Target Market for Mobile Travel Booking is gaining huge growth in upcoming years: Credence Research

The mobile travel booking market was valued at US$ 858.0 Mn in 2018 and is set to grow with a CAGR of 12.2% during the forecast period.
Market Insights
The global market for mobile travel bookings is driven by the increasing adoption of mobile apps for a wide range of applications among consumers. Since the rise of smartphones, the market for mobile apps has changed considerably. The convenience and features offered by mobile apps are the primary factor in increasing market demand. Mobile apps have emerged as vital tools for accessing a wide range of applications, such as payments, gaming, education and travel, as they provide direct access to single-click services. Technological advancement, changing customer demands, as well as increasing penetration of Internet services are the main driving forces behind the adoption of mobile apps among consumers. In addition, organizations are also leveraging mobile apps to expand their customer base and increase their footprint. This increase in mobile apps presents a myriad of opportunities for the growth of the mobile travel booking market.
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Transportation booking will become the most lucrative application of the mobile travel booking market during the forecast period. The increasing adoption of the mobile apps for booking the flight, bus and train tickets are the primary factor driving the market growth. The mobile apps provide the consumer the convenience and flexibility to book the tickets anytime anywhere. Moreover, the market players also offer attractive discounts and cash back offers to customers to gain the customer loyalty. Additionally, the increasing collaboration activities between the transportation service providers and the mobile ticketing apps platform developers is also driving the market.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The large number of the smartphone users and internet users in the region is driving the market growth. Asia Pacific is the home of more than 50% of the smartphone users across the globe, and the number is further estimated to grow significantly in the future. The availability of the low cost smartphone along with rising disposable income of the population in the region is backing the increasing adoption of the smartphone in the region. Moreover, the supportive government initiatives for the promotion of the delivery of the government services via internet is accelerating the market growth.
Report originally published at Credence Research: https://www.credenceresearch.com/report/mobile-travel-booking-market
Segmentation
Service Type Segment (2017-2027; US$ Mn)
o Transportation Booking
o Accommodation Booking
o Others
Geography Segment (2017-2027; US$ Mn)
o North America (U.S., Rest of North America)
o Europe (U.K., Germany, France, Rest of Europe)
o Asia Pacific (China, Japan, India, Rest of Asia Pacific)
o Rest of the World (Middle East & Africa, Latin America)
Some of the major companies profiled in the report include Hostelworld Group, MakeMyTrip Limited, Expedia Inc., Ctrip.Com International, Priceline Group Inc., Hotel Urbano Travel, CheapOair.Com, Trivago GmbH, Thomas Cook Group Plc., Trip Advisor LLC, and Tourism SA.
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