Online Travel Market Overview
The online travel market size was valued at USD 1100.78 billion in 2023 and is expected to expand at a CAGR of over 11.8% from 2022 to 2030. Key factors powering market growth include increasing penetration of mobile devices and internet connectivity expanding the addressable target audience for online travel services, millennials' greater reliance on internet for travel planning due to evolving lifestyle preferences and work demands, and increasing investments in digitalization like contactless technologies, AI and ML further accelerating the shift towards online channels.
Based on platform, the market is bifurcated into mobile and desktop. The mobile segment accounts for a majority share attributed to rising smartphone adoption and m-commerce growth. Based on service type, the industry is categorized into transportation booking, accommodation booking and others.
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Market Opportunities
Key opportunities being created for online travel market participants include:
- Scope for Personalization with Big Data and AI: Integration of data analytics, AI/ML to enable hyper-personalized recommendations and experiences represents an emerging opportunity as customization gains prominence.
- Potential in Under-penetrated Areas and Customer Segments: Growth potential exists in tapping online booking adoption across under-penetrated regions like Asia Pacific and customer segments like senior citizens via strategic measures.
- Increasing Penetration of Emerging Channels: Expanding reach across evolving online travel channels like metaverse, social commerce, app ecosystems, messaging platforms etc. building an omnichannel presence.
- Contactless Tech and Frictionless Travel: Contactless technology implementations around options of cashless payments, touchless kiosks, biometrics, etc. to enable seamless and hassle-free travel experiences.
Market Segmentation
By Service Type:
- Accommodation Bookings
- Transportation Bookings o Air Bookings
o Bus Bookings o Cab & Local Transport Bookings - Others
Key Companies
Key players operating in the online travel industry include Booking Holdings, TripAdvisor, Expedia Group, Despegar/Decolar, Trivago, MakeMytrip, Airbnb, eDreams Odigeo, Ctrip.com, On the Beach Group, Thomas Cook India and others. These players are focused on technologies around AI, ML, biometrics, blockchain etc. along with tie-ups to strengthen their market position and overcome post-pandemic challenges.
Regional Insights
During 2022, Asia Pacific contributed over 35% to the global online travel revenue share influenced largely by expanding middle class and increasing disposable incomes in major countries such as China and India. Europe is anticipated to expand at a notable CAGR of 15% through 2030, while Middle East and Latin America emerge as attractive regions.
North America holds a significant market share currently on account of high internet and smartphone adoption. The regional market is however forecast to grow at a relatively moderate pace than other regions over the coming years.
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