Peer-to-Peer Accommodation Market Size is Set to Grow at a Remarkable Pace in the Coming Years
Portland, OR -- (SBWIRE) -- 07/10/2017 -- Increasing connectivity facilitated by online social network platforms allows people to share access to their houses, rooms, products, and services for a fee or other compensation. This phenomenon, also termed as peer-to-peer (P2P) accommodation, has gained prevalence in travel & tourism marketplaces in the past few years. A number of companies have developed relationships with property managers in different cities worldwide and offer accommodations according to consumer requirements. These companies form a global network of individuals to establish the demand and supply equation in hospitality and tourism industries.
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Major factors that drive the use of peer-to-peer accommodations are social appeal due to customers social motivation to get to know, interact, and connect with local communities, and economic appeal owing to the low cost of quality accommodation. Privacy and safety concerns are the prime factors hindering the market growth.
Distrust towards the hosts and the online platform used to communicate and execute transactions deter travelers from using P2P accommodations. Participating in collaborative consumption is an opportunity for peers to develop connections with websites involved in collaborative business. Moreover, market players such as Airbnb have an opportunity to establish relations with property dealers to widen their consumer base.
The world peer-to-peer accommodation market is segmented based on application, type of accommodation, and geography. A large number of consumers opt for P2P accommodation in the tourism and hospitality industries. The market is also classified based on the type of accommodation such as single room, private room, and entire house/apartment. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America and Europe dominate the market for P2P accommodation.
The players operating in this market have developed scalable platforms that enable individuals to distribute and share access to excess capacity of accommodation. For the year 2015, Airbnb served more than 25 million guests, offering accommodation in more than 34,000 cities worldwide. Key players operating in this market are Airbnb Inc., Flipkey Inc., HomeAway Inc., Roomorama, HouseTrip Ltd., Wimdu, Lifealike Limited, HomeExchange.com, Couchsurfing International Inc., and MyTwinPlace. Airbnb Inc. is a leader, with more than 550,000 listings in 192 countries. Its listings include anything from a tree house to a castle, and its price range varies based on the type of accommodation. Moreover, few companies have a home exchange network for families traveling with kids. Visitors get information about local activities that children love and get connected to babysitters.
PEER-TO-PEER ACCOMMODATIONMARKET SEGMENTATION
The world peer-to-peer accommodation market is segmented on the basis of application, type of accommodation, and geography.
BY TYPE OF ACCOMMODATION
-Couchsurfing International Inc.
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