According to HTF Market Intelligence, the Global Online Travel Services Market market to witness a CAGR of 12.3% during forecast period of 2023-2028. Global Online Travel Services Market Breakdown by Type (Vacation Packages, Accommodation Booking, Transportation Booking, Others) by Booking (Online Booking, Direct Travel Agency) by Device (Desktop, Mobile) and by Geography (North America, South America, Europe, Asia Pacific,MEA). The Online Travel Services Market market size is estimated to increase by USD 1481.4 Billion at a CAGR of 12.3% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 354.19 Billion.
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The online travel services market refers to the industry of providing travel-related services through the internet. This includes booking flights, hotels, rental cars, and other travel-related activities. The market is primarily driven by the increasing trend of online bookings, as well as the growth of the travel and tourism industry worldwide.
Online Travel Services Market market – Key Segment Analysis
The market share growth by the xx segment will be significant during the forecast period. The segment is driven by the Growing global tourism industry, Increasing internet and smartphone penetration.
Online Travel Services Market market – Competition Analysis
The global Online Travel Services Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Expedia, Inc. (United States), Booking Holdings (United States), TripAdvisor LLC (United States), Ctrip.Com International, Ltd. (China), Hostelworld Group (Ireland), Hotel Urbano Travel (Brasil), South Australian Tourism Commission (Australia), CheapOair.Com (United States), Trivago GmbH (Germany), Thomas Cook Group Plc. (United Kingdom), MakeMyTrip Limited (India).
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Online Travel Services Market
Market Drivers
- Growing global tourism industry, Increasing internet and smartphone penetration
Market Trend
- Increasing use of data and technology to enhance customer experience
Market Opportunities
- Integration of artificial intelligence and machine learning to provide personalized recommendations and enhance customer experience
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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