Press Release / Technology / Online Travel Market | Global Industry is projected to reach USD 1.2 Billion by Forecast to 2023

Online Travel Market | Global Industry is projected to reach USD 1.2 Billion by Forecast to 2023

Market Highlights:
The online travel industry is basically made up of e-commerce websites trying to provide a hassle-free booking and buying experience to the customers. Increasing internet penetration and rising adoption of social media are among the primary factors influencing the growth of the online travel market. Most of the online travel market is being driven by the flight and hotel bookings. Additionally, the online travel market is highly affected by the reviews on the websites. These reviews help the consumers to decide on which websites should they buy from.
The direct travel suppliers segment is expected to hold the largest market share of the market. Whereas, online travel agencies segment is expected to grow at the highest rate during the forecast period owing to the increasing adoption of social media and rising demand for hassle-free travel booking options. Also, the growing trend of e-commerce and m-commerce is one major factors driving the growth of the online travel market.
 
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Major Key Players:

Expedia, Inc. (U.S.)
The Priceline Group (U.S.)
TripAdvisor Inc. (U.S.)
Ctrip (China)
Hostelworld Group (Republic of Ireland)
Hotel Urbano (Brazil)
CheapOair (U.S.)
Trivago (Germany)
Thomas Cook Group plc (U.k)
MakeMytrip Inc. (India)
Alibaba Group Holding Limited (China)
eLong (China)
TUI Group (Germany)
Tuniu (China)
AirGorilla, LLC (U.S.)
Hays Travel limited (U.k)
Airbnb (U.S.)
com (India)

 
The global Online Travel Market is expected to grow at a CAGR of approximately 12% during the forecast period 2017-2023.
 
Online Travel Market Segmentation:
The global online travel market is segmented by platform, mode of booking, and service type. Based on the platform, the market is segmented into mobile and desktop. Based on the mode of booking, the market is segmented into online travel agencies and direct travel supplies. Whereas, based on the service type, the market is segmented into transportation, accommodation, vacation packages, and others.
 
Regional Analysis:
The global online travel market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period.
 
The growth of market in North America is attributed to the technological advancements and increased adoption of e-commerce applications across various industry verticals.
 
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Intended Audience:

Technology Investors
Research/Consultancy firms
Technology Solution Providers
Government Bodies
Regulatory agencies
Consumers
Corporate sector

 
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