Online Travel Booking Market Trends increasing Demand in Coming Years
“Global Online Travel Booking Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global online travel booking market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global online travel booking market report has been segmented on the basis of product type, application, and region.
Online travel booking allows consumers and travel agents to book flights, hotels, and holiday packages. An internet booking allows a customer to specify their travel requirements such as the city of departure, destination, departure date, return date, and a class of travel.
High penetration of the internet in developed and developing countries, coupled with an increasing preference towards internet for online transactions and other utilities is a major factor expected to drive the growth of the global online travel booking market. In addition, the digitization approach by the developing countries, increasing tourism activities across the globe, and service providers’ approach towards streamlining the ticket booking processes and enhance customer experience through online booking are some other factors expected to support growth of the global market to a certain extent.
Moreover, rising disposable income in emerging economies and increasing adoption of online travel booking by consumers, owing to ease of comparing a variety of travel options online are among other factors expected to support growth of the global market to certain extent. In addition, travelers within the age group of 22 and 31 years are more inclined towards online travel services, owing to tech savvy and are constantly connected to social media is another factor expected to further support the growth of the global market
However, consumer preference towards traditional booking methods is a key factor expected to hamper growth of the global online travel booking market to certain extent.
The introduction of innovative travel and vacation package deals by market players is expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period.
The mode of booking segment in the global online travel booking market is segmented on the basis of online and direct agency. The direct agency segment is expected to contribute significant revenue share in the global market.
The market in North America is expected to dominate the global online travel booking market in terms of revenue and is expected to continue its dominance over the forecast period. The dominance can be attributed to well-developed IT infrastructure, an increasing number of people traveling through the train and other modes of transports, and the presence of major players operating in the countries in this region. The market in Asia Pacific is expected to witness faster growth, owing to rising awareness among people related to online booking. In addition, rising disposable income, increasing tourism in countries such as India and China, and the presence of major service providers operating in emerging economies in this region. The market in Europe is expected to contribute significant revenue share in the global market over the forecast period