Pune, India, May 07, 2019 (GLOBE NEWSWIRE) -- The global online travel market is expected to make robust progress over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global online travel market is expected to rise at a strong CAGR of 13.16% over the forecast period, rising from a valuation of USD 570.25 billion in 2017 to USD 1,134.55 billion by 2023.
The global online travel market is mainly driven by the growing demand among consumers in emerging as well as developed nations for traveling internationally. The growing online travel market could also be shaped by the growing trend of travel service sellers reaching out directly to customers, leading to traditional travel agencies having to branch out in other areas. Here are some of the key factors that are likely to determine the growth trajectory of the global online travel market over the forecast period.
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Social Media Platforms Becoming Increasingly Important for Online Travel Companies
The global online travel market is mainly driven these days by word of mouth publicity coming from satisfied customers letting other people know about their favorable experiences. Social media platforms have emerged as a major part of this movement, with the ease of using social media platforms allowing customers to easily post detailed reviews of their travel experiences, leading to wider coverage of the travel agency’s operations. The growing use of social media for sharing travel experiences and memories is also likely to be a key factor in the growing importance of social media to the global online travel market.
Social media platforms are also likely to emerge as a major marketing opportunity for online travel companies over the forecast period. Due to the wide-ranging use of social media by consumers, their interests and preferences can be tracked very efficiently on social media. This allows travel companies to target audiences who are likely to invest in travel experiences and also can afford the travel packages. This provides online travel companies with a more comprehensive insight into customer behavior.
Online Travel Agencies Expanding their Scope
The major trend likely to determine the final shape of the global Online Travel Market over the forecast period is the increasing preference among travel companies to offer other services such as food and shopping opportunities. Due to the growing preference among primary suppliers such as airlines and railways authorities to reach out directly to the customer, allowing the latter to bypass the hassle of going through an agency, online travel companies are likely to branch out into other areas that afford further opportunities for engaging customers. The increasing use of apps and online shopping portals by the primary suppliers of transportation options is likely to accelerate this trend over the forecast period.
In April 2019, Traveloka, a leading online travel agency in Southeast Asia, started offering entry to hotels, spas, and movie theaters through its platform, a move that is likely to be mirrored by companies across the world trying to hold on to their customers in spite of the increasing efforts from primary transportation suppliers to come up with apps and other means to reach out directly to the customer.
Segmentation:
The global online travel market is segmented on the basis of platform type, mode of booking, service type, and region.
By platform type, the global online travel market is segmented into mobile/tablet-based and desktop-based.
By mode of booking, the global online travel market is segmented into online travel agencies and direct travel facilitators.
By service type, the global online travel market is segmented into transportation, accommodation, and vacation packages.
Competitive Analysis:
Top players in the global online travel market include Expedia Inc., TripAdvisor Inc., FlixMobility GmbH, Thomas Cook Group plc, Alibaba Group Holding Limited, eDreams ODIGEO SA, Hostelworld Group, CheapOair.Com, Hays Travel Limited, Tuniu Corporation, Yatra Online Private Limited, AirGorilla LLC, Hotel Urbano Travel and Tourism SA, Airbnb Inc., MakeMyTrip (India) Pvt. Ltd., Ryanair DAC, Ctrip.com International Ltd., and Booking Holdings Inc.
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Regional Analysis:
North America reigned over the global online travel market in 2017 with 33.75% share, followed by Europe. The two regions accounted for valuations of USD 192.46 billion and USD 178.72 billion, respectively, in 2017. The market for online travel in North America and Europe is mainly driven by the ease of availability of advanced telecommunications options, which allows easy mobile connectivity.
However, Asia Pacific is likely to exhibit the fastest growth of 15.9% over the forecast period. It is likely to be a prime regional market for the online travel market over the forecast period due to the growing number of increasingly affluent consumers looking for increasingly ambitious travel options. International travel from Asia Pacific countries is likely to increase in the coming years due to the increasing disposable income of the consumers in the region, which is likely to drive the online travel market in the region at a rapid pace over the forecast period.
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