USD 520.2 billion
Online Travel Booking Services Market Size, Share, Growth Analysis, By Service Type(Vacation Packages, Accommodation Booking, Transportation Booking, Others), By Device Outlook(Desktop and Mobile), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2220 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|Tables:
62
|Figures:
77
Online Travel Booking Services Market Insights
Online Travel Booking Services Market size was valued at USD 566.5 billion in 2022 and is poised to grow from USD 616.91 billion in 2023 to USD 1220.2 billion by 2031, growing at a CAGR of 8.90% during the forecast period (2024-2031).
Online travel firms provide various booking services for housing, transit, sightseeing, and auto rentals. This platform features information about numerous travel service companies as well as client reviews on the products and services they provide. Globally, the phrase "internet travel booking platform" has taken over the travel business. Today, the services that use online booking systems the most include airlines, hotels, motels, taxis, and custom vacation packages. Numerous different booking platforms, including event booking, are driving market growth. According to an analysis, online booking systems are internet-based booking software that customers can access via a specific URL to browse available services and make bookings, creating a big international demand in the online travel booking service market. Online reservations represent one of the largest markets in the travel sector. The estimated annual value of the travel business is approximately $1.2 trillion, of which 63%, or roughly $756 billion, comes from online reservations. Current forecasts indicate the market would expand by 8%, reaching an estimated $817 billion in value and dominating the global market.
US Online Travel Booking Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Online Booking
Fastest Growth
Online Booking
Growth Rate
8.9% CAGR
Global Online Travel Booking Service Market 2022-2030 ($ Bn)
Country Share for Europe Region- 2022 (%)
To get more reports on the above market click here to Buy The Report
Online Travel Booking Services Market Segmental Analysis
Online Travel Booking Services Market is segmented on the basis of Service Type, Booking Methods, Device Outlook, and region. By Service Type, the market is segmented into Vacation Packages, Accommodation Booking, Transportation Booking and Others. By Booking Methods, the market is segmented into Online Booking and Direct Travel Agency. By Device Outlook, the market is segmented into Desktop and Mobile. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Online Travel Booking Services Market Analysis by Booking Methods
The direct travel agency segment dominated the global market. This is due to the massive excursions and vacation packages that travel brokers offer while globally considering the comfort and budgets of their clients. The ability to book hotels and flights quickly, as well as the chance to evaluate many accessible travel options, are other reasons why individuals are urged to buy their vacation packages through online travel agencies.
The online booking segment is expected to grow at the fastest segment. Due to the personalized experience and convenience, more and more individuals are using online travel agencies to book vacation packages, hotels, and other services, driving the market segment growth. Also, major steps implemented by market participants such as online campaigns and social media advertising are anticipated to draw potential clients to begin their bookings through the online booking mode, which is anticipated to speed up industry growth.
Online Travel Booking Services Market Analysis by Device Outlook
The desktop segment dominated the global market. Market growth is being accelerated by the increasing use of desktop or web browsing to obtain comprehensive information about travel and hotel bookings. Also, people are more at ease using desktops to purchase bigger items like vacation packages and flights. Also, the number of customers who cancel their travel purchase on desktops is higher than that of mobile, at 85%, which could spur market expansion.
The mobile segment is expected to grow at the fastest CAGR. This is a result of mobile and internet usage and penetration increasing globally. The busy schedules of young and working consumers as well as the existence of reputable online travel firms, are further driving industry expansion. The quick and simple hotel and flight bookings made possible by marketplace platforms and the wide range of services made available through mobile applications are credited with the segment's rise.
Global Online Travel Booking Service Market Size By Booking Methods 2022 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Online Travel Booking Services Market Regional Insights
Due to rising income levels in the region, an improving economic climate in European nations, and government programmes to promote travel and tourism, Europe dominated the global market in 2021. Also, there is a huge demand for travel and tourism because Europeans value the experience of discovering new places. Additionally, it is anticipated that the growth throughout the assessment period will be fueled by the rise in independent/solo travellers and the expansion of online travel agencies in this area
The Asia Pacific region is expected to grow at the fastest CAGR. People are drawn to the travel and tourism sector, which is driving growth due to various important factors, including increased purchasing power and rising living standards. Additionally, the group travel industry has been significantly boosted and accelerated by economic expansion, the loosening of travel restrictions, increased competition, and aggressive marketing strategies employed by the sector's involved players.
Global Online Travel Booking Service Market Size By Geography, 2022-2030
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Online Travel Booking Services Market Dynamics
Online Travel Booking Services Market Drivers
Increasing internet penetration and mobile usage
- The increasing availability of high-speed internet and mobile devices has significantly impacted the global market. With more people accessing the internet and using mobile devices, online travel booking services have become more convenient and accessible, leading to an increase in demand. Mobile devices, in particular, have revolutionized how people search for and book travel services. With the use of mobile apps, travelers can book and pay for travel services on the go, making the process faster and more convenient.
Availability of a wide range of travel options
- Online travel booking services provide customers access to a diverse range of travel options, including flights, hotels, car rentals, and vacation packages. This variety of options allows customers to compare prices, read reviews, and make informed decisions when booking their travel arrangements. Online travel booking services also allow customers to customize their travel itineraries, making it easier for them to plan their trips according to their preferences and interests.
Online Travel Booking Services Market Restraints
Fluctuating economic conditions
- The online travel booking services market is sensitive to changes in economic conditions, such as recessions or currency fluctuations. During periods of economic uncertainty, consumers may reduce their travel plans, which can lead to a decline in the demand for online travel booking services.
Request Free Customization of this report to help us to meet your business objectives.
Online Travel Booking Services Market Competitive Landscape
To appeal to customers around the world, both small and large firms are launching cutting-edge packages and broadening their product lines. Furthermore, in order to develop their market shares and stay relevant in the online travel booking sector, prominent market participants rely on strategies including the introduction of new services and company expansion. Also, the availability of several options is a major factor in the growth of global market.
Online Travel Booking Services Market Top Player’s Company Profiles
- Booking Holdings (United States)
- Expedia Group (United States)
- Trip.com Group (China)
- Airbnb (United States)
- Agoda (Thailand)
- Traveloka (Indonesia)
- Ctrip (China)
- MakeMyTrip (India)
- eDreams Odigeo (Spain)
- TripAdvisor (United States)
- Hopper (Canada)
- Travelocity (United States)
- Priceline (United States)
- Cleartrip (India)
- Kiwi.com (Czech Republic)
- CheapOair (United States)
- Wego (Singapore)
- Hostelworld Group (Ireland)
- Lastminute.com (United Kingdom)
- Yatra (India)
- Voyages-sncf.com (France)
- Opodo (United Kingdom)
Online Travel Booking Services Market Recent Developments
- In April 2023, Veriti Management LLC Invested $273,00 in Trip.com Group Limited (NASDAQ: TCOM).
- In May 2022, Expedia Group Open World is a new technology platform introduced by Expertise Group for providing excellent traveller experiences, creating traveler-focused technology that provides the appropriate information for booking confidence, and enhancing the travel ecosystem.
Online Travel Booking Services Key Market Trends
Increased use of artificial intelligence (AI)
- Online travel booking services leverage AI to enhance the user experience and improve operational efficiency. One way AI is being used is through chatbots and virtual assistants, which provide personalized recommendations and assist customers with travel arrangements. AI-powered chatbots can handle a variety of customer inquiries, from booking flights and hotels to answering frequently asked questions. This saves time and resources for online travel booking services, while also improving the customer experience by providing quick and accurate responses to inquiries.
Online Travel Booking Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Online Travel Booking Services Market analysis, the market is driven by increasing internet penetration, growing used of mobile devices, and the availability of a wide range of travel options. The market is also characterized by changing consumer behaviour, seeking more personalized and immersive travel experiences. Online travel booking services are responding to this trend by incorporating AI-powered chatbots and virtual assistants to provide personalized recommendations and expand their offerings to include alternative accommodation options and experiential travel packages. Despite the positive trends and growth opportunities, the market is also subject to several restraints, such as cybersecurity threats, fluctuations in economic conditions, and changing consumer behaviour. Global market is expected to continue to grow in the coming years, driven by increasing consumer demand for personalized and immersive travel experiences, continued advancements in technology, and the availability of new travel options.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 520.2 billion |
| Market size value in 2030 | USD 1028.95 billion |
| Growth Rate | 8.9% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Online Travel Booking Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Online Travel Booking Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Online Travel Booking Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Online Travel Booking Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Online Travel Booking Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Online Travel Booking Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
