Online travel booking platform market size to grow by USD 943.60 billion between 2021 and 2026; Growth driven by increasing internet and smartphone penetration - Technavio

NEW YORK, March 13, 2023 /PRNewswire/ -- The global online travel booking platform market size is estimated to grow by USD 943.60 billion between 2021 and 2026, according to Technavio. The market is estimated to grow at a CAGR of 14.64% during the forecast period. The market is driven by the increasing internet and smartphone penetration due to rapid technological advances. Governments in developed and developed countries such as the US, the UK, China, India, and Japan are introducing free Wi-Fi networks. This has increased the accessibility of the internet for consumers. In addition, the introduction of low-cost smartphones has increased the number of online users worldwide. This has increased the demand for a wide range of online services, including online travel booking. All these factors are contributing to the growth of the market. However, disruptions in travel demand due to issues such as airline pricing, hotel pricing, and natural calamities might challenge growth. For more insights on the market size (2022 to 2026) - Request a sample report

What's New?

• Analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Global Online travel booking platform Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (packages and direct), booking platform (mobile/tablet and desktop/laptop), and geography (APAC, North America, Europe, South America, and MEA).

• The market growth in the packages segment will be significant during the forecast period. People who travel with families prefer package travel services as they comprise all the necessary add-ons. Also, older people purchase packaged plans as the tour operators take care of the entire trip. These factors are driving the growth of the segment.

Geography Overview
By geography, the global online travel booking platform market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global online travel booking platform market.

• APAC will account for 36% of the market growth during the forecast period. The growth of the regional market is mainly driven by the increasing adoption of smartphones and the rapid penetration of the internet in China and India.

Insights on the market contribution of various segments including country and region-wise, forecast market size (2022 to 2026) - Download a Sample Report

Global Online travel booking platform Market – Market Dynamics

Leading trends influencing the market 

• The increasing adoption of online payment platforms is identified as the key trend in the market.
• The adoption of online payment options among consumers and businesses has increased significantly over the years.
• Advances in cybersecurity solutions and a rising number of ethical hackers have made online transactions secure and popular.
• Governments across the world are also encouraging online transactions among people.
• The increased adoption of online transactions will have a positive impact on the growth of the online travel booking platform during the forecast period.

Major challenges hindering the market growth

• Disruptions in travel demand due to various issues will challenge market growth.
• The price of travel, stay, and food varies across destinations and weather conditions.
• Some customers cancel tickets and other amenities due to various reasons, which leads to revenue loss to vendors.
• Also, uninformed travel restrictions by local governments result in significant losses to vendors.

Insights on Market Drivers, Trends, & Challenges and forecast period (2022 to 2026) - Request a sample report!

What are the key data covered in this online travel booking platform market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the online travel booking platform market between 2022 and 2026
• Precise estimation of the size of the online travel booking platform market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the online travel booking platform market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of online travel booking platform market vendors

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Table of contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Type

• Market segments
• Comparison by Type
• Packages - Market size and forecast 2021-2026
• Direct - Market size and forecast 2021-2026
• Market opportunity by Type

Market Segmentation by Booking platform

• Market segments
• Comparison by Booking platform
• Mobile/tablet - Market size and forecast 2021-2026
• Desktop/laptop - Market size and forecast 2021-2026
• Market opportunity by Booking platform

Customer landscape

• Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2021-2026
• North America - Market size and forecast 2021-2026
• Europe - Market size and forecast 2021-2026
• South America - Market size and forecast 2021-2026
• MEA - Market size and forecast 2021-2026
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Airbnb Inc.
• Booking Holdings Inc.
• eDreams ODIGEO
• Expedia Group Inc.
• Hostelworld.com Ltd.
• MakeMyTrip Ltd.
• Thomas Cook India Ltd.
• Trip.com Group Ltd.
• TripAdvisor LLC
• TUI AG

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio