device, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Online Travel Booking Market: Segmentation Analysis
The online travel booking industry report is segmented based on the type of service, booking method, and device.
- The transportation booking segment had the largest market share, accounting for nearly 53%.
Type of Service-wise; the market is classified into vacation packages, accommodation booking, transportation booking, and others. Amongst the service-wise segment, the transportation booking segment held the leading share and accounted for approximately 53% in 2020. The reason for the growth in this segment is majorly dependent on the facility of pre-booking the transportation mode. In terms of booking methods, the market segment is sectored into online booking and direct travel agencies. Direct-agency mode held the leading market share and accounted for approximately 59.5% in 2020. Although the online mode is easier to use, in the current scenario, the consumers don’t feel safe to make transactions online due to safety reasons. Additionally, it is a traditional way so it has more preference.
On the basis of the device, the market is bifurcated into the mobile, desktop. On the basis of the platform, the desktop segment had the leading share and was accounted for 70.8% in 2020. But, according to our analysis mobile segment is expected to witness a significant boost with a CAGR of 13.4% during the forecast period.
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Regional Dominance:
Region-wise, North America witnessed a maximum market share in 2020 with a CAGR of around 12.8% by the end of 2028, with the United States as a major contributor to revenues the region is expected to grow significantly over the forecast period, given the growing adoption of mobile online travel booking applications, particularly in the transport sector. The Asia-Pacific region is likely to evolve at the fastest rate in the future due to digitalization trends and Internet penetration in the region.
Recent Developments
- In August 2020, MakeMyTrip has announced the launch of a platform to help travel agents provide better trip booking experiences to their customers. MyPartner is a platform intended to give local travel agencies accessibility to one of the most comprehensive collections of online travel inventories.
- To strengthen the presence of private operators in the industry, travel and hospitality tech firms - OYO, together with EaseMyTrip, Airbnb and Yatra – have joined forces to support and empower the Confederation of Hospitality, Technology, and Tourism Industry (CHATT) in June 2021.
Browse the full “Online Travel Booking Market – By Type of Service (Vacation Packages, Accommodation Booking, Transportation Booking, and Others), By Booking Method (Online Booking and Direct Travel Agency), and By Device (Mobile and Desktop): Global Industry Perspective, Competitive Landscape, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2021–2028” Report at https://www.fnfresearch.com/online-travel-booking-market
This report segments the online travel booking market as follows:
By Type of Service Segmentation Analysis
- Vacation Packages
- Accommodation Booking
- Transportation Booking
- Others
By Booking Method Segmentation Analysis
- Online Booking
- Direct Travel Agency
By Device Segmentation Analysis
- Mobile
- Desktop
Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
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Key Offerings:
- Market Size, Share & Forecast by Revenue | 2021−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, by Booking Method, by Device, and by Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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