Press release
Online Travel Market Size, Statistics Report 2019, Global Trends, Industry Challenges | Leading Players: OpenTable, Sky Park Secure, Viator, FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner
Online Travel
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Market Growth Factors:
Increasing traveling for business meetings or seminars, high internet penetration across the globe, introduction of advanced version of mobile apps, and easy to navigate websites are the few drivers impacting growth of the online travel market. Penetration of internet is one of the major growing factor for online travel market, owing to availability of all data while doing transition, number of secured payment options. Asia Pacific is expected to show the highest market growth rate over the forecast period. This growth is attributed to high population, penetration of internet, and increase in disposable income of individuals in the region.
Global online travel market is expected to witness significant growth during the forecast period (2018–2026), due to high internet penetration, easy availability of online platforms, and growing travel & tourism industry, worldwide. People of age group 22 – 31 years are the main audience for the online travel market, as they are the early starters in their professional carrier and prefer to travel for commercial purposes as well as to explore new places. According to a report published by Nicholson Yachts, in November 2016, globally young age group spends about US$ 200 billion on travel every year.
Increasing mobile usage and innovative mobile apps are the key growth drivers:
Increasing use of mobile devices and social media are providing a new medium for communication. High internet penetration has led to growing use of smartphones and in-turn mobile applications with dedicated websites for trips and travelling such as MakeMyTrip Limited, trivago N.V. Airbnb, Google trips, TripAdvisor, Uber, and others. Easy navigation feature in mobile applications is also one of the key factors behind increasing use of these applications. Furthermore, travel app offers high flexibility to customers and provides an easy medium to stay connected with the services providers.
Online travelling market in Asia Pacific is expected to witness considerable growth in the forecast period, owing to growth in disposable income of individuals especially in emerging economies, increased travel frequency from international as well as domestic places, and booming business travel industry in the region. Increased frequency for business travelling is majorly attributed to overseas expansion of conglomerates, which requires constant visits and monitoring. According to Coherent Market Insights’ analysis 2016, over 90% business travelers have mobile phones and more than half business travelers managed journey from mobile devices.
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Global players of the global online travel market are OpenTable, Sky Park Secure, Viator, FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner, Owners Direct, and Accuweather.
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