Published Date : May 02, 2016
ALBANY, New York, May 02, 2016: A market research report recently featured on MarketResearchReports.biz gives a detailed overview of the global market for online travel, a rapidly progressing segment of the global travel market that enables customers to make reservations with accommodation or transportation providers through a website, email, or phone. The report is titled, “Global Online Travel Market: Trends and Opportunities (2016-2020).”
The global online travel market has exhibited strong growth over the past few years owing to the flourishing growth witnessed by the global tourism industry, increased penetration of the Internet across the globe, and the rising number of smartphone users. These factors are at play especially in developing economies and have provided a significant impetus to the global online travel market.
However, the market’s growth is restrained to a certain extent owing to factors such as competition from alternative accommodation providers, a significant amount of expenses incurred in marketing activities, and strict regulations and compliances that companies in the market need to adhere to. Some of the major trends prevailing in the global online travel market are a steady rise in capital investment, organic expansion of brands, and a rising number of hotels and transport service providers featuring online booking facilities.
The report primarily segments the market into bookings made through an OTA (online travel agency) and direct bookings with travel suppliers. Online travel agencies are segmented in the report into two types: specialist OTAs and generalist OTA. The segment of generalist OTAs, comprising vendors such as Booking.com and Expedia, covers a broader market and caters to all kinds of travel-related services, such as car rentals, lodging, flights, and packages.
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On the other hand, the segment of specialist OTAs, comprising vendors such as Hostelworld, caters to niche segments in the travel industry, such as the hostel space. The report states that direct bookings made with travel suppliers represented the dominant market segment in 2015, accounting for a share of over 60% in the total online travel bookings seen that year.
The report examines the global online travel market for five of the world’s prominent regional markets: the U.S., Asia Pacific (except China), China, Europe, and Latin America. In 2015, the market for online travel in Asia Pacific, U.S., and Western Europe was similar in size, and collectively accounted for a dominant share of over 80% in the global online travel market.
Over the report’s forecast period, the market for online travel is projected to witness better growth in developing regions as compared to developed regions, majorly owing to strengthening socio-economic factors in the developing parts of the globe. Moreover, the high percentage of the millennial population in developing regions will also contribute to the growth of the online travel market in regions such as China and several other countries in Asia Pacific and Latin America.
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