Online Travel Market anticipates that it will be USD 1.2 Trillion by 2024
Added: (Mon Feb 25 2019)
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The online travel market has grown significantly over the last few years and is expected to continue so in the forthcoming years owing to rapid digitalization of travel services and traveling trend of people globally. The digitalization of the travel industry offers a thrilling mix of digital and human interaction in building a personalized travel experience. The explosion of mobile devices and the growing confidence of customers in the safety of mobile payments hugely complement the growth of the online travel market. Further, the travel market is witnessing partnership, with leading online travel agencies (OTAs) acquiring the start-ups and other smaller players; help online travel market to grow seamlessly as these partnerships offer a variety of travel options to travelers. Renub Research latest report on Online Travel Market anticipates that it will be USD 1.2 Trillion by the year 2024.
The online travel market is one of the most innovative markets as it comprises of leading IT companies and e-commerce giants who understood the needs of a customer and create such a novel platform which not only help online travel players to come closer but also offers travelers with varieties of options at their ease. This online platform helps travel-related companies to sell their products and services to customers seamlessly providing better and enhanced opportunities to their customers.
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The online travel market is generally made up of e-commerce (desktop, laptop or mobile) websites that provides easy and hassle-free booking options and buying experience to the travelers. Increasing internet penetration, the rise in disposable income of people in emerging markets and the growing adoption of social media are some the major factors influencing the growth of the online travel market. The majority of the online travel market is being driven by hotel bookings and flights. In addition; the online travel market is also highly influenced by the reviews on the websites. These reviews assist the travelers in deciding the travel plan and also on which websites they should do their booking as these reviews offer customer ease of comparing a variety of travel options online.
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Today, the online travel market players are providing innovative tour and travel package deals to help travelers in selecting sound travel decisions as per their spending capabilities, such as cheap international destination packages, discount on online payments and further with cash back on their bookings. The online travel agencies (OTAs) are escalating their offerings very randomly to attract more customers and increase their customer base eventually.
The travelers of developed and developing countries are now opting to shop online and purchase their travel itinerary. This shift to booking online continues over offline due to various reasons including better technology infrastructure, online penetration, adoption of credit cards and macroeconomic conditions which help online travel market to cross a new boundary in the forthcoming years.
Market Summary
• Region-wise, the report provides the online travel market of United States, Asia Pacific, Europe, Middle East and Latin America.
• Platform types, the report captures the information of online travel market by mobile and Computer
• Segments wise, Total booking market, Online Penetration of the Total Travel Booking Market, Online Travel Market, Offline Travel Booking Market has been studied in the report
• Company Analysis, Expedia, Inc., Booking Holdings Inc., TripAdvisor, Inc., Ctrip.com International, Ltd all the 4 companies have been analyzed in the report
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Key Topics Covered :
1. Introduction
2. Research Methodology
3. Executive Summary
4. Global Online Tourism Market
5. Global Travel & Hotel Market
6. Market Share – Travel & Hotels
7. United States
8. Europe
9. Asia Pacific
10. Latin America
11. Middle East
12. Platform – Online Travel Booking Market
13. Growth Drivers
14. Challenges
15. Expedia, Inc
16. Booking Holdings Inc
17. TripAdvisor, Inc
18. Ctrip.com International, Ltd
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