In a recent published report, Kenneth Research has updated the market report for Online Travel Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Online Travel Market products.
Market Snapshot
The global online travel market is expected to grow from USD 570.25 billion in 2017 to USD 1,134.55 billion by 2023, at a compound annual growth rate (CAGR) of 13.16% during the forecast period. The online travel industry has undergone several changes over the last decade, owing to technology advances. Use of technology in the travel industry has come a long way since the global distribution system (GDS) due to the use of mobile applications and rising penetration of the Internet. This has helped in changing the process of travel bookings, making it easy and swift. The service model of online tour agencies provides multiple services through a single platform.
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With this, the process for travel booking has experienced a significant shift from physical to web bookings, and now mobile platforms. Online tour agencies have integrated all modes of transport and accommodation options under a single platform which has encouraged users to opt the same. Additionally, service providers and tour operators have adopted digitalization and automation to develop greater productivity and offer customers a unique travel experience. Social media platforms have emerged as a major influencer and an effective marketing platform for online tour agencies. Travelers use social media platforms to share their travel experience and post their reviews, helping other customers to choose travel agencies according to their requirements.
This trend is expected to increase with the introduction of more social media platforms. A majority of travelers rely on online reviews and comments of other users before booking hotels or making reservations in restaurants. As a result, hotels and restaurants continuously try to improve their services based on the reviews. Hotels also have social media teams for promoting their brand through various social media platforms. These teams read, review, and analyze bookings in order to identify trends that can help them attract new customer base while retaining old customers. Thus, social media platforms help online travel agencies to market their services and bring transparency and ease to the entire process.
Global Online Travel Market Size
Source: MRFR analysis
Moreover, the influx of big data and other complementing technologies such as automation and augmented and virtual reality (AR/VR) is expected to create opportunities for travel agencies. By incorporating these technologies in their existing platforms and applications they can deliver a better user experience. However, there exists no centralized system that can streamline data between government agencies and private travel agencies thus, creating a gap between them. This, in turn, can hamper the growth of the global online travel market.
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Regional Analysis
Source: MRFR analysis
The global market for online travel is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the online travel market is done for North America, Europe, Asia-Pacific, and the rest of the world. North America accounted for the largest market share of 33.75% in 2017, with a market value of USD 192.46 billion; the market is expected to register a CAGR of 11.8% during the forecast period. Europe was the second-largest market in 2017, valued at USD 178.72 billion; the market is projected to exhibit a CAGR of 12.0%. However, the market in Asia-Pacific is expected to register the highest CAGR of 15.9%.
Major factors responsible for the growth of the online travel market in North America are the increasing demand for CRM solutions across different industries, and the adoption of mobile booking technology and travel apps. In Europe, focus on tourism is considered as one of the key pillars for the growth of employment and inclusive growth of the economy. In Asia-Pacific, advancements in technology in the travel sector are enhancing the growth of the online travel business. The growing reach of the Internet, developments in technology, and increasing tourism services are responsible for the growth of this market in the Middle East and South America.
Companies Covered
The key players of global online travel market are Expedia Inc. (US), Booking Holdings Inc. (US), TripAdvisor Inc. (US), Ctrip.com International Ltd (China), FlixMobility GmbH (Germany), Ryanair DAC (Ireland), Thomas Cook Group PLC (UK), MakeMyTrip (India) Pvt. Ltd (India), Alibaba Group Holding Limited (China), Airbnb Inc. (US) and eDreams ODIGEO SA (Luxembourg).
Other companies including Hostelworld Group (Ireland), Hotel Urbano Travel and Tourism SA (Brazil), CheapOair.Com (US), AirGorilla, LLC (California), Hays Travel limited (UK), Yatra Online Private Limited (India), Tuniu Corporation (China) among others also have a prominent presence in the market.
Key Developments
In September 2018, TUI Group strengthened its position in the excursions, tours and activities business, with the acquisition of Italian technology start-up Musement. The acquisition is expected to help TUI to expand its portfolio of travel experience products and to customize them for clients better
In June 2018, Cleartrip announced its acquisition of Saudi Arabia’s largest online travel aggregator Flyin. This acquisition is expected to help Cleartrip to gain a wider customer base, enhancing its competencies in the Middle East and North AfricaIn February 2018, ATPCO announced the acquisition of Routehappy, a company that provides flight scores, cabin amenity data, and merchandising tools. The company will be wholly owned by ATPCO but will operate separately
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In November 2017, Airbnb announced the acquisition of Accomable, a British start-up that focuses on travel listings that are disabled-friendly. The company is also focusing on developing its platform and features to attract more of those looking to book disabled-friendly travel servicesIn July 2017, Travelsoft acquired Sepage, a travel data marketing service. The acquisition is expected to bring artificial intelligence to the travel and tourism industry
Market Segmentation
Based on platform type—mobile/tablets based and desktop-based platform
By mode of booking—online travel agencies and direct travel facilitators
Based on service type—transportation (air travel, train travel, bus travel and others), accommodation (hotels and guest house/dormitory) and vacation packages (in-country and outside country)
By Region—North America, Europe, Asia-Pacific and rest of the world
Key questions addressed by the report
What was the historic market size (2017)?
Which segmentation (platform type / mode of booking / service type) is driving market?
What will be the growth rate by 2023?
Who are the key players in this market?
What are the strategies adopted by key players?
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