Online Travel Market Growing Rapidly at a CAGR of +12%, by Top Players Like CheapOair, Trivago, MakeMyTrip, and CheapTickets

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Online travel providers aim to facilitate travel planning and reservations for travelers. The online travel industry is driven by quick and convenient flight and hotel reservations, an increase in customer confidence in online payment and the ability to compare various available travel options. Today, market operators are offering travel services through websites and mobile applications, as it is one of the preferred means of booking travel, especially among young professionals. The global online travel market is expected to grow at a CAGR of approximately +12% during the forecast period 2018-2023.

Growth of the online travel market is driven by the increase in internet penetration, rise in disposable income of people in emerging markets, and ease of comparing a variety of travel options online. Market players are introducing innovative travel and vacation package deals to assist travelers in making sound travel decisions as per their spending capability, such as affordable packages for international destination, discounts on car rentals and cash back on international flights.


Top Key Players of Online Travel Market:

Expedia, Priceline Group (Booking.com), TripAdvisor, Orbitz, Ctrip.com International, Hostelworld Group, Hotel Urbano Travel, Tourism, CheapOair, Trivago, Thomas Cook Group, MakeMyTrip, CheapTickets, OneTravel, Travelocity, AirGorilla, Hotwire, Kayak, BOD Tech.

It is reported that this age group spends approximately $ 200 billion on trips every year. These travelers have revolutionized the Online Travel Market by the extensive use of technology. Smartphones and other mobile devices are greatly preferred to make travel arrangements. In addition, social networking platforms are used to review various providers of travel services, destinations, transportation and accommodation. The first online research of this young traveler and the exploration of several sites, when planning for a vacation or a short weekend getaway. They are always active on social networking sites, such as Facebook, Twitter and Instagram, which repeatedly update their virtual image by publishing their daily activities, including travel records.

Market segmentation of online travel market

By mode of booking

· Online Travel Agencies

· Direct Travel Suppliers

By types of platform

· Mobile

· Desktop

By service types

· Transportation

· Travel Accommodation

· Vacation Packages

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Demand in the online travel market is driven by the general consumer's income, which is often reliant upon the state of the economy. Competition exists between the various online travel services; each service must market their services effectively to garner usage and consumers, and thus overturn revenue.

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