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Online Travel Booking Platform Market Poised for 10.6% CAGR Growth, Set to Reach $862.30 Billion by 2028 | Expedia Inc., Airbnb Inc., Anywhere Inc., Hopper Inc., Fareportal Inc.
Online Travel Booking Platform Market
According to The Business Research Company's, the online travel booking platform market size has grown rapidly in recent years. It will grow from $511.28 billion in 2023 to $576.42 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increase in internet usage and smartphone penetration, growing travel industry, need and desire to travel, availability of different travel media options, easy booking facility.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Online Travel Booking Platform Market 2024 Key Insights:
• The online travel booking platform market is expected to grow to $862.30 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Internet Usage and Smartphone Penetration's Impact on Online Travel Booking Platforms
• Technologies Driving Growth In The Online Travel Booking Platform Market
• North America was the largest region in the online travel booking platform market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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