LONDON–(COMMERCIAL THREAD) – The global online travel booking platform market size is expected to grow by USD 204.81 billion during the period 2020-2024, growing at a CAGR of nearly 5% throughout the forecast period , according to Technavio’s latest report. The report offers up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a free sample of the impact of COVID-19 on the market.

The rapid technological advancements of the last decade have led to an increase in the penetration of the internet and smartphones. This has played a vital role in the global online travel booking platform market. With internet connectivity having become a necessity in the home, office, or even in public places, governments in various countries such as China, India, Japan, United States, and United Kingdom are providing Wi-Fi networks. -Free WiFi. With the potential growth of the mobile phone and internet industries, online travel companies such as Expedia Group and MakeMyTrip are launching innovative and user-friendly mobile applications, which are increasing the demand for the global travel booking platform market. in line.

Highlights of the report

• The major market share of online travel booking platforms came from the package segment in 2019. However, the direct segment is expected to experience the fastest growth during the forecast period.

• APAC was the largest online travel booking platform market in 2019, and the region will provide several growth opportunities for market vendors during the forecast period. This is attributed to factors such as the increase of online services on different online travel booking sites.

• The global online travel booking platform market is fragmented. Airbnb Inc., Booking Holdings Inc., eDreams ODIGEO, Expedia Group Inc., Hostelworld.com Ltd., MakeMyTrip Ltd., Thomas Cook (India) Ltd., Trip.com Group Ltd., TripAdvisor LLC and TUI AG. To help clients improve their market position, this Online Travel Booking Platform Market forecast report provides a detailed analysis of the market leaders.

• As the business impact of COVID-19 spreads, the Global Online Travel Booking Platforms Market 2020-2024 should have positive and superior growth. As the pandemic spreads to some regions and reaches plateaus in other regions, we are reassessing the impact on businesses and updating our reporting forecast.

Read the full report here: www.technavio.com/report/online-travel-booking-platform-market-industry-analysis?

Growing Consolidation Of Online Travel Agencies Will Be A Key Market Trend

There are several major players in the global online travel booking platform market, which are competing to gain more market share. The market is shared between online travel agencies and direct booking platforms. With the growth of the travel and tourism market, competition in the market is also increased, which has led to mergers and acquisitions. Due to the presence of many vendors in the market and the increasing adoption of the latest technologies such as meta-search and dynamic pricing for reservations, vendors are venturing into strategic alliances to improve their reach in the market. and their customers. With the growing number of strategic alliances, supplier penetration in the market will increase, which in turn will increase the growth potential of the market by expanding into a larger customer base and new geographic locations.

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Online Travel Booking Platforms Market 2020-2024: Highlights

• Market CAGR during the forecast period 2020-2024

• Detailed information on the factors that will contribute to the growth of the Online Travel Booking Platforms Market over the next five years

• Estimation of the market size of online travel booking platforms and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the online travel booking platform market

• Market competitive landscape analysis and detailed supplier information

• Complete details on the factors that will challenge the growth of Online Travel Booking Platforms Market vendors

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