LONDON--(BUSINESS WIRE)--Technavio has been monitoring the travel services market and it is poised to grow by USD 56 billion during 2020-2024, progressing at a CAGR of about 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the travel services market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by service, which is the leading segment in the market?
The domestic flight services segment led the market in 2019.
What are the major trends in the market?
The introduction of Low-cost Airlines is the major trend in the market.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of about 19% during 2020-2024.
Who are the top players in the market?
Airbnb Inc., Cleartrip Pvt. Ltd., Cox & Kings Ltd., Indian Railway Catering and Tourism Corp. Ltd., ITC Ltd., MakeMyTrip Ltd., Oravel Stays Pvt. Ltd., Thomas Cook (India) Ltd., TripAdvisor Inc., and Yatra Online Inc. are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the rise in international tourist footfall. However, a significant price war led by stiff competition among players might challenge growth.
How big is the Online Booking market?
The online booking segment dominated the market with an 82% share in 2019.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Airbnb Inc., Cleartrip Pvt. Ltd., Cox & Kings Ltd., Indian Railway Catering and Tourism Corp. Ltd., ITC Ltd., MakeMyTrip Ltd., Oravel Stays Pvt. Ltd., Thomas Cook (India) Ltd., TripAdvisor Inc., and Yatra Online Inc. are some of the major market participants. Although the rise in international tourist footfall will offer immense growth opportunities, a significant price war led by stiff competition among players is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this travel services market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Travel Services Market 2020-2024: Segmentation
Travel Services Market is segmented as below:
- Domestic Flight Services, Hotel Accommodation Services
- Rail Ticket Services
- Taxi/cab Services
- Domestic Bus Services
- Holiday Packages
Mode of Booking
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Travel Services Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The travel services market report covers the following areas:
- Travel Services Market Size
- Travel Services Market Trends
- Travel Services Market Industry Analysis
This study identifies the introduction of Low-cost Airlines as one of the prime reasons driving the Travel Services Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Travel Services Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist travel services market growth during the next five years
- Estimation of the travel services market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the travel services market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of travel services market vendors
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY SERVICE
- Market segmentation by service
- Comparison by service
- Domestic flight services - Market size and forecast 2019-2024
- Hotel accommodation services - Market size and forecast 2019-2024
- Rail ticket services - Market size and forecast 2019-2024
- Taxi/cab services - Market size and forecast 2019-2024
- Domestic bus services - Market size and forecast 2019-2024
- Holiday packages - Market size and forecast 2019-2024
- Market opportunity by service
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY MODE OF BOOKING
- Market segmentation by mode of booking
- Comparison by mode of booking
- Online - Market size and forecast 2019-2024
- Offline - Market size and forecast 2019-2024
- Market opportunity by mode of booking
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Introduction of low-cost airlines
- Increased contribution of travel and tourism to GDP and employment
- Technological advances in mobile-based and website-based travel service
PART 12: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Airbnb Inc.
- Cleartrip Pvt. Ltd.
- Cox & Kings Ltd.
- Indian Railway Catering and Tourism Corp. Ltd.
- ITC Ltd.
- MakeMyTrip Ltd.
- Oravel Stays Pvt. Ltd.
- Thomas Cook (India) Ltd.
- TripAdvisor Inc.
- Yatra Online, Inc.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.