Global Online Travel Booking Market Size Projected to Reach USD 2000 Million by 2028

02-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “Online Travel Booking Market – By Type of Service (Vacation Packages, Accommodation Booking, Transportation Booking, and Others), By Booking Method (Online Booking and Direct Travel Agency), and By Device (Mobile and Desktop): Global Industry Perspective, Competitive Landscape, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2021–2028” states that the global online travel booking market in 2020 was approximately USD 782 Million. The market is expected to grow at a CAGR of 12.2% and is anticipated to reach around USD 2000 Million by 2028.

Owing to technological advancements, the online travel industry has endured numerous changes over the last few years. The travel booking process is molded by the rapid growth in the usage of mobile applications and rising penetration of the internet, resulting in making the process swifter and easier. Service of Online travel booking is available on channels such as mobile applications, online browsers, portals, and so on. Online travel booking can be used for various industries, such as travel and tourism, hospitality, lodging, and more.

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The travel industry and the online hotel booking sector have undergone a major transformation due to technological enhancements and digital trends. Additionally, the increasing penetration of mobile applications for online travel booking is expected to boost the market's margin over the next few years. Furthermore, the hospitality industry has played a crucial role in increasing the global market for online travel bookings. Most hotel owners support digital platforms to make use of the digital revolution, as internet penetration is growing across the globe. Online travel agencies such as Booking Holdings, Expedia, Trips, etc. are crucial players in the global online travel industry, providing services such as promotions, information sharing, and transactions that benefit both service providers and consumers of hotels.

Moreover, in recent times consumers are preferring the online method of booking because of its features such as easy booking, easy payment, etc. Additionally, innovative services such as easy and safer payment modes, twenty-four-seven services accessibility, easy and free cancellation, online charges comparison for hotels and transportation, easily installed application, etc. Thus, the aforementioned parameters may positively influence the online travel market over the future years. The sharp increase in internet subscribers due to the mass acceptance of the online travel market is expected to boost the market's profits over the coming years, Supported by the fact that, the online travel market is likely to grow due to the rising disposable incomes of customers.

The online travel booking industry report is segmented based on the type of service, booking method, and device. Service-wise, the market is classified into vacation packages, accommodation booking, transportation booking, and others. Amongst the service-wise segment, the transportation booking segment held the leading share and accounted for approximately 53% in 2020.  The reason for the growth in this segment is majorly dependent on the facility of pre-booking the transportation mode. In terms of booking methods, the market segment is sectored into online booking and direct travel agency. Direct-agency mode held the leading market share and accounted for approximately 59.5% in 2020. Although the online mode is easier to use, in the current scenario, the consumers don’t feel safe to make transactions online due to safety reasons.  Additionally, it is a traditional way so it has more preference.

On the basis of the device, the market is bifurcated into the mobile, desktop. On the basis of the platform, the desktop segment had the leading share and was accounted for 70.8% in 2020. But, according to our analysis mobile segment is expected to witness a significant boost with a CAGR of 13.4% during the forecast period.

Region-wise, North America witnessed a maximum market share in 2020 with a CAGR of around 12.8% by the end of 2028, with the United States as a major contributor to revenues The region is expected to grow significantly over the forecast period, given the growing adoption of mobile online travel booking applications, particularly in the transport sector. The Asia-Pacific region is likely to evolve at the fastest rate in the future due to digitalization trends and Internet penetration in the region.

Report Scope

Report Attribute

Details

Market Size in 2020

USD 782 Million

Projected Market Size in 2028

USD 2000 Million

CAGR Growth Rate

12.2% CAGR

Base Year

2020

Forecast Years

2021-2028

Key Market Players

Ctrip.com, Priceline.com LLC, MakeMyTrip Limited, Trivago, Expedia Group, Inc., International, Ltd., Hostelworld.com Limited, TripAdvisor LLC, Fareportal, Inc., Ibibogroup, Hays Travel, Thomas Cook, E-dragon Holdings Limited (eLong), TUI Group, and Airbnb, Inc., and Others/among others

Key Segment

By Type, By Booking Method, By Device, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Some of the essential players operating in the online travel booking market, but not restricted to include Airbnb, Inc., TripAdvisor LLC, MakeMyTrip Limited, International, Ltd., Ctrip.com, Ibibogroup, Hays Travel, Hostelworld.com Limited, Thomas Cook, Priceline.com LLC, Trivago, Expedia Group, Inc, Fareportal, Inc., E-dragon Holdings Limited (eLong), TUI Group.

Browse the full “Online Travel Booking Market – By Type of Service (Vacation Packages, Accommodation Booking, Transportation Booking, and Others), By Booking Method (Online Booking and Direct Travel Agency), and By Device (Mobile and Desktop): Global Industry Perspective, Competitive Landscape, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2021–2028" report at https://www.fnfresearch.com/online-travel-booking-market

This report segments the online travel booking market as follows:

By Type of Service Segmentation Analysis

  • Vacation Packages
  • Accommodation Booking
  • Transportation Booking
  • Others

By Booking Method Segmentation Analysis

  • Online Booking
  • Direct Travel Agency

By Device Segmentation Analysis

  • Mobile
  • Desktop

Global Online Travel Booking Market: Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

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