LONDON–(BUSINESS WIRE)–Technavio announces the release of its latest report on the online travel booking platform market. The market is segmented by type (packages and direct), booking platform (desktop/laptop and mobile/tablet), and geography (North America, APAC, Europe, South America, and MEA). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and market behavior across various segments.
Online Travel Booking Platform Market: Key Findings
- Online travel booking platform market value to grow by USD 204.81 billion at almost 5% CAGR during 2020-2024
- 34% of market growth to originate from APAC during the forecast period
- Based on the type, the packages segment will offer maximum opportunities for vendors during the forecast period
- Online travel booking platform market is expected to have a positive impact due to the spread of COVID-19
Online Travel Booking Platform Market: Growth Drivers
The increasing penetration of internet and smartphone is one of the prime factors driving the growth of the market. Technological advances coupled with government initiatives have increased the availability and affordability of internet. Besides, the growth in the sales of smartphones, there has been a massive surge in the number of internet users. With the potential growth in the mobile phone and internet sectors, market vendors are launching innovative and user-friendly mobile applications. These factors are increasing the demand for global online travel booking platforms, which is driving the market growth.
“Increasing consolidation of online travel agencies and the growing adoption of online payment platforms will further boost market growth during the forecast period,” says a senior analyst at Technavio.
Online Travel Booking Platform Market: Major Vendors
Airbnb Inc. operates its business through the Stays segment. The company offers various online travel bookings such as rental homes, restaurants, and experiences.
Booking Holdings Inc.
Booking Holdings Inc. operates its business through the Unified segment. The company offers online travel and related services through its various subsidiaries such as pricline.com, booking.com, KAYAK, Agoda, rentalcars.com, and OpenTable.
eDreams ODIGEO operates its business through segments such as France, Southern Europe, Northern Europe, and Rest of the World. The company offers tailored and custom travel plans under its brands such as eDreams, Opodo, GO Voyages, Travellink, and Liligo.