Online Travel Booking Platform Market - Global Forecast to 2027
Online travel booking platform helps customers to book travel tickets on their preferred locations, dates, times and according to their budget. These platforms provide different kinds of travel media options along with information about availability on all other nearby dates and times as well. There are many commercial as well as government platforms available online that also provides customer care support on call, live chat assistance and on email. Online travel booking platform is gaining customers trust and increased usage as it provides ease of travel booking anytime and from anywhere. Some of these platforms also provide other information like how-to travel, where to food and accommodation, how-much budget is required, different tour packages, other places to visit and mind-blowing offers. COVID19 impacted travel and tourism industry badly but now it is gaining momentum.
The global online travel booking platform market is expected to grow from USD 531.2 billion in 2022 to USD 985.3 million by 2027, at a CARG of 9.8%. Growing travel industry, social media influence, online reviews and rating visibility, easy booking facility, online information availability, and need and desire to travel are key factors booting the growth of the market. These platforms can be accessed on any kind of internet enabled devices such as mobiles, laptops, tablets thus providing flexibility to the user.
Drivers: increase in travel industry, internet usage and online reviews
The increasing in internet usage, smartphone penetration, social media usage and travel industry are notable factors that are driving the market growth. The mass customer attraction to these platforms is due to easy booking of other services like Airbnb, hotels, food, cabs, restaurants, price comparing options, easy payment plans and other amenities.
Challenges: Customer queries handling, Cancellation & refund policies
The main challenges faced by online travel booking platforms are handling customers queries and cancellation policies. Customer care services adds to the customer experience and thus have effects on customer reviews. The customers look for flexible cancellation policies and refund policies which is challenging for these platforms. These travel booking platforms must ensure drivers and riders safety, COVID19 safety which is of utmost importance and thus provide insurance policy options.
Key market players
Booking Holdings (Netherlands), Expedia (US), Trip.com (Singapore), MakeMyTrip (India), TripAdvisor (US), Trivago (Germany), Amadius (Spain), Yatra (India), Webjet (Australia), Edreams Odigeo (Luxembourg), OnTheBeach (UK), Despegar (Argentina), Holidaycheck (Germany), Travelzoo (US) and EaseMyTrip (India) are few market players in the Online travel booking platform market globally.
Recent Developments
- In May 2022, Expedia Group announced a new technology platform called Expedia Group™ Open World for delivering great traveller experiences, developing traveller focused technology that displays the right information for booking confidence and improved travel ecosystem.
- In Oct 2022, On World Architecture Day, Booking.com made a list of lesser-known monuments in India and World that every traveller should visit at least once
- In May 2022, Indian airlines company ‘Air India’ migrated its Passenger Service System (PSS) to Amadeus Altéa as the airline share the same reservation platform and services include components such as revenue accounting, retailing, revenue management; merchandising, website, mobile; IT support and frequent flyer programme management.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 MARKETS COVERED
1.3.2 GEOGRAPHIC SCOPE
1.3.3 INCLUSIONS AND EXCLUSIONS
1.3.4 YEARS CONSIDERED
1.4 CURRENCY
1.5 LIMITATIONS
1.6 SUMMARY OF CHANGES
1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Primary interviews with experts
2.1.2.2 List of key primary interview participants
2.1.2.3 Breakdown of primaries
2.1.2.4 Primary sources
2.1.2.5 Key industry insights
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.2.3 ONLINE TRAVEL BOOKING PLATFORM MARKET ESTIMATION: DEMAND-SIDE ANALYSIS
2.2.4 MARKET ESTIMATION: SUPPLY-SIDE ANALYSIS
2.2.5 GROWTH FORECAST ASSUMPTIONS
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.4.1 FACTOR ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES IN THE GLOBAL ONLINE TRAVEL BOOKING PLATFORM MARKET
4.2 MARKET, BY COMPONENT
4.3 MARKET, BY INDUSTRY AND REGION
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.2 RESTRAINTS
5.2.3 OPPORTUNITIES
5.2.4 CHALLENGES
5.3 INDUSTRY TRENDS
5.3.1 ECOSYSTEM: ONLINE TRAVEL BOOKING PLATFORM MARKET
5.3.2 CASE STUDIES
5.3.2.1 Use Case 1
5.3.2.2 Use Case 2
5.3.2.3 Use case 3
5.3.2.4 Use Case 4
5.3.2.5 Use Case 5
5.3.3 PATENT ANALYSIS
5.3.3.1 Methodology
5.3.3.2 Types of Patents
5.3.3.3 Innovation And Patent Applications
5.3.3.3.1 Top applicants
5.3.4 VALUE CHAIN ANALYSIS
5.3.5 PORTER’S FIVE FORCES ANALYSIS
5.3.5.1 Threat of new entrants
5.3.5.2 Threat of substitutes
5.3.5.3 Bargaining power of suppliers
5.3.5.4 Bargaining power of buyers
5.3.5.5 Intensity of competitive rivalry
5.3.6 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS
5.3.7 PRICING ANALYSIS
5.3.7.1 Pricing models and indicative price points
5.3.8 TECHNOLOGY ANALYSIS
5.3.8.1 Platform eCommerce
5.3.8.2 Headless Custom Stack
5.3.9 KEY CONFERENCES AND EVENTS IN 2022-2023
5.3.10 KEY STAKEHOLDERS AND BUYING CRITERIA
5.3.11 REGULATORY LANDSCAPE
5.3.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
6 ONLINE TRAVEL BOOKING PLATFORM MARKET SIZE, BY COMPONENT
6.1 INTRODUCTION
6.1.1 COMPONENT: MARKET DRIVERS
6.2 SOLUTION
6.3.1 FLIGHT BOOKING SYSTEM
6.3.2 HOTEL BOOKING SYSTEM
6.3.3 BUS AND CAB BOOKING SYSTEM
6.3.3 PACKAGE BOOKING SYSTEM
6.3 SERVICES
6.3.3 CUSTOMER SUPPORT SERVICE
6.3.3 ADVERTISING SERVICE
7 ONLINE TRAVEL BOOKING PLATFORM MARKET SIZE, BY TYPE
7.1 INTRODUCTION
7.1.1 INDUSTRY: MARKET DRIVERS
7.2 PACKAGES
7.3 DIRECT
8 MARKET SIZE, BY BOOKING DEVICE
8.1 INTRODUCTION
8.1.1 ORGANIZATION SIZE: MARKET DRIVERS
8.2 LAPTOP/DEKSTOP
8.3 MOBILE/TABLETS
9 ONLINE TRAVEL BOOKING PLATFORM MARKET SIZE, BY REGION
9.1 INTRODUCTION
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA: PESTLE ANALYSIS
9.2.2 UNITED STATES
9.2.3 CANADA
9.3 EUROPE
9.3.1 EUROPE: PESTLE ANALYSIS
9.3.2 UNITED KINGDOM
9.3.3 GERMANY
9.3.4 FRANCE
9.3.4 REST OF EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC: PESTLE ANALYSIS
9.4.2 CHINA
9.4.3 INDIA
9.4.4 SOUTH KOREA
9.4.4 REST OF ASIA PACIFIC
9.5 MIDDLE EAST AND AFRICA
9.5.1 MIDDLE EAST AND AFRICA: PESTLE ANALYSIS
9.5.2 SAUDI ARABIA
9.5.3 UNITED ARAB EMIRATES
9.5.4 SOUTH AFRICA
9.5.4 REST OF MIDDLE EAST AND AFRICA
9.6 LATIN AMERICA
9.6.1 LATIN AMERICA: PESTLE ANALYSIS
9.6.2 BRAZIL
9.6.3 MEXICO
9.6.4 REST OF LATIN AMERICA
10 COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
10.2.1 OVERVIEW OF STRATEGIES DEPLOYED BY KEY ONLINE TRAVEL BOOKING PLATFORM SERVICE PROVIDERS
10.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS
10.4 MARKET SHARE ANALYSIS OF TOP MARKET PLAYERS
10.5 KEY COMPANY EVALUATION QUADRANT
10.5.1 STARS
10.5.2 EMERGING LEADERS
10.5.3 PERVASIVE PLAYERS
10.5.4 PARTICIPANTS
10.6 COMPETITIVE BENCHMARKING
10.7 STARTUP/SME EVALUATION QUADRANT
10.7.1 PROGRESSIVE COMPANIES
10.7.2 RESPONSIVE COMPANIES
10.7.3 DYNAMIC COMPANIES
10.7.4 STARTING BLOCKS
10.8 COMPETITIVE SCENARIO AND TRENDS
10.8.1 PRODUCT LAUNCHES
10.8.2 DEALS
10.8.3 OTHERS
11 COMPANY PROFILES
11.1 INTRODUCTION
11.2 KEY PLAYERS
11.2.1 BOOKING HOLDINGS
11.2.1.1 Business and Financial overview
11.2.1.2 Recent developments
11.2.1.3 MNM VIEW
11.2.1.3.1 Key strengths/right to win
11.2.1.3.2 Strategic choices made
11.2.1.3.3 Weaknesses and competitive threats
11.2.2 EXPEDIA GROUP
11.2.2.1 Business and Financial Overview
11.2.2.2 Recent developments
11.2.2.3 MNM VIEW
11.2.2.3.1 Key strengths/right to win
11.2.2.3.2 Strategic choices made
11.2.2.3.3 Weaknesses and competitive threats
11.2.3 TRIP.COM GROUP LTD
11.2.3.1 Business and Financial Overview
11.2.3.2 Recent developments
11.2.3.3 MNM VIEW
11.2.3.3.1 Key strengths/right to win
11.2.3.3.2 Strategic choices made
11.2.3.3.3 Weaknesses and competitive threats
11.2.4 MAKEMYTRIP
11.2.4.1 Business and Financial Overview
11.2.4.2 Recent Developments
11.2.4.3 MNM VIEW
11.2.4.3.1 Key strengths/right to win
11.2.4.3.2 Strategic choices made
11.2.4.3.3 Weaknesses and competitive threats
11.2.5 TRIPADVISOR
11.2.5.1 Business and Financial Overview
11.2.5.2 Recent Developments
11.2.5.3 MnM View
11.2.5.3.1 Key strengths/right to win
11.2.5.3.2 Strategic choices made
11.2.5.3.3 Weaknesses and competitive threats
11.2.6 TRIVAGO
11.2.6.1 Business and Financial Overview
11.2.6.2 Recent developments
11.2.7 AIRBNB
11.2.7.1 Business and Financial Overview
11.2.7.2 Recent developments
11.2.8 AMADIUS
11.2.8.1 Business and Financial Overview
11.2.8.2 Recent developments
11.2.9 WEBJET
11.2.9.1 Business and Financial Overview
11.2.9.2 Recent developments
11.2.10 EDREAMS ODIGEO
11.2.10.1 Business and Financial Overview
11.2.10.2 Recent developments
11.2.11 ON THE BEACH PLC
11.2.12.1 Business and Financial Overview
11.2.12.2 Recent developments
11.2.12 DESPEGAR.COM CORP
11.2.13 LASTMINUTE.COM
11.2.14 HOLIDAYCHECK
11.2.15 TRAVELZOO
11.2.16 HOSTELWORLD
11.2.17 YATRA
11.2.18 EASEMYTRIP
(The list of players is subject to further modification over the course of research)
Growth opportunities and latent adjacency in Online Travel Booking Platform Market