Press release
Online Travel Market To Exhibit CAGR of 11% by 2026 | OpenTable, Sky Park Secure, Viator, FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner, Owners Direct and Accuweather
Online Travel
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The global online travel market was valued at USD 770 billion in 2017, and is projected to reach USD 1,961 billion by 2026, exhibiting a CAGR of 11% over the forecast period. North America is estimated to account for the largest market share and is expected to witness high growth rate over the forecast period. This growth is majorly attributed to technological advancements in providing internet facility, advanced mobile devices, presence of major players in this region, and high adoption of e-commerce websites across various industry verticals.
Availability of convenient and easy bookings of hotels, flights, car rental, and mass penetration of smart phones are one of the prominent factors for the online travel industry growth. Various companies are providing easy to navigate mobile applications, where a user can do bookings and search all the functions such as hotel booking, travel booking, reviews, offers easily. Countries of Latin America and Asia Pacific are leading in mobile booking for travel and tour. Based on platform type, desktop segment was the dominant segment in the online travel market, owing to ease and convenience of travel websites and payment security.
According to a report published by Economic Times in December 2017, holidays availed by Indians has increased by 39% in 2017, as compared to 2016, out of which the number of international holidays have increased more compared to domestic holidays. Average holiday spending is also on the rise and nearly half of the travelers are from 25 – 36 age group. The prominent reasons behind the shift from offline to online bookings are deeper penetration of mobile phones, cheaper data prices, growing comfort with digital booking platforms, and enhanced security offered for their personal information and payments by the booking websites and applications.
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