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