Online Travel Market Scope
Online travel refers to the process of booking and arranging travel-related services through online platforms and websites. It has revolutionized the way people plan, book, and manage their travel arrangements, offering convenience, flexibility, and access to a wide range of options. The rise of online travel has significantly transformed the travel industry, empowering individuals to take control of their travel arrangements and find the best deals and options that suit their needs. In addition, social media serves as a platform for online travel service providers to promote their services and online booking benefits, it driving the growth of the online travel market during the forecast period.
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|Key Companies Profiled||Elong, Inc. (China), TUI Group (Germany), Tuniu Corporation (China), Hays Travel Limited (United Kingdom), Airbnb, Inc. (United States), Ryanair DAC (Ireland), Booking Holdings Inc. (United States), MakeMy Trip Pvt. Ltd. (India), Expedia Group, Inc. (United States) and Thomas Cook Group plc (United Kingdom)|
Online Travel Agencies (OTAs) differentiate themselves by offering a wide range of travel options, including flights, hotels, car rentals, vacation packages, and activities. With the increasing use of smartphones, OTAs invest in mobile apps and optimized mobile websites to cater to the growing demand for mobile bookings. Providing a user-friendly mobile experience can be a competitive advantage. Apart from this, players explore new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Elong, Inc. (China), TUI Group (Germany), Tuniu Corporation (China), Hays Travel Limited (United Kingdom), Airbnb, Inc. (United States), Ryanair DAC (Ireland), Booking Holdings Inc. (United States), MakeMy Trip Pvt. Ltd. (India), Expedia Group, Inc. (United States) and Thomas Cook Group plc (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Alibaba Group Holding Limited (China) and Yatra Online Private Limited (India).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Online Travel market by Type and Region with country level break-up.
On the basis of geography, the market of Online Travel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn January 2017, Indian online travel company MakeMyTrip Limited announced that it had completed the merger with Ibibo Group. The merger creates India's leading travel group, providing a one-stop-shop for all Indian travelers and integrating many leading consumers travel brands such as MakeMyTrip, goibibo, redBus, Ryde, and Rightstay.
In October 2022, MakeMyTrip (MMT) launched a new and innovative 'book without payment' payment model that allows domestic and international travelers to book hotels in India or abroad without pre-payment.
Influencing Trend:Increasing Use of Smartphones Has Transformed the Way People Book and Manage Their Travel and Growing E-Commerce Platform Contributes Significantly to Industry Expansion
Market Growth Drivers:Rising Disposable Income, Increasing Internet Penetration and Changing Lifestyle of People
Challenges:As Online Travel Platforms Handle Vast Amounts of Customer Data, Cybersecurity Threats and Data Privacy Concerns Are Significant Challenges
Restraints:Highly Competitive with Numerous Players
Opportunities:Increased Government Initiatives to Promote Tourism Across the Regions and Increase In the Number of International Students
Key Target AudienceOnline Travel Agents, Tour Operators, Hotel Groups, Car Rental Companies, Technology Companies, Potential Investors, Governmental Bodies, Market Research and Consulting and Others