The travel business has a lot of players and is one of the most cutthroat in the world. Due to evolving visitor preferences and technology improvements, the business has seen a dramatic transition in recent years. Due to the convenience, they offer for planning travel and lodging, online booking platforms have become a crucial component of the travel industry.
COVID-19 Impact and Market Status
As a result of people beginning to postpone their vacation plans out of concern that they may become infected with the virus, the COVID-19 pandemic has caused a decline in the market growth for online travel booking platforms. Businesses all across the world have either shut down or suffered enormous losses as a result of the pandemic, making the tourism sector one of the hardest affected. Nonetheless, the market is anticipated to rebound in the upcoming years as nations gradually open up and people resume their normal activities.
The Direct Type to Emerge as the Most Lucrative Segment
The market is broken down into direct and packaging according to kind. During the forecast period, a stronger rate of growth is anticipated for the direct segment. The preference of travellers for direct bookings, which provide greater transparency and flexibility in terms of rates and services, can be ascribed to this development.
The Mobile/tablet Segment appears as the most emerging Booking Platform
The market for desktop/laptop and mobile/tablet booking platforms for international travel has been divided based on the type of booking platform. During the evaluation period, a greater CAGR is expected to be achieved in the mobile/tablet segment. The predilection for mobile applications among travellers, which is on the rise, can be blamed for this.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
Throughout the forecast period, North America is anticipated to be the market with the biggest online travel booking volume. For online travel booking systems in this area, the US and Canada are two of the biggest marketplaces. The increase in business and leisure travel to these nations can be credited to this.
Considering the number of competitors investing in the sector, the future of the online travel booking platform market is bright. Due to rising internet usage, an increase in business and leisure travel, and rising demand for online booking platforms, the industry is anticipated to expand quickly. The ability to manage client expectations has also improved thanks to the use of cutting-edge technology like AI and big data. In the upcoming years, this is anticipated to fuel the market's growth even more.
An online travel booking platform is a webpage or software programme that provides online booking and reservation services for travel-related goods and services like hotels, rental cars, and airfare. Travellers can easily and conveniently look for and book travel services using these sites. Additionally, these platforms provide a variety of deals and discounts on travel-related services, drawing passengers even more.
Airline ticketing, hotel reservations, and vehicle rentals are just a few of the services that are anticipated to be offered by online travel booking platforms. Additionally, some platforms offer supplemental services like city excursions and airport transportation. Furthermore, these sites provide promotions and savings on reservations for travel.
Due to the rising number of business and leisure visitors, it is anticipated that the market for online travel booking platforms would expand significantly in the upcoming years. Bookings for hotels, rental vehicles, and flights can all be made easily using these platforms. Additionally, some platforms offer supplemental services like city excursions and airport transportation.
At a CAGR of 6.0% over the projected timeframe, the market for online travel booking platforms is anticipated to increase from USD 107.8 billion in 2019 to USD 169.9 billion in 2029. The market is expanding as a result of several key factors, including rising internet usage, an increase in business and leisure travel, and rising demand for online travel booking platforms.
Managing consumer expectations is one of the most difficult tasks encountered by online travel booking systems. Customers now anticipate more in terms of deals and discounts from these platforms as a result of their growing popularity. Additionally, consumers are more conscious of their rights and are eager to file a complaint when they believe that their expectations have not been met. Because of this, maintaining a high level of client satisfaction has become difficult for online travel booking systems. On the other hand, thanks to cutting-edge technology like artificial intelligence (AI) and big data, online travel booking systems are now more capable of managing customer expectations.
MakeMyTrip (India), TripAdvisor (US), Thomas Cook India Limited (India), Travelocity Global (UK), Expedia Group (US), AirAsia Berhad (Malaysia), Priceline Group (US), eDreams ODIGEO SAU (Spain), Ctrip (China), and TUI Group are some of the main participants in the online travel booking platform market (Germany). The research also contains a thorough competition analysis of the major market participants, including company profiles, SWOT analyses, updates, and important growth strategies.
Recent Developments of the Online Travel Booking Platform Market
- By fusing artificial intelligence with consumer data, Fareportal and IBM Corporation teamed together in January 2019 to enhance client engagement. Through this collaboration, Fareportal will be able to improve user experience and offer more pertinent travel options to clients.
- A strategic relationship between Yatra Online Pvt Ltd and American Express Global Business Travel was launched in February 2019 to provide a comprehensive range of end-to-end managed travel solutions in India. Through this cooperation, Yatra will be able to attract more clients and provide them with a managed travel solution that is more all-inclusive.
- The release of Ctrip for Corporate 2.0, an AI-powered platform for managing business travel, was announced by Ctrip in September 2019. This product will aid companies in the more efficient management of their travel arrangements and costs.
- A business travel management tool specifically created for small and medium businesses in India, Business Travel on MakeMyTrip (BTMMT), was introduced by MakeMyTrip in October 2019. This solution will make it easier for businesses to manage their trip reservations, spending, and approvals.
Online Travel Booking Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 169.9 billion|
|Growth Rate||CAGR of 6.0 % during 2021-2028|
|Segment Covered||Types, Booking Platform, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||MakeMyTrip (India), TripAdvisor (US), Thomas Cook India Limited (India), Travelocity Global (UK), Expedia Group (US), AirAsia Berhad (Malaysia), Priceline Group (US), eDreams ODIGEO SAU (Spain), Ctrip (China), and TUI Group|
Key Segments of the Global Online Travel Booking Platform Market
Type Overview, 2019-2029 (USD Billion)
Booking Platform Overview, 2019-2029 (USD Billion)
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa