Online Travel Market Research Report by Forecast to 2023
Pune, India -- (SBWIRE) -- 07/10/2018 -- Online Travel Market Overview:
Most of the online travel market is being driven by the flight and hotel bookings. Additionally, the online travel market is highly affected by the reviews on the websites. These reviews help the consumers to decide on which websites should they buy from.
The online travel industry is basically made up of e-commerce websites trying to provide a hassle-free booking and buying experience to the customers. Increasing internet penetration and rising adoption of social media are among the primary factors influencing the growth of the online travel market.
The direct travel suppliers segment is expected to hold the largest market share of the market. Whereas, online travel agencies segment is expected to grow at the highest rate during the forecast period owing to the increasing adoption of social media and rising demand for online travel booking options. Also, the growing trend of e-commerce and m-commerce is one major factors driving the growth of the online travel market.
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Major Key Players:
- Expedia, Inc. (U.S.)
- The Priceline Group (U.S.)
- TripAdvisor Inc. (U.S.)
- Ctrip (China)
- Hostelworld Group (Republic of Ireland)
- Hotel Urbano (Brazil)
- CheapOair (U.S.)
- Trivago (Germany),
- Thomas Cook Group plc (U.K)
- MakeMytrip Inc. (India)
- Alibaba Group Holding Limited (China)
- eLong (China), TUI Group (Germany)
- Tuniu (China)
- AirGorilla, LLC (U.S.)
- Hays Travel limited (U.K)
- Airbnb (U.S.)
- Yatra.com (India)
Online Travel Market Competitive Analysis:
The market of Online Travel Market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Attractive Business Models and Creative Marketing Is Expected To Drive a Faster Market Adoption:
Innovative marketing such as coupons, discounts, demand-pooling business models, increasing digital media marketing are drivers of the market. Price discovery remains a powerful determinant of the demand for the deployment of online interfaces enables rapid comparison and trends helping the customers select the best traveling plan suiting their customized needs and preferences.
Digital Divide and Quality of Connectivity Is Expected To Hamper the Market:
Digital divide represents the strongest restraint on the market and followed by poor network and internet connect ability. The sales of online travel are positively correlated with the quality of the web interface, the ease of use, digital marketing and customer grievances system to address the issues of the customers.
Online Travel Market Segmentation:
The online travel market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
Segmentation by Platform: Comprises mobile and desktop.
Segmentation by Mode of Booking: Comprises online booking agencies, direct travel suppliers.
Segmentation by Service Types: Comprises transportation, travel accommodation, vacation packages.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Online Travel Market Regional Analysis:
North America region accounts for highest market share in online travel market owing to key industry players such as Expedia, Inc. (U.S.), The Priceline Group (U.S.) and TripAdvisor Inc. (U.S.).Asia-Pacific is projected to grow at the fastest rate during the forecast period. This major growth is attributed to technological advancements and increasing use of mobile devices, tablets and smartphones in that region. Countries such as China and India are the most lucrative markets in the global online market.
The increase in disposable income, rise in middle-class segment, and greater penetration of Internet facilities. Ctrip is the leading player in China's online travel market, whereas MakeMytrip, Yatra, and Cleartrip are the major online travel agencies (OTA) operating in India. OTAs are becoming the most preferred medium for bookings in the region.
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