NEW YORK, March 21, 2017 /PRNewswire/ --
FinancialBuzz.com News Commentary
The Online Travel Market is estimated to garner $1,091 billion by 2022, registering a CAGR of 11.1% during the forecast period 2016‐2022, according to a report published by Allied Market Research. The online travel market is driven by technology, which provides quick and convenient flight and hotel bookings, online payments, and ability to compare various available travel options. In the modern travel market players are offering travel services through mobile websites and apps, as it is one of the most preferred mediums of travel bookings, particularly among the young professionals demographic. ZoomAway Travel Inc. (TSX-V: ZMA), Yatra Online Inc. (NASDAQ: YTRA), Travelzoo Inc. (NASDAQ: TZOO), Tuniu Corporation (NASDAQ: TOUR), Travelport Worldwide Limited (NYSE: TVPT)
The age groups between 22 - 31 is comprised of the young population, which are the early starters in their professional careers. The report indicates the crucial role this age group plays in shaping the market. These travelers are more inclined to spend on travel and explore new destination, as compared to the travelers in the higher age-group category, and spend approximately $200 billion on travel every year. These travelers have revolutionized the online travel industry by the extensive use of technology. Smartphones and other mobile devices are largely preferred to make travel arrangements.
ZoomAway Travel Inc. (TSX-V: ZMA) just announced earlier today that, "Zoomaway Travel Inc.'s wholly owned Nevadan subsidiary, ZoomAway Inc., has begun researching the emerging cannabis hospitality and tourism industry in the Unites States.
The cannabis hospitality and tourism industry is growing with the recreational legalization of marijuana in several states including Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon and Washington. Zoomaway feels that the adoption of cannabis hospitality and tourism by lodging, activities, transportation, culinary and wellness experiences won't be too far behind. As the industry finds its way through the regulations and appetites for certain experiences, Zoomaway plans to be well positioned as these opportunities arise.
"We have been identifying several different opportunities in the United States in this space for the past several months. With our ultradiverse suite of technology products, we believe that we can capitalize on this growing market and be at the forefront of continued expansion. We also have the added benefit of being in Nevada, which has recently joined the wave of states to become marijuana friendly. Any potential start-ups or existing tour operators would not only benefit from Zoomaway's booking technology and platforms, but would gain the added benefit of using our extensive hotel and outdoor activity inventory. The opportunity to bring together two growing industries is always worth our research time and exploration dollars," said Sean Schaeffer, chief executive officer of ZoomAway Travel.
India's leading online travel company, Yatra Online Inc. (NASDAQ: YTRA) provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. The Company's segments include Air Ticketing, Hotels and Packages, and Others. Through Internet and mobile-based platform and call-centers, the Company provides the facility to book and service international and domestic air tickets to customer through business-to-consumer and business-to-business-to-consumer channel. As a leading platform of accommodation options, Yatra provides real-time bookings for more than 62,000 hotels in India and over 500,000+ hotels around the world.
Media commerce company Travelzoo Inc. (NASDAQ: TZOO) provides over 28 million members insider deals and one-of-a-kind experiences personally reviewed by its deal experts around the globe. The company focuses on the pulse of outstanding travel, entertainment, and lifestyle experiences. For over 15 years, the company worked in partnership with more than 2,000 top travel vendors allowing access to the best deals. The Company operates through three segments: Asia Pacific, Europe and North America. The Asia Pacific segment consists of the Company's operations in Australia, China, Hong Kong, Japan, Taiwan and Southeast Asia. The Europe segment consists of the Company's operations in France, Germany, Spain and the United Kingdom. The North America segment consists of Travelzoo's operations in Canada and the United States.
Tuniu Corporation (NASDAQ: TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 1,700,000 stock keeping units (SKUs) of packaged tours, covering over 150 countries worldwide and all the popular tourist attractions in China. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network.
Travelport Worldwide Limited (NYSE: TVPT) provides a travel commerce platform, which offers distribution, technology, payment, mobile and other solutions for the travel and tourism industry. The Company connects travel providers, such as airlines and hotel chains with online and offline travel agencies and other travel buyers in its business-to-business travel commerce platform. It also provides a range of digital and mobile services that allow airlines, hotels, corporate travel management companies and travel agencies to engage with their customers through mobile services, including applications, corporate booking tools, mobile Web and mobile messaging. Travel Commerce Platform connects travel providers and travel buyers, as well as travel agencies, travel management companies and corporations.
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