Online Travel Booking Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032, Segmented By Service Type (Vacation Packages, Accommodation Booking, Transportation Booking), By Platform (Desktop, Mobile Application), By Payment Method (Pre Booking Payment, Post Booking Payment), By Region and Competition 2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationOnline Travel Booking Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032, Segmented By Service Type (Vacation Packages, Accommodation Booking, Transportation Booking), By Platform (Desktop, Mobile Application), By Payment Method (Pre Booking Payment, Post Booking Payment), By Region and Competition 2028
The demand for online travel booking services during the forecast period is growing with a significant growth rate during the forecast period, owing to the rising number of travelers across the globe, rising interest in adventure travelling activities, increasing demand for reliable transportation, growing inclination towards group travel among young people, and rising preference for personalized service. Thus, all these factors collectively, are expected to accelerate industry advancement during the forecast period. Additionally, millennials and working professionals prefer online travel booking services over offline services.
Online Travel Booking Services Market Scope
An online travel booking service is a web-based marketplace that enables customers to compare and book travel-related products and services such as hotels, flights, vehicles, tours, cruises, activities, and more directly with travel suppliers in a much more convenient and affordable way. They are third parties who sell services on behalf of other companies. The services offered on the platform of online travel booking services are vacation packages, accommodation booking, and transportation booking. In vacation packages, the online travelling booking companies arranges all services such as consumers travel, accommodation, and even food for an entire trip in a single package. While accommodation booking allows to manage the reservations and bookings for accommodation providers such as hotels, resorts, hostels, and vacation rentals. Transportation booking services allows an individual to sell services related to travel. An individual can book ticket via desktop or mobile applications. These companies also offer pre booking payment in which one must pay for the full reservation while in post booking payment individual must pay full amount after check-in or check-out.
Online Travel Booking Services Market Overview
The online travel booking services has a significant transition over the past few years due to the technological development and internet, by the rapid expansion of the tourism sector, as well as the rise in internet and smartphones. The market is dominated by several major players, including Expedia Group, Booking Holdings Inc. (which owns Booking.com, Priceline.com, and Kayak), Trip.com Group, MakeMyTrip, Airbnb, and Agoda. These companies offer a wide range of travel services, from flights and accommodations to car rentals, tours, and activities.
Moreover, in 2021, according to data on mobile travel booking, 21% of US, 33% of all French, 15% in Germany, and 25% in the UK, travelers use smartphones to make their reservations. Although nearly 80% of all online reservations still prefer to be made on a desktop or laptop, mobile has steadily expanded its market share of overall bookings online.
Online Travel Booking Services Market Drivers
The increasing availability and affordability of internet access worldwide have played a significant role in the growth of online travel booking services. As more people gain access to the internet, they can explore travel, accommodation options, compare prices, and make reservations conveniently from their homes or mobile devices. Online travel booking platforms offer convenience and time savings to travelers. With just a few clicks, users can search for flights, hotels, rental cars, and other travel services. They can compare prices, read reviews, and make bookings at any time, without the need for lengthy phone calls or visiting multiple physical travel agencies.
Furthermore, online travel booking services provide users with a vast range of travel options. Travelers can choose from numerous airlines, hotels, vacation rentals, and other accommodation options worldwide. This variety empowers travelers to find the best deals and customize their itineraries according to their preferences and budgets. Travelers can easily compare prices across different providers and access exclusive online deals and promotions. Thus, the ability to find competitive prices and special offers has made online booking platforms an attractive option for travelers seeking affordable options. Many online travel booking services offer integrated planning tools that allow users to plan and organize their entire trip in one place. These tools often include features such as itinerary management, flight alerts, and destination guides. By providing a comprehensive travel planning experience, the online booking platforms have become valuable resources for travelers. Additionally, the emergence of reputable online travel agencies and established brands has further enhanced consumer confidence in online booking services.
These drivers have propelled the growth and adoption of online travel booking services globally, making them a preferred choice for travelers seeking convenience, value, and flexibility in their travel arrangements.
Online Travel Booking Services Market Trends
With the increasing use of smartphones and tablets, online travel booking services were focusing on optimizing their platforms for mobile devices. This included creating mobile apps and responsive websites to provide a seamless booking experience on smaller screens. Moreover, with the advanced technology travel booking services are utilizing customer data and preferences to offer personalized recommendations and tailored travel experiences. By analyzing user behavior and past bookings, these platforms aimed to provide relevant suggestions, such as destination recommendations, accommodation options, and curated itineraries.
Online travel booking services are leveraging user-generated content, such as reviews, ratings, and photos, to enhance the booking experience. Travelers relied on the feedback and experiences shared by other users to make informed decisions about destinations, accommodations, and activities. Apart from traditional hotels, online travel booking services were increasingly offering alternative accommodation options like vacation rentals, serviced apartments, and homestays. This trend allowed travelers to have a more authentic and immersive experience while providing homeowners an opportunity to monetize their properties. Additionally, some online travel booking services are experimenting with virtual reality and augmented reality technologies to provide immersive involvements. Users could explore destinations, hotels, and attractions virtually, giving them a better sense of what to expect before making a booking decision. Online travel booking services are also offering package deals and bundles that combined flights, accommodations, and activities to provide cost savings and convenience for travelers. This trend aimed to simplify the booking process and offer more value for money. These trends are expanding the market of online travel booking companies globally during the forecasted period.
Online Travel Booking Services Market Challenges
Online travel booking services face various challenges in the dynamic and competitive travel industry. Challenges include optimizing website and app performance, simplifying the booking process, and ensuring intuitive navigation to enhance customer satisfaction. The online travel booking industry is highly competitive, with numerous players offering similar services. Companies face the challenge of differentiating themselves from competitors and attracting and retaining customers in a crowded market. Price transparency and comparison tools make it easier for travelers to find the best deals, putting pressure on online travel booking companies to offer competitive prices. This can impact profit margins and require companies to find innovative ways to generate revenue. Providing a seamless and user-friendly booking experience is crucial for online travel booking services.
Additionally, travelers' expectations and preferences are constantly evolving. Online travel booking services need to adapt to changing customer demands, such as personalized recommendations, flexible booking options, and enhanced customer support. Meeting these expectations requires continuous innovation and investment in technology. Overcoming these challenges requires a combination of strategic planning, technological innovation, customer-centric approaches, and adaptability to market dynamics to expand the market of online travel booking companies globally in the coming years.
Recent Developments
- In 2021, the world's top managed travel partner, American Express Global Business Travel (GBT) successfully acquired Egencia, the top digital travel management platform. Expedia Group joined GBT as a shareholder because of the deal. Expedia and GBT also agreed to a long-term supply agreement for accommodations.
- In 2021, Booking Holdings Inc. announced that it has acquired Getaroom from Court Square Capital Partners for approximately USD 1.2 billion to increase hotel’s value.
- In 2022, Booking Holdings Inc. acquired certain activities of eTraveli Group AB trading under brands such as GoToGate, FlightNetwork, MyTrip and SuperSaver.
Online Travel Booking Services Market Opportunities
Online travel booking services continue to present numerous opportunities for individuals and businesses. Online booking platforms can capitalize on the sale of ancillary services, such as travel insurance, airport transfers, sightseeing tours, and additional amenities. By offering these services during the booking process, they can increase revenue and provide added convenience to travelers.
Additionally, online travel booking companies can establish partnerships with local businesses, such as hotels, tour operators, and restaurants. By promoting these partners on their platforms, they can drive more bookings, support local economies, and provide travelers with authentic and unique experiences.
Company Profiles
The major players in the global online travel booking services market are Booking Holdings Inc., Expedia Group, Inc., Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC, Trivago N.V., Airbnb, Inc., Skyscanner Ltd, and lastminute.com NV.
Download Free Sample Report
Market Segmentation
The global online travel booking services market is segmented based on service type, platform, and payment method. Based on service type, the market is divided into vacation packages, accommodation booking, transportation booking. Based on platform, the market is divided into desktop and mobile application. Based on the payment method, the market is segmented into pre booking payment and post booking payment. The market analysis also studies the regional segmentation among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Service Type Platform Payment Method Region |
| Regional Scope | North America, Asia-Pacific, Europe, South America, and Middle East & Africa |
| Country Scope | United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, China, India, Japan, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, and Colombia |
| Key Companies Profiled | Booking Holdings Inc., Expedia Group, Inc., Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC, Trivago N.V., Airbnb, Inc., Skyscanner Ltd, and lastminute.com NV |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy