The global online travel booking platform market is expected to post a CAGR of more than 11% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
The growth in the sales of smartphones has significantly increased the number of internet users across the world. In addition, business expansion plans by telecom service providers and smartphone companies are expected to further increase the number of smartphone users during the forecast period. The growth potential in the mobile phone and internet sectors is encouraging online travel companies to come up with mobile applications to offer convenience and attract more customers. Some players in the market are partnering with mobile phone manufacturers to have their apps pre-loaded in smartphones and improve the reach of their services. Therefore, increasing internet and smartphone penetration is crucial in the growth of the global online travel booking platform.
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As per Technavio, the increasing adoption of online payment platforms will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Online Travel Booking Platform Market: Increasing Adoption of Online Payment Platforms
Online payment platforms have proliferated over the past few years due to increased government initiatives that promote online transactions. The imposition of stringent regulations pertaining to identity and data theft have led to the growth in the number of secure socket layer (SSL) certificates among financial institutions and the banking sector. Many companies are also providing various updates to increase awareness about the security offered by various websites and web pages. For instance, Google warns its users whenever they try to log on to web pages that are not certified. Certified web pages provide increased security to the customers, which, in turn, increase the adoption of online payment platforms. This trend will have a positive impact on the growth of the online travel booking platforms.
“The expansion of low-cost carriers and dynamic pricing strategies adopted by vendors will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Online Travel Booking Platform Market: Segmentation Analysis
This market report segments the global online travel booking platform market bybooking platform (desktop/laptop and mobile/tablet), type (packages and direct), and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2017, followed by EMEA and APAC respectively. During the forecast period, the Americas is expected to maintain its dominance over the market. The increase in online services by different online travel booking websites is expected to boost market growth over the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors