The latest report on the Online Travel Booking Service Market is 200 pages long and includes a number of tables and figures. This report covers the period from 2023 to 2031 and offers valuable insights into the market landscape.
The “Global Online Travel Booking Service Market” report offers comprehensive insights into factors affecting demand, growth, opportunities, challenges, and limitations. It covers global and regional industry dynamics, including research & development, new product launches, and responses from leading players in both global and local markets. The report provides visual representations and regional breakdowns of the Online Travel Booking Service Market.
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.
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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
Recent Developments in the Market:
In February 2022, For online train reservations in India, RedBus has released RedRail, a distinct lightweight app. This MakeMyTrip-owned website seeks to enhance online booking for “millions of train passengers” and is the largest bus ticketing application in the nation. The RedRail app now has its own separate app after previously being as an in-app component of the RedBus app.
In Aug 2021, A new smartphone app has been released by Indian Railway Catering and Tourism Corporation (IRCTC), the organisation responsible for issuing tickets for Indian Railways. You will be able to secure a confirmed seat quickly with the aid of this software. Confirm Tatkal App is the name of the application.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Service Device offerings of key players.
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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
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 Overview:
This research offers a comprehensive exploration of the emerging trends poised to shape the future business landscape. It delves deep into the pivotal factors driving the growth of the Online Travel Booking Service market over the projected period. Furthermore, the report sheds light on strategic initiatives undertaken by leading industry players to fortify their market positions.
Market Dynamics:
Encompassing a global perspective, this study presents insights into the influential entities within the worldwide Online Travel Booking Service market. It encompasses contact details, sales figures, and global market estimates. The research draws from reputable sources and institutions, aggregating a wealth of information and insightful analysis pertaining to the global Online Travel Booking Service market.
Marketing Insights:
The study furnishes essential facts and statistics relevant for marketers, consultants, and decision-makers navigating the global Online Travel Booking Service market landscape. With comprehensive regional breakdowns, this research offers a vital resource for newcomers venturing into the global Online Travel Booking Service market. It encapsulates indispensable insights extracted from the Online Travel Booking Service Market domain, facilitating informed decision-making processes.
This report covers several key questions related to the global Online Travel Booking Service market, including:
- What can be expected for the Online Travel Booking Service market in the next decade?
- What are the primary drivers of growth in the global Online Travel Booking Service market?
- Which technologies are likely to experience the most rapid growth, both by market and region?
- How do opportunities within the Online Travel Booking Service market vary based on the size of the end market?
- What is the breakdown of Online Travel Booking Service by type and application?
- How have recent events such as the COVID-19 pandemic and the Russia-Ukraine conflict impacted the Online Travel Booking Service market?
Our most recent research report showcases the thriving expansion of the global Online Travel Booking Service Market and offers in-depth insights into the projected market size, share, and revenue until 2031.
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