(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Online Travel Booking Platform Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The global online travel booking platform market has grown rapidly in recent years. It will grow from $511.28 billion in 2023 to $576.42 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The expansion witnessed during the historical period can be credited to the rise in internet usage and smartphone penetration rates, the expanding travel industry, increasing demand and desire for travel, the availability of various travel media options, and the convenience of easy booking facilities.
The online travel booking platform market is expected to see rapid growth in the next few years. It will grow to $862.3 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The projected growth in the upcoming period is expected to be driven by the increasing consolidation of online travel agencies, growing demand for customized multigenerational travel experiences, the expanding penetration of smartphones alongside the availability of numerous travel applications, and heightened competition from offline travel agencies. Key trends anticipated in the forecast period encompass the development of novel business models and revenue streams, the adoption of sustainable travel practices and eco-friendly initiatives, the integration of blockchain technology to bolster security measures, and the escalating demand for personalized multigenerational travel experiences.
The anticipated surge in internet usage and smartphone adoption is poised to drive growth within the online travel booking platform market. For example, in 2022, a report by Canada's National Statistical Agency revealed that approximately 85% of Canadians utilized smartphones for internet access, with notable increases among specific age groups, indicating a significant market potential for online travel booking platforms.
Major players in the online travel booking platform sector are prioritizing technological innovations such as lodging AI and machine learning (ML) to meet evolving consumer demands. In August 2023, Sabre Corporation, a prominent US-based travel management company, introduced lodging AI, aimed at improving hotel attachment rates for travel agencies and providing travelers with tailored accommodation choices based on their preferences and behaviors.
In December 2023, TBO Tek Limited, an Indian travel service company, executed the acquisition of Jumbo Tours Group for an undisclosed sum. This strategic move signifies TBO Tek Limited's ambition to expand its global presence and access premium content from key destinations across Europe, the Caribbean, and North Africa. Jumbo Tours Group, headquartered in Spain, offers travel services and operates an online booking platform, augmenting TBO Tek Limited's offerings and market reach.
North America was the largest region in the online travel booking platform market in 2023. The regions covered in the online travel booking platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the online travel booking platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Type: Packages Types; Direct Type
2) By Service Type: Vacation Packages; Accommodation Booking; Transportation Booking; Other Service Types
3) By Application: Desktop or Laptop; Mobile or Tablet
Key Companies Mentioned: Booking Holdings Inc.; Expedia Inc.; Airbnb Inc.; Anywhere Inc.; Trip Travel Singapore Pte. Ltd.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $576.42 Billion |
| Forecasted Market Value (USD) by 2028 | $862.3 Billion |
| Compound Annual Growth Rate | 10.6% |
A selection of companies mentioned in this report includes, but is not limited to:
Booking Holdings Inc. Expedia Inc. Airbnb Inc. Anywhere Trip Travel Singapore Pte. Ltd. TripAdvisor LLC Corporate Travel Management Ltd. Hopper Inc. Fareportal Lastminute NV MakeMyTrip Ltd. Happyeasygo India Private Limited BlueStar Air Travel Services Pvt. Ltd. Yatra Online Inc. Thomas Cook Group plc 2FN Travel Dcsplus Tavisca Solutions Private Limited GTi Travel Group OTRAMS DirectVision SRL Airtkt Inc. Lemax GmbH Apricot Tours CorporateFlights Fares Daddy Private Limited HolidayPasal SutiTravel eDreams International Network S.L.
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Attachment
Global Online Travel Booking Platform Market
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