Online Travel Booking Market Size, Share Global Analysis Report, 2021–2028

Industry Insights

[217+ Pages Report] According to Facts and Factors, the global online travel booking market was worth about 782 (USD million) in 2020 and is predicted to grow to around 2000 (USD Million) by 2028, with a compound annual growth rate (CAGR) of around 12.2%. The report examines the online travel booking market’s drivers and restraints, as well as the impact they have on the demand during the forecast period. In addition, the report analyses global opportunities in the online travel booking market.

Market Overview

Due to technological advancements and digital trends, the travel industry and the online hotel booking sector have seen significant changes. In addition, during the next several years, the growing use of mobile applications for online travel booking is predicted to enhance the market's margin. In addition, the hospitality industry has contributed significantly to the growth of the global online travel booking market. As internet coverage is increasing around the world, most hotel owners promote digital platforms to take advantage of the digital revolution. Booking Holdings, Expedia, Trips, and other online travel agencies are important players in the global online travel booking market, providing services such as promotions, information exchange, and transactions that benefit both service providers and hotel guests.

Furthermore, in recent years, consumers have preferred the online way of booking due to characteristics such as ease of booking, ease of payment, and so on. In addition, new services such as simple and secure payment methods, twenty-four-hour service accessibility, simple & free cancellation, online hotel & transportation prices comparison, readily installed applications, and so on are other features gaining traction among customers around the world. As a result, the aforementioned characteristics may have a favorable impact on the internet travel business in the coming years. The rapid growth in internet subscribers as a result of widespread acceptance of the online travel booking market is predicted to raise earnings in the next years, bolstered by the fact that the online travel industry is expected to grow as customers' disposable incomes rise.

Growth Drivers

The young population, aged 22 to 31, is comprised of individuals who are just starting out in their professional careers. When compared to travelers in the older groups, these travelers are more likely to spend money on travel and visit new places. The increased use of technology by these tourists has changed the internet travel sector. When it comes to making travel arrangements, smartphones and other mobile devices are widely used. In addition, social media platforms are utilized to rate and review various travel service providers, locations, modes of transportation, and lodging. When arranging a trip or a short weekend excursion, many young travelers conduct preliminary research online and browse several websites.

The primary drivers projected to stimulate the growth of the global online travel booking market include an increase in mobile use, an increase in internet connectivity, and innovative mobile apps. The rise in disposable income in emerging nations, as well as the ease of evaluating a variety of travel options online, are likely to fuel industry expansion. The increasing penetration of the internet and the growth in the number of cell phone users are contributing to the consumer movement toward online channels for travel ticketing and hotel reservations.

The growing number of cell phone users, combined with increasing web penetration, is expected to drive revenue for the global online travel booking market in the coming years. The main short-term constraints in the emerging patterns are the low working edges and the inconsistent quality of disconnected partners. Other factors to consider are the restricted access to metropolitan support, payment handling troubles, societal impediments & a lack of client eagerness, helpless industry rehearses, and insufficient tech foundation.

On the other hand, there is no unified mechanism in place to standardize data between government and private sector travel agents, resulting in a schism. This factor may limit the global online travel booking market growth. Furthermore, the influx of big data and other complementary technologies like automation and augmented and virtual reality is projected to open up new prospects for travel companies.

Report Scope

Regional Landscape

Europe has the largest market share for a variety of factors, including high disposable income and a developing tourism sector. Tourism is a significant economic growth industry in Europe, boosting the online travel agency business in the region. North America is the market's second-largest shareholder in the global online travel agency market. However, due to the increasing use of online travel service applications for mobiles/smartphones, the Asia Pacific region is predicted to develop at the fastest CAGR of 16 percent over the forecast period.

Recent Developments

• In August 2020, MakeMyTrip has announced the launch of a platform to help travel agents provide better trip booking experiences to their customers. MyPartner is a platform intended to give local travel agencies accessibility to one of the most comprehensive collections of online travel inventories.
• To strengthen the presence of private operators in the industry, travel and hospitality tech firms - OYO, together with EaseMyTrip, Airbnb and Yatra – have joined forces to support and empower the Confederation of Hospitality, Technology, and Tourism Industry (CHATT) in June 2021.

Competitive Landscape

The global online travel booking market includes the following key players:

• Ctrip.com
• Priceline.com LLC
• MakeMyTrip Limited
• Trivago
• Expedia Group Inc.
• International Ltd.
• Hostelworld.com Limited
• TripAdvisor LLC
• Fareportal Inc.
• Ibibogroup
• Hays Travel
• Thomas Cook
• E-dragon Holdings Limited (eLong)
• TUI Group
• Airbnb Inc.

By Type of Service Segment Analysis

• Vacation Packages
• Accommodation Booking
• Transportation Booking
• Others

By Booking Method Segment Analysis

• Online Booking
• Direct Travel Agency

By Device Segment Analysis

• Mobile
• Desktop

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America