The global online travel market was valued at USD 770 billion in 2017, and is projected to reach USD 1,961 billion by 2026, exhibiting a CAGR of 11% over the forecast period, according to Global Online Travel Market Report, By Mode of Booking (Online Travel Agencies and Direct Travel Suppliers), By Platform Type (Mobile and Desktop), By Service Types (Transportation, Travel Accommodation, and Vacation Packages), By Age Group (22-31, 32-43, 44-56 and >56).
Key players of the online travel market include OpenTable, Sky Park Secure, Viator, FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner, Owners Direct, and Accuweather.
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The online travel industry comprises travel e-commerce websites and review websites. The travel e-commerce website provides advice about various destinations, attractions, accommodation, and information on how to access them. Most of the countries and states have its own travel websites, to attract tourists. As per Coherent Market Insights’ analysis, holiday packages segment will achieve the largest revenue of US$ 4617 million in 2019, and a major portion of this revenue will be from the U.S., owing to high use of internet and presence of key players in the region. The online travel market is increasing due to availability of quick and convenient travel bookings, hotel bookings, rising trust of customers in online payments, and various websites to compare services of various providers.
Key Takeaways of the Market:
As per Coherent Market Insights’ analysis, global digital travel sales is expected to reach almost 50% of total travel sales in 2018. This growth is mainly due to increasing number of young travelers, who explore new destinations and face adventure. Usually these customers have high service expectation such as flight reservation at minimum rates, best accommodation options, and provide travel insurance, assistance for visa in international tour, from the service providers. Decision of travelling is significantly affected by travel websites and review websites.
North America is estimated to account for the largest market share and is expected to witness high growth rate over the forecast period. This growth is majorly attributed to technological advancements in providing internet facility, advanced mobile devices, presence of major players in this region, and high adoption of e-commerce websites across various industry verticals.
People in the age group of 22 – 31 years are early professionals or students of graduation or post-graduation are identified as the key consumers of the online travel market. They prefer to explore new destinations, new places for which extensive use of smartphones and other smart devices is used for travel bookings. Online review from website for gaining the insights about travel providers, destinations, accommodations, and transportation, for long trip as well as weekend vacation is another key factor that impacts in increased travel bookings. Rising frequency of business travel is one of the major factors for increasing online travel market. As per the report published by UNDERSCORE in January 2018, business travel accounts for US$ 1.3 trillion of global spending annually, and it will rise at 3.7% per annum over the next 10 years.
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Availability of convenient and easy bookings of hotels, flights, car rental, and mass penetration of smart phones are one of the prominent factors for the online travel industry growth. Various companies are providing easy to navigate mobile applications, where a user can do bookings and search all the functions such as hotel booking, travel booking, reviews, offers easily. Countries of Latin America and Asia Pacific are leading in mobile booking for travel and tour. Based on platform type, desktop segment was the dominant segment in the online travel market, owing to ease and convenience of travel websites and payment security.
According to a report published by Economic Times in December 2017, holidays availed by Indians has increased by 39% in 2017, as compared to 2016, out of which the number of international holidays have increased more compared to domestic holidays. Average holiday spending is also on the rise and nearly half of the travelers are from 25 – 36 age group. The prominent reasons behind the shift from offline to online bookings are deeper penetration of mobile phones, cheaper data prices, growing comfort with digital booking platforms, and enhanced security offered for their personal information and payments by the booking websites and applications.
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