Regardless of a company’s size or income, the most recent research report from Quadintel offers a thorough analysis of the global Online Travel Booking Service Market for the years 2023–2030.
The global market report provides statistics and information on the evolution of the investment structure, technological advancements, industry trends and developments, market players’ capabilities, and in-depth details on the major market players. The analysis also includes a summary of the global market strategies that have been implemented in light of the industry’s present and future conditions.
An overview of the Online Travel Booking Service Market, the current state of the industry, market trends, significant market participants, product type, application, and geography are provided at the beginning of the study. It also covers how COVID-19 has affected market participants, end-user industries, future predictions, growth potential, and worldwide market trends.
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Market Overview:
Global Online Travel Booking Service Market is valued approximately USD 519.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.0% over the forecast period 2022-2029.
Online travel providers aim to ease travel planning and bookings for travelers. The online travel industry is being pushed by quick and easy flight and hotel bookings, an increase in customer trust in online payment, and the option to compare numerous available travel alternatives. The Online Travel Booking Service market is expanding because of factors such as increasing number of international tourists, increasing disposable income, and increasing number of travelers..
According to the most recent UNWTO World Tourism Barometer, there were about 250 million foreign arrivals in the first five months of 2022, signaling a significant recovery in global tourism. When compared to 77 million arrivals from January to May 2021, this indicates that the industry has nearly recovered to pre-pandemic 2019 levels, or 46%. People are now heavily exposed to social networking sites due to to the development of the internet. Before making a purchase, people first surf websites, obtain in-depth information, and evaluate the needed good or service. In addition, social media such as Facebook, Twitter, and travel blogs have become a common medium for people to discuss travel plans. Online travel service providers use social media as a platform to promote their products and exclusive deals for bookings made online, fueling the growth of the online travel market throughout the course of the forecast period. However, the high cost of Online Travel Booking Service stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Online Travel Booking Service Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Due to the better business climate in European nations and government attempts to promote travel and tourism, Europe dominated the market in terms of revenue. Additionally, there is a huge demand for trip tourism since Europeans value the experience of visiting new places owing to factors like increased purchasing power and rising living standards, which are some of the main drivers of the growth in the travel and tourism industry, Asia Pacific is predicted to have considerable growth throughout the projected period. Additionally, the group travel industry has been greatly aided and accelerated by economic expansion, loosening of travel restrictions, increased competition, and aggressive promotion strategies employed by the sector’s participating players. These factors are anticipated to hasten the industry’s growth during the assessment period.
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Major market players included in this report are:
- Airbnb
- Expedia
- Booking Holding
- Trip Advisor Inc.
- Trip.com Group Ltd.
- MakeMyTrip Limited
- Hostelworld Group PLC (HSW)
- Trivago N.V
- Despegar.com, Corp.
- Lastminute.com Group
The detailed segments and sub-segment of the market are explained below:
By Service Type:
Vacation Packages
Accommodation Booking
Transportation Booking
Others
By Booking Method:
Online Booking,
Direct Travel Agency
By Device:
Desktop
Online
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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Report Include:
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
Key Market Features in Global Market: The report assessed key market features, including revenue, capacity, price, capacity utilization rate, production rate, gross, production, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. The study also offers a thorough analysis of the most important market factors and their most recent developments, as well as pertinent market segments and sub-segments.
In this report, the following important queries are addressed:
- What is the Global market’s sales value, production value, consumption value, import, and export (including North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
- Who are the major manufacturers in this sector on a global scale? How are their capacity, production, sales, pricing, cost, gross, and revenue operating?
- What are the vendors’ market prospects and risks in the international industry?
- Which product types, end users, or applications might be looking for additional growth prospects? What is each type’s and application’s market share?
- What specific strategies and limitations are keeping the market in check?
- What is the various marketing, sales, and distribution channels in the international market?
- What are the upstream raw materials, as well as the manufacturing machinery?
- What are the market opportunities, market risk, and market overview of this industry?
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