Sarasota, FL -- (SBWire) -- 01/04/2019 --Zion Market Research has published a new report titled "Online Travel Booking Market by Service Type (Transportation Booking, Accommodation Booking, and Others), by Mode of Booking (Online and Direct Agency), and by Platform (Desktop and Mobile): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2026". According to the report, the global online travel booking market was valued at approximately USD 765 billion in 2017 and is expected to generate USD 1,955 billion by 2026, growing at a CAGR of around 12.1% between 2018 and 2026.
The travel industry and online hotel booking sector are experiencing a major transformation, mostly due to technological improvements and digital trends. Rapid technological advancements, such as handheld mobile devices like smartphones, tablets, and laptops, are constantly upgraded with new features. This is one of the major factors likely to drive the global online travel booking market in the forecast time period. Increasing penetration of internet, the rising disposable income of people in emerging countries and ease of comparing various travel options online is predicted to drive the online travel booking market in the future.
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Online travel providers aim to make travel planning and bookings easy and simple for customers. Along with the easy accessibility of online travel booking sources, they also include many innovative services for customers. These services include easy and secure payment modes, twenty-four by seven service accessibility, easy and free cancellation, online comparison of hotels and transportation, easy installation of applications, etc. Thus, the aforementioned parameters are expected to positively impact the online travel booking market over the forecast timeframe.
By on service type, the online travel booking market is segmented into transportation booking, accommodation booking, and others. Transportation booking is expected to grow at the highest CAGR in the future, due to the rising number of online flight bookings, expanding of various low-cost transportation, and an increasing number of connecting flights for tier I and II cities across the world.
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By mode of booking, the market is segmented into online and direct agency. Online travel agency accounted for a major revenue share in 2017. The growth is attributed to the rising popularity of online travel agencies (OTAs). OTAs are also expanding their offerings in order to attract travelers. Such factors are expected to drive segment growth in the upcoming years.
By platform, the market is segmented into desktop and mobile. The mobile platform is expected to grow at the highest rate in the forecast time period, due to the increasing penetration of smartphones and the growing confidence of people in making secure mobile payments.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa comprise the regional segment of the global online travel booking market. North America held a major market share in 2017 with the U.S. being a major revenue contributor. The region is expected to grow substantially over the forecast timeframe, due to the increasing adoption of mobile applications for online travel booking, especially in the transportation sector. The Asia Pacific region is likely to grow at the fastest rate in the future, due to digitization trends and internet penetration in the region.
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Some key players operating in the global online travel booking market include Priceline Group Inc., Expedia, Inc., Ctrip.Com International, Ltd., Trip Advisor LLC, Hostelworld Group, CheapOair.Com., Hotel Urbano Travel, and Tourism SA, Trivago GmbH, MakeMyTrip Limited, and Thomas Cook Group Plc.
This report segments the global online travel booking market into:
Global Online Travel Booking Market: Service Type Analysis
Transportation Booking
Accommodation Booking
Others
Global Online Travel Booking Market: Mode of Booking Analysis
Online
Direct Agency
Global Online Travel Booking Market: Platform Analysis
Desktop
Mobile
Global Online Travel Booking Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Online Travel Booking Market Is Whopping USD 1,955 Billion by 2026
Global online travel booking market expected to generate USD 1,955 billion by 2026, growing at a CAGR of around 12.1% between 2018 and 2026. Rapid technological advancements, such as handheld mobile devices like smartphones, tablets, and laptops, are constantly upgraded with new features.