Press release
Online Travel Booking Platform Global Market Analysis, Trends, Growth, Research And Forecast 2033
Online Travel Booking Platform Global Market
The online travel booking platform market size is expected to see rapid growth in the next few years. It will grow to $862.30 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to growing consolidation of online travel agencies, increasing demand for multigenerational customized travels, rising penetration of smartphones and availability of many travel applications, increasing competition from offline travel agencies. Major trends in the forecast period include development of new business models and revenue streams, adoption of sustainable travel practices and eco-friendly initiatives, use of blockchain technology to enhance security, rising demand for multigenerational customized travels.
Market Overview -
An online travel booking platform is a digital platform or website that allows users to book and reserve various travel-related services and products, such as flights, hotels, car rentals, and activities. It is an internet-based system that provides simple, effective, and hassle-free travel booking that is compliant with company travel policies.
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Internet Usage and Smartphone Penetration's Impact on Online Travel Booking Platforms
The increase in internet usage and smartphone penetration is expected to propel the growth of the online travel booking platform market going forward. Internet usage refers to the extent to which individuals or populations utilize the internet for various purposes, such as accessing information, communicating, conducting transactions, entertainment, and more. Smartphone penetration refers to the percentage of the population, or a specific demographic group, that owns and uses smartphones. Increasing internet usage and smartphone penetration are driven by factors such as advancements in technology, improved affordability of devices and data plans, and the expansion of mobile network infrastructure. Online travel booking platforms are easily accessible through smartphones and internet usage that offer convenience, time savings, real-time information, cost savings, access to deals, and a global reach. These advantages collectively enhance the efficiency and overall experience of planning and booking travel arrangements. For instance, in 2022, according to a report published by Canada's National Statistical Agency, a Canada-based government agency, approximately 85% of Canadians used a smartphone to access the internet. The proportion was highest among those aged 25 to 34 (98%), lowest among those aged 75 and over (37%), and people aged over 75 increased by about 10% compared to 2020. Therefore, an increase in internet usage and smartphone penetration drives the online travel booking platform market.
Competitive Landscape -
Major companies operating in the online travel booking platform market are Booking Holdings Inc., Expedia Inc., Airbnb Inc., Anywhere Inc., Trip.com Travel Singapore Pte. Ltd., TripAdvisor LLC, Corporate Travel Management Ltd., Hopper Inc., Fareportal Inc., Lastminute.com NV, MakeMyTrip Ltd., Happyeasygo India Private Limited, BlueStar Air Travel Services Pvt. Ltd., Yatra Online Inc., Thomas Cook Group plc, 2FN Travel Inc., Dcsplus.net, Tavisca Solutions Private Limited, GTi Travel Group, OTRAMS, DirectVision SRL, Airtkt.Com Inc., Lemax GmbH, Apricot Tours , CorporateFlights.com, Fares Daddy Private Limited, HolidayPasal.com, SutiTravel, eDreams International Network S.L.
Technologies Driving Growth In The Online Travel Booking Platform Market
Major companies operating in the online travel booking platform market are focusing on technological advancements such as lodging AI and ML to meet the growing demand. Lodging AI is a new capability. Travel AI machine-learning models analyze property attributes, customer trip segmentation, and traveler and agency preferences to generate custom lodging options. Lodging AI is used in the online travel booking platform market to enhance personalization and efficiency for travel agencies and travelers. For instance, in August 2023, Sabre Corporation, a US-based travel management company, launched lodging AI. Lodging AI can help travel agencies improve hotel attachment rates, creating additional revenue opportunities and providing travelers with more personalized lodging options. machine learning models, the new lodging capability analyzes property attributes, customer trip segmentation, and traveler and agency preferences to generate custom lodging options and serve up properties that are most likely to be booked.
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Key Segments -
The online travel booking platform market covered in this report is segmented -
1) By Type: Packages Types, Direct Type
2) By Service Type: Vacation Packages, Accommodation Booking, Transportation Booking, Other Service Types
3) By Application: Desktop Or Laptop, Mobile Or Tablet
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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