Online Travel Booking Service Market Growth and Development Insight – Size, Share, Growth, and Industry Analysis | MarkNtel

MarkNtel Advisors recently published a detailed industry analysis of the Online Travel Booking Service Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

Online Travel Booking Service Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030

The Online Travel Booking Service Market size is estimated to grow at a CAGR of around 11.70% during the forecast period, i.e., 2024-30.

What are the Major Driver of the Online Travel Booking Service industry?

Surging Demand for Online Travel Booking Services Amidst Global Travel Relaxations – Over the years, tourism in countries like the UAE, Italy, and others has significantly increased due to a surge in the net disposable income of individuals, flexible visa policies, government-led initiatives to boost tourism, and others. Individuals residing in countries like the UAE, Saudi Arabia, etc., experienced a rise in their net disposable income during past years. With an upswing in net disposable income, individuals allocated their financial resources to leisure pursuits like travel, thereby driving tourism.

Further, tourism irrefutably plays a vital role in the enlargement of the economy of numerous nations and global regions since it stimulates economic activity across multiple sectors and bolsters local enterprises and services such as lodging, dining, transportation, entertainment, etc. As a result, tourism contributed to elevating the Gross Domestic Product (GDP) of the countries across the globe during 2019-2023. According to the World Travel & Tourism Council, in 2022, the travel & tourism sector contributed to approximately 7.6% of the World’s GDP, an increase of about 22% compared to 2021.

Hence, the governments of countries like Saudi Arabia, India, etc., increasingly encouraged tourism and attracted millions of tourists in their countries by easing travel-related policies, hosting numerous cultural & sports events, and investing in the tourism sector. The surge in tourism across the globe contributed to an increase in the demand for online travel booking services.

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What segments define the Online Travel Booking Service market from 2024 to 2030? How do these segments contribute to market dynamics and growth?

• By Type
  • Vacation Package- Market Size & Forecast 2019-2030F, USD Million
  • Transportation- Market Size & Forecast 2019-2030F, USD Million
    • Airline- Market Size & Forecast 2019-2030F, USD Million
    • Trains- Market Size & Forecast 2019-2030F, USD Million
    • Buses- Market Size & Forecast 2019-2030F, USD Million
    • Cabs- Market Size & Forecast 2019-2030F, USD Million
  • Accommodation- Market Size & Forecast 2019-2030F, USD Million
    • Hotel- Market Size & Forecast 2019-2030F, USD Million
    • Hostel & Resorts- Market Size & Forecast 2019-2030F, USD Million
    • Vacation Rentals- Market Size & Forecast 2019-2030F, USD Million
    • Others (Camping & Recreation Vehicle, Timeshare Rentals, etc.) – Market Size & Forecast 2019-2030F, USD Million
  • Others (Travel Insurance Booking, Event & Attraction Booking, etc.) – Market Size & Forecast 2019-2030F, USD Million
• By Booking Method
  • Direct Online Booking- Market Size & Forecast 2019-2030F, USD Million
  • Online Travel Agencies (OTAs)- Market Size & Forecast 2019-2030F, USD Million

According to report, Direct online booking has gained a significant share in the Online Travel Booking Service Market due to higher price transparency and flexible booking policies.

• By Platform
  • Third Party Online Portals- Market Size & Forecast 2019-2030F, USD Million
    • Mobile Application- Market Size & Forecast 2019-2030F, USD Million
    • Websites – Market Size & Forecast 2019-2030F, USD Million
  • Direct Portals- Market Size & Forecast 2019-2030F, USD Million
    • Mobile Application- Market Size & Forecast 2019-2030F, USD Million
    • Websites – Market Size & Forecast 2019-2030F, USD Million
• By End Users
  • Leisure Travelers- Market Size & Forecast 2019-2030F, USD Million
  • Business Travelers- Market Size & Forecast 2019-2030F, USD Million
  • Medical and Wellness Travelers- Market Size & Forecast 2019-2030F, USD Million

According to report, Leisure travelers witnessed significant growth in the Online Travel Booking Service Market during historical years due to the increase in the net disposable income of individuals & the changing consumer preference towards travel with friends & family.

• By Age Group
  • Generation Z (Age 18-24) – Market Size & Forecast 2019-2030F, USD Million
  • Millennials (Ages 25-40) – Market Size & Forecast 2019-2030F, USD Million
  • Generation X (Ages 41-56) – Market Size & Forecast 2019-2030F, USD Million
  • Baby Boomers (Ages 57-75) – Market Size & Forecast 2019-2030F, USD Million

Explore the Complete Online Travel Booking Service Market Analysis Report – https://www.marknteladvisors.com/research-library/online-travel-booking-service-market.html

Geographical Analysis: Online Travel Booking Service Market

o   North America

o   South America

o   Europe

o   Middle East & Africa

o   Asia-Pacific

Online Travel Booking Service Market Share & Competitive Landscape:

The Online Travel Booking Service Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.

Leading Companies in the Online Travel Booking Service Market are:

• Airbnb Inc.
• Expedia Inc.
• Booking Holdings Inc.
• Trip Advisor LLC
• Trip.com Travel Singapore Pte. Ltd.
• Makemytrip Pvt Ltd.
• Hostelworld.com Limited
• Trivago N.V.
• Despegar.com, Corp.
• Lastminute.com NV
• Traveloka
• CorporateFlights.com
• Cleartrip Pvt. Ltd.
• Thomas Cook Ltd.
• KoreaTravelEasy Inc.
• Others (Yatra Online Limited, Fareportal, etc.)

Online Travel Booking Service Industry Recent Development:

• 2023: Airbnb Inc. launched a new online room booking platform “Airbnb Rooms”, with more than 50 features and upgrades to address feedback from guests and Hosts to elevate the customer’s experience.
• 2023: MakeMyTrip Pvt Ltd. Launched an application “Traveller Map of India” in collaboration with the Ministry of Tourism, India to discover tourism locations within the country based on their travel preferences.

Questions Addressed in this Study

1. What factors are driving the Online Travel Booking Service Market growth?

2. How is the Online Travel Booking Service Market expected to grow over the next five years?

3. What are the key insights into the current trends in the Online Travel Booking Service Market?

4. What is the current size of the Online Travel Booking Service Market, and how is it projected to change in the future?

6.What is the future outlook for the Online Travel Booking Service Market in terms of technological advancements and market expansion?

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