Coronavirus Business and Industry Impact Analysis for Global Online Travel Booking Platform Market 2020-2024 | Market to Grow at a CAGR of almost 5% | Technavio

Industry Boosted by the Increasing Smartphone and Internet Penetration

LONDON--(BUSINESS WIRE)--The global online travel booking platform market size is expected to grow by USD 204.81 billion during 2020-2024, progressing at a CAGR of almost 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.

The rapid technological advances over the past decade have led to an increase in penetration of the internet and smartphones. This has played a vital role in the global online travel booking platform market. As Internet connectivity has become a necessity at home, office, or even in public places, governments of various countries such as China, India, Japan, the US, and the UK are providing free Wi-Fi networks. With the potential growth in the mobile phone and internet sectors, the online travel companies such as Expedia Group and MakeMyTrip are launching innovative and user-friendly mobile applications, which are increasing the demand for the global online travel booking platform market.

Report Highlights

• The major online travel booking platform market share came from the packages segment in 2019. However, the direct segment is expected to witness the fastest growth during the forecast period.
• APAC was the largest online travel booking platform market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increase in online services in different online travel booking websites.
• The global online travel booking platform market is fragmented. Airbnb Inc., Booking Holdings Inc., eDreams ODIGEO, Expedia Group Inc., Hostelworld.com Ltd., MakeMyTrip Ltd., Thomas Cook (India) Ltd., Trip.com Group Ltd., TripAdvisor LLC, and TUI AG. To help clients improve their market position, this online travel booking platform market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the global online travel booking platform market 2020-2024 is expected to have positive & superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Read the full report here: www.technavio.com/report/online-travel-booking-platform-market-industry-analysis?

Increasing consolidation of online travel agencies will be a Key Market Trend

The global online travel booking platform market has multiple large players, who are competing to gain more market share. The market is shared between online travel agencies and direct booking platforms. With the growth in the travel and tourism market, the competition in the market is also increased, which has led to M&As. Owing to the presence of numerous vendors in the market and the increasing adoption of latest technologies such as metasearch and dynamic pricing for bookings, vendors are venturing into strategic alliances to improve their market reach and customer base. With the increasing number of strategic alliances, the penetration of vendors in the market will increase, which in turn, will increase the growth potential of the market spreading across a wider customer base and new geographical locations.

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Online Travel Booking Platform Market 2020-2024 : Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist online travel booking platform market growth during the next five years
• Estimation of the online travel booking platform market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the online travel booking platform market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of online travel booking platform market vendors

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