Online Travel Booking Platform Market Introduction and Overview
According to SPER Market Research, the Global Online Travel Booking Platform Market is estimated to reach USD 1745.94 billion by 2033 with CAGR of 10.01%.
The report includes an in-depth analysis of the Global Online Travel Booking Platform Market, including market size and trends, product mix, applications, and supplier analysis. The practice of organizing, scheduling, and overseeing travel plans via internet tools and websites is referred to as "online travel." It includes planning trips, looking up locations, comparing costs, and making reservations for lodging, transportation, and other travel-related services via websites and online travel agencies (OTAs). It has completely changed how people organize and reserve their travel. It gives visitors easy access to a variety of travel options and lets them look up and contrast various hotels, airlines, and other service providers.
- April 2023: Expedia introduced a new feature powered by ChatGPT to assist with vacation planning. Through a tailored and conversational approach to trip planning, this creative integration seeks to improve the Expedia users' travel planning experience. This new feature allows users to converse with the ChatGPT system in natural language, just like they would when speaking with a virtual assistant.
- May 2023: Business Travel News magazine presented HRS with three sustainability awards at the BTN Americas Event. These honors recognize HRS's all-encompassing sustainability program, its function as a green supplier, and their creative methods of encouraging environmentally friendly travel options. With these honors, HRS is able to motivate positive change in the business by setting an example for sustainable practices and inspiring others to follow.
Market Opportunities and Challenges
The market for online travel booking platforms is expanding at a substantial rate due to the growing consolidation of online travel companies. A number of mergers and acquisitions have resulted from the fierce competition among the sector's leading players, which has been exacerbated by the expansion of the travel and tourist industry. By utilizing technologies like metasearch and dynamic pricing, vendors are forging strategic collaborations to expand their client bases and market reach. One significant trend influencing the expansion of the market for online travel booking platforms is dynamic pricing. Vendors use this tactic to alter pricing according to the typical number of passengers to a destination in order to maximize profits during peak seasons in particular regions.
The weak relationship between the public and private sectors of the economy is the market restriction. Most online travel agencies are private businesses. On the other hand, government regulation applies to aircraft and means of transportation. The connectivity between these industries is insufficient when it comes to online travel. A lack of centralized coordination between the agencies leads to confusion. Market operations are being harmed by this gap between the leading sectors. There is no shortage of online travel information, tickets, or bookings. It is difficult to get official authorization for this trip, nevertheless. One major challenge is the inadequate technological foundation of the sector.
Market Competitive Landscape
In order to improve the experience of arranging a trip, online travel companies have also integrated augmented reality (AR) and virtual reality (VR). Some of major players are Airbnb, Expedia, Booking Holding,Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com, Corp, Lastminute.com Group and various others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Service Type, By Booking Method, By Device
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| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America |
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| Companies Covered | Airbnb, Expedia, Booking Holding,Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com, Corp, Lastminute.com Group |
COVID-19 Impact on Global Online Travel Booking Platform Market
Significantly impacted by the limitations imposed as a result of the coronavirus epidemic, sales in the worldwide internet travel business fell. For instance, just prior to the start of the COVID-19 pandemic, online travel sales in the US were just half of what was predicted for 2020. The nation's online travel agencies' gross booking value also saw a significant decline. However, with the limits loosened, a rebound is anticipated soon. Furthermore, even with COVID-19's detrimental effects, travel expenditures per capita are predicted to increase in a number of economies in Asia-Pacific, one of the travel-friendly regions with the quickest rate of growth.
Key Target Audience:
- Individual Travellers
- Business Travellers
- Families and Groups
- Travel Agencies
- Travel Service Providers
- Event Attendees
- Educational Institutions and Groups
- Others
Our in-depth analysis of the Global Online Travel Booking Platform Market includes the following segments:
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By Service Type:
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Accommodation Booking
Transportation Booking
Vacation Packages
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By Booking Method:
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Online Booking
Direct Travel Agency
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By Device:
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Desktop
Mobile
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Key Topics Covered in the Report:
- Global Online Travel Booking Platform Market Size (FY’2023-FY’2033)
- Overview of Global Online Travel Booking Platform Market
- Segmentation of Global Online Travel Booking Platform Market By Service Type (Accommodation Booking, Transportation Booking, Vacation Packages, Others)
- Segmentation of Global Online Travel Booking Platform Market By Booking Methods (Online Booking, Direct Travel Agency)
- Segmentation of Global Online Travel Booking Platform Market By Device (Desktop, Mobile)
- Statistical Snap of Global Online Travel Booking Platform Market
- Expansion Analysis of Global Online Travel Booking Platform Market
- Problems and Obstacles in Global Online Travel Booking Platform Market
- Competitive Landscape in the Global Online Travel Booking Platform Market
- Impact of COVID-19 and Demonetization on Global Online Travel Booking Platform Market
- Details on Current Investment in Global Online Travel Booking Platform Market
- Competitive Analysis of Global Online Travel Booking Platform Market
- Prominent Players in the Global Online Travel Booking Platform Market
- SWOT Analysis of Global Online Travel Booking Platform Market
- Global Online Travel Booking Platform Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Online Travel Booking Platform Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Online Travel Booking Platform Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Online Travel Booking Platform Market
7. Global Online Travel Booking Platform Market, By Service Type (USD Million)
7.1. Global Online Travel Booking Platform Market Value Share and Forecast, By Service Type, 2023-2033
7.2. Accommodation Booking
7.3. Transportation Booking
7.4. Vacation Packages
7.5. Others
8. Global Online Travel Booking Platform Market, By Booking Method (USD Million)
8.1. Global Online Travel Booking Platform Market Value Share and Forecast, By Booking Method, 2023-2033
8.2. Online Booking
8.3. Direct Travel Agency
9. Global Online Travel Booking Platform Market, By Device (USD Million)
9.1. Global Online Travel Booking Platform Market Value Share and Forecast, By Device, 2023-2033
9.2. Desktop
9.3. Mobile
10. Global Online Travel Booking Platform Market Forecast, 2019-2033 (USD Million)
10.1. Global Online Travel Booking Platform Market Size and Market Share
11. Global Online Travel Booking Platform Market , By Service Type, 2019-2033 (USD Million)
11.1. Global Online Travel Booking Platform Market Size and Market Share By Service Type (2019-2026)
11.2. Global Online Travel Booking Platform Market Size and Market Share By Service Type (2027-2033)
12. Global Online Travel Booking Platform Market , By Booking Method, 2019-2033 (USD Million)
12.1. Global Online Travel Booking Platform Market Size and Market Share By Booking Method (2019-2026)
12.2. Global Online Travel Booking Platform Market Size and Market Share By Booking Method (2027-2033)
13. Global Online Travel Booking Platform Market , By Device, 2019-2033 (USD Million)
13.1. Global Online Travel Booking Platform Market Size and Market Share By Device (2019-2026)
13.2. Global Online Travel Booking Platform Market Size and Market Share By Device (2027-2033)
14. Global Online Travel Booking Platform Market, By Region, 2019-2033 (USD Million)
14.1. Global Online Travel Booking Platform Market Size and Market Share By Region (2019-2026)
14.2. Global Online Travel Booking Platform Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. Airbnb
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Booking Holding
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Despegar.com Corp
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Expedia
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Hostelworld Group PLC (HSW)
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Lastminute.com Group
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Make My Trip Limited
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Trip Advisor Inc.
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9 Trivago N.V
15.9.1 Company details
15.9.2 Financial outlook
15.9.3 Product summary
15.9.4 Recent developments
15.20 Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
