Dublin, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Online Bus Ticketing Service Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
According to the report the global online bus ticketing service market is projected to grow at a CAGR of 22.93% between 2023 and 2028. Aided by the growing digitisation and increasing smartphone penetration worldwide, the market is expected to grow significantly by 2028.
Online bus ticketing services offer a digital platform enabling users to book bus tickets from a range of bus operators and a variety of routes. The beauty of these platforms lies in their ability to provide users with the flexibility of choosing their preferred seat, bus type, and time of travel, often accompanied by the convenience of door-to-door pick-up and drop services. Notably, these services have dramatically transformed the conventional bus ticketing system, offering more streamlined, efficient, and user-friendly solutions.
A surge in smartphone adoption and increased internet accessibility have been pivotal in driving the online bus ticketing service market growth. With the rapid urbanisation and expanding middle class, there's an augmented emphasis on affordable and efficient modes of transport. Buses, being a cost-effective medium, have seen a rising preference, especially in developing economies. The seamless integration of online ticketing platforms on smartphones ensures easy and quick bookings, thus enhancing the user experience.
Further, the digital transformation sweeping across various industries is increasing the online bus ticketing service market size. The introduction of advanced features like real-time bus tracking, virtual tours of the bus interiors, user reviews, and secure online payment gateways has further amplified the appeal of these platforms. The increasing collaboration of these platforms with e-wallet companies and banks for offers and cashback has also augmented their usage.
The tourism sector's expansion is another significant driver. As travel enthusiasts seek cost-effective ways to explore destinations, intercity and intracity buses are becoming increasingly popular. Online ticketing platforms, with their features like instant booking confirmation and easy cancellations, have thereby become the go-to solution for many travellers. Hence, the convenience offered by online modes of ticketing is triggering the global online bus ticketing service market demand.
The implementation of Artificial Intelligence (AI) and Machine Learning (ML) to offer personalised travel suggestions based on user behaviour and preferences is an emerging trend. Additionally, the integration of augmented reality to provide virtual bus tours, ensuring enhanced customer satisfaction, is gaining traction.
Market Segmentation
The market can be divided based on type, application, and region.
Market Breakup by Type
- Mobile Application
- Desktop
Market Breakup by Application
- Tourism Travel
- Business Travel
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global online bus ticketing service market. Some of the major players explored in the report are as follows:
- Busbud Inc.
- MakeMy Trip Pvt. Ltd.
- BusOnlineTicket Pte Ltd
- GotoBus.com
- Wanderu Inc.
- BuuPass
- Flix SE
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2731.82 Million |
| Forecasted Market Value (USD) by 2028 | $7669.06 Million |
| Compound Annual Growth Rate | 22.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1ocr5u
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