Seattle, WA -- (SBWIRE) -- 11/04/2019 -- The Online Travel Bookings market is driven by quick and convenient flight and hotel bookings, rise in customers' trust in online payment, and ability to compare various available travel options. Nowadays, market players are extensively 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.
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Companies have started to cater to the needs of travelers through innovative mobile travel apps to gain market share. Apps infused with various features are being developed to remain connected to travelers throughout their journey and to assist them whenever required. Travel apps offer flexibility to travelers, thus, becoming an important differentiating factor for the consumers while choosing a travel company. In addition, customers have started to download hotels and airline apps for a quick view and booking status. Companies are also incorporating other services such as customized coupons, concierge services, and other in-destination services in the travel apps to have easy customer touch point and promote their brand. Thus, proliferation of mobile usage and innovative mobile travel apps are expected to foster the growth of the Online Travel Bookings market size in the future.
The primary market drivers are the increased spending power of the people, growing internet and credit card penetration, governmental initiative to spread tourism, emergence of new online segments and the much anticipated growth in civil aviation market. The major short term restraints in the upcoming trends are the low operating margins and the non-reliability of offline partners. Other factors that require attention are the limited penetration of the service to the urban areas, payment processing issues, cultural barriers and lack of customer willingness, poor industry practices and insufficient tech infrastructure.
The market that can be segmented on the basis of the service offered as Airline and Railway ticketing, accommodation and hotel reservation, organized tour packages and car rentals, has sufficient opportunities in the domain of mobile platform, seamless merging of online and offline facilities, shift to non-air travel segments, scope in medical and travel tourism and the exploitation of social media for its services and promotion.
Major Key Players are as Follows: MakeMytrip Limited, Ctrip.Com International, Expedia, Inc., Priceline Group Inc., TripAdvisor LLC, Fareportal (Cheapoair.Com), Airbnb, Inc., Hostelworld Group, Thomas Cook Group Plc.
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The Online Travel Bookings Market report offers you perceptive data of the market and highlights its commercial landscape
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The Online Travel Bookings Market report accurately projects the global market value and regional share during the forecast period
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