ONLINE TRAVEL MARKET RESEARCH REPORT

Online travel is the type of travel that is booked online through a website that has the specialty in making the travel arrangements such as flight tickets, car rentals, and packages. The agencies that help in booking travel are either online travel agencies or any direct travel suppliers. The GMI Research forecasts that the online travel market is witnessing an upsurge in the demand over the forecast period starting from 2020 till 2027. This is mainly due to the growing tourism industry, followed by the increasing penetration of internet usage and smartphone users across several economies.

Introduction of the Online Travel Market

The type of travel which is booked online by website that particularly make the travel arrangements, such as car rentals, flight tickets, and packages is known as online travel. The agencies support in booking travel which are any direct travel suppliers or online travel agencies. They allow the customers to engage as they are booking, researching, or planning their travel. It is also available on a mobile app or a website through which the booking can be done directly with the online travel agency. Although, the confirmation is offered by the service providers like airlines or hotels.

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The growing tourism industry, followed by the increasing penetration of internet usage and smartphone users across several economies, are the factors surging the growth of the market. The rising implementation of technological advancements in the online travel industry and the growing usage of mobile applications have made the booking for travel easier and flexible, which are some other factors boosting the growth of the online travel market share in terms of revenue. Moreover, growing per capita income, rapid urbanization, economic growth, and significantly changing lifestyle of the customers towards more improved services and comfort will further propel the growth of the online travel market size.

According to the online travel market report, various services provided by the online travel such as online reviews checking of the hotels and transportation ability, secure & easy payment modes, free & easy cancellation is enhancing the demand for the online travel among the customers across the world. The key drivers bolstering the growth of the global online travel market include the rising trust of the customers in the online payment and the introduction of the different advanced version of mobile applications having better deals. On the other hand, rising concerns regarding safety and security while online booking and payment will hinder the growth of the global online travel market. The outbreak of COVID-19 pandemic has led to an adverse effect on the demand of the online travel industry, particularly in 2020. The emergence of coronavirus worldwide driven by strict lockdown in various countries and the sealing of the borders. In addition to this, travelling has forced people to stay at their homes due to the sudden shutdown of airline industry and the rising fear of catching coronavirus, which in turn, will have negative influence on the growth of the market. However, the market is expected to revive in 2021 while increasing at a sustainable rate from 2022.

Key Players of the Global Online Travel Market:

• Booking Holdings Inc. • Expedia Group • com Group Limited • TripAdvisor LLC • Hurb • Hostelworld Group • Com • Thomas Cook Group plc • Trivago • MakeMyTrip Pvt. Ltd.

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve. Media Contact

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