Online Travel Booking Service Market Size, Share, Analysis with a CAGR of 11.70% (2024-30)

Global Online Travel Booking Service Market Overview:

MarkNtel Advisors has recently published a detailed research report on the Global Online Travel Booking Service Market. The report is specifically tailored to offer valuable insights and support for clients navigating this dynamic market. It focuses on key objectives such as predicting trends, gaining a profound understanding of market perspectives, identifying strategic investment opportunities, and evaluating potential business partners.

Online Travel Booking Service Market Insights and Analysis

The Global Online Travel Booking Service Market size is projected to grow at a CAGR of around 11.70% during the forecast period, i.e., 2024-30. Our comprehensive report provides a thorough examination of market players, opportunities, and valuable insights, equipping our clients with the indispensable information needed to make well-informed decisions within this dynamically evolving environment.

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Insights into Dominant Segments in the Online Travel Booking Service Market

By analysing each Segments, including

-By Booking Method

Direct Online Booking
Online Travel Agencies (OTAs)

Direct online booking has gained a significant share in the Online Travel Booking Service Market due to higher price transparency and flexible booking policies. Direct Online booking offers prior arrangements of airline tickets & accommodation without any requirement for the middle men, enabling travelers to book them at precise rates. Moreover, direct booking facilitates direct communication between the tourists and the travel provider. So, in case of modifications, special requirements, or reservation-related problems, the individuals directly converse with the travel provider for personalized support, hence, the chances of miscommunication due to the absence of travel agents are relatively lower.

Besides, making reservations via online travel agencies (OTAs) is costly for consumers since the customers are compelled to pay a fixed commission to the OTAs for each booking. According to the survey by Northern Territory Tourism, Australia, in 2023, the travel agencies seek a commission of up to 30% per booking. Therefore, the rates of booking via online travel agencies (OTAs) are relatively higher. As a result, the consumers make the travel bookings directly, enhancing the share of the Direct Online Booking in the Online Travel Booking Service Market.

-By Type

Vacation Package- Market Size & Forecast 2019-2030F, USD Million
Transportation- Market Size & Forecast 2019-2030F, USD Million
Accommodation- Market Size & Forecast 2019-2030F, USD Million
Others (Travel Insurance Booking, Event & Attraction Booking, etc.) - Market Size & Forecast 2019-2030F, USD Million

-By Platform

Third Party Online Portals- Market Size & Forecast 2019-2030F, USD Million
Direct Portals- Market Size & Forecast 2019-2030F, USD Million

-By End Users

Leisure Travelers- Market Size & Forecast 2019-2030F, USD Million
Business Travelers- Market Size & Forecast 2019-2030F, USD Million
Medical and Wellness Travelers- Market Size & Forecast 2019-2030F, USD Million

-By Age Group

Generation Z (Age 18-24) - Market Size & Forecast 2019-2030F, USD Million
Millennials (Ages 25-40) - Market Size & Forecast 2019-2030F, USD Million
Generation X (Ages 41-56) - Market Size & Forecast 2019-2030F, USD Million
Baby Boomers (Ages 57-75) - Market Size & Forecast 2019-2030F, USD Million

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Online Travel Booking Service Market Geographical Reach:

The Online Travel Booking Service Market Geographical Reach assesses the distribution and prominence of consumption, highlighting regions that dominate in terms of market size, volume, and promising future growth prospects.

-By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

Clients can concentrate their investments on the segments that present the most favourable prospects. This strategic methodology empowers clients to fine-tune their investment portfolio and attain enduring growth within the Online Travel Booking Service market.

Current Landscape of Online Travel Booking Service Market

The key players profiled in the research report are

Airbnb Inc.
Expedia Inc.
Booking Holdings Inc.
Trip Advisor LLC
com Travel Singapore Pte. Ltd.
Makemytrip Pvt Ltd.
com Limited
Trivago N.V.
com, Corp.
com NV
Traveloka
com
Cleartrip Pvt. Ltd.
Thomas Cook Ltd.
KoreaTravelEasy Inc.
Others (Yatra Online Limited, Fareportal, etc.)

In light of the ongoing rapid transformations within the Online Travel Booking Service market, retaining a strategic advantage is paramount for both businesses and investors. At MarkNtel Advisors, we exactly identify and study every notable player, taking into account their recent product launches, mergers, acquisitions, and collaborations. This thorough analysis assists our clients in making more accurate projections and staying competitive in the market.

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Global Online Travel Booking Service Industry Recent Development:

2023: Airbnb Inc. launched a new online room booking platform “Airbnb Rooms”, with more than 50 features and upgrades to address feedback from guests and Hosts to elevate the customer’s experience.
2023: MakeMyTrip Pvt Ltd. Launched an application “Traveller Map of India” in collaboration with the Ministry of Tourism, India to discover tourism locations within the country based on their travel preferences.

Online Travel Booking Service Market Future Prospects

The outlook for Online Travel Booking Service appears favourable in terms of both revenue share and sales, as evidenced by the market trends observed in the historical period, 2023-30. Anticipating continued robust growth over the next five years, market participants are expected to further bolster their portfolios by harnessing technological advancements within the industry. Adding to the market's attractiveness is the widespread application of the product/service across various end-users, allowing market players to establish a solid presence across continents.

Frequently Asked Questions

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