Online Travel Booking Platform Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2020-2024
Technavio has been monitoring the online travel booking platform market and it is expected to grow by $ 204.81 bn, accelerating at a CAGR of almost 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Online Travel Booking Platform Market: Key Trends to impact market growth
The Increasing consolidation of online travel agencies is one of the key online travel booking platform market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
Online Travel Booking Platform Market: Top Drivers to Boost Demand
The increasing internet and smartphone penetration is one of the primary factors driving the growth of the online travel booking platform market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business
Vendor Analysis: Airbnb Inc., Booking Holdings Inc. and eDreams ODIGEO are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Airbnb Inc., Booking Holdings Inc., eDreams ODIGEO, Expedia Group Inc., Hostelworld.com Ltd., MakeMyTrip Ltd., Thomas Cook (India) Ltd., Trip.com Group Ltd., TripAdvisor LLC, and TUI AG are some of the major market participants.
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Online Travel Booking Platform Market: Key Highlights of the Report for 2020-2024
Technavio has been monitoring the Global Online Travel Booking Platform Market and it is expected to grow by USD 204.81 billion accelerating at a CAGR of almost 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report
Online Travel Booking Platform Market: Increasing internet and smartphone penetration to drive growth
A significant driver in the online travel booking platform market is the increasing internet and smartphone penetration. Additionally, countries such as India, China, Japan, the US, and the UK are providing free Wi-Fi for the citizens. Along with the increase in mobile phone use, there is a massive increase in number of internet users through smartphones. With this potential growth in internet users, several online travel companies are coming up with various mobile applications that will increase the demand for the online travel bookings.
The global online travel booking platform market has multiple large players, who are competing to gain more market share. The market is shared between online travel agencies and direct booking platforms. Moreover, with the growth in the travel and tourism market, the competition in the market has increased, which has led to M&As. The increasing adoption of the latest technologies, such as metasearch and dynamic pricing for bookings, has led vendors to engage in strategic alliances to improve their market reach and customer base, thus leading to the growth of the market in focus.
Online Travel Booking Platform Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Airbnb Inc., Booking Holdings Inc., eDreams ODIGEO, Expedia Group Inc., Hostelworld.com Ltd., MakeMyTrip Ltd., Thomas Cook (India) Ltd., Trip.com Group Ltd., TripAdvisor LLC, and TUI AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
