Online Travel Booking Platform Market

According to a research report "Online Travel Booking Platform Market - Global Forecast to 2027" published by MarketsandMarkets, the global online travel booking platform market size is projected to grow from USD XX.X billion in 2022 to USD XX.X billion by 2027, at a compound annual growth rate (CAGR) of XX.X% during the forecast period. The major factors driving the growth of the online travel booking platform market include the shift toward digital innovation in travel business, growing travel industry.

Based on type, the package segment to have the highest growth rate during the forecast period

The package segment is gaining popularity in online travel booking platforms as young customers prefer travelling in groups and families prefer to travel together. Through package segment customers don’t have to bother about fragmented booking of different services. It helps them in abstracting the complexity of travel bookings in group. This helps in reducing time spent on travel planning phase and reducing overall costs per head. The digitization in travel business has helped increase their sales by reaching out to the global consumers. The need to increasing visibility on the web will drive the market.

Based on component, the hotel booking system segment is expected to hold the highest market size during the forecast period

In online travel booking platform market, the hotel booking system segment is expected to hold the highest market share during the forecast period. The web-based travel booking platforms allows businesses to effectively manage and process data in real-time for accurate information. Increase in easy online payment adoption has enabled online travel booking platforms to fulfil the growing demand of customers. The online review sharing system helps the customer to make quicker booking decisions.

APAC is expected to grow at a higher CAGR during the forecast period

The Asia Pacific is expected to hold the highest CAGR in the online travel booking platform market during the forecast period. The eCommerce market in the region expected to continue to grow at a strong rate over the coming years due to its growing internet penetration and peoples’ inclination towards travel & adventure. Also, the increasing popularity of online reviews and social media influence has led to the emergence of new travel service providers in the region. The digital trends and demand for easy booking across the region will drive the e-commerce platform market in the region

Major vendors operating in the global online travel booking platforms include 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).

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