Press Release

Global Online Travel Booking Service Market Expected to Grow at a CAGR of Around 11.70% during 2024-30

The Global Online Travel Booking Service Market is projected to grow at a CAGR of around 11.70% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. The increasing tourism worldwide, particularly in regions such as the Middle East, North America, and Europe is resulting in the growth of online travel booking services. The countries in these regions are witnessing a rise in tourism due to the proliferation of recreational activities and major live events like world cups and popular concerts.

According to research by the World Tourism Organization, Asia-Pacific region welcomed a noteworthy influx of tourists in 2022, with approximately 100.52 million inbound visitors, marking a substantial 305% increase compared to 2021. In addition, travel booking companies like Goibibo, Trip Advisor LLC, etc., are offering enticing packages that include affordable accommodation, transportation, and event passes for international travelers. This holistic approach by the travel booking companies is fueling the growth of the Global Online Travel Booking Service Market.

Furthermore, prominent international companies such as Nestle, Domino, Google, and others are strategically expanding their business operations into new countries like the UAE, India, and more, aiming to establish a competitive presence in these markets. This growing trend of international expansion among these companies is leading to an increase in business executives' travel requirements for meetings, site visits, and other official engagements. Thus, such increasing trend of business travel is driving the Global Online Travel Booking Service Market.

Moreover, the emergence of online travel platforms like Bookimed, Realself, and others to provide services for medical tourists would also contribute to elevating the Global Online Travel Booking Service market during the foreseen years, further states the research report, “Global Online Travel Booking Service Market Analysis, 2024.”

Segmentation Analysis

Direct Online Booking Segment Leading the Global Online Travel Booking Service Market

Based on the Booking Method, the market is further bifurcated into, Direct Online Booking and Online Travel Agent (OTA). Direct Online Booking segment gained a substantial share in the Global Online Travel Booking Service Market. This booking mode allows travelers to secure airline tickets and accommodations with original & authentic rates offered by hotels & airlines. Additionally, direct booking fosters direct communication between tourists and travel providers. Consequently, individuals directly engage with the travel provider for personalized assistance for modifications, special requirements, or any issues related to their reservations.

Besides, the price of booking hotels or flights via online travel agents (OTAs) is relatively higher. As a result, consumers tend to choose travel booking directly, further bolstering the prominence of Direct Online Booking within the Global Online Travel Booking Service Market.

Europe Dominates Global Online Travel Booking Service Market

Geographically, Global Online Travel Booking Service Market is bifurcated into North America, South America, Europe, The Middle East & Africa, and Asia-Pacific. Among them, Europe outpaced the other regions across the globe due to the increasing inbound & outbound tourism in European nations like the UK, Germany, and others. European governments have actively promoted tourism through well-defined policies to maintain Europe's status as a premier global destination and foster sustainability in tourism practices.

Consequently, these favorable governmental policies and the rich architectural heritage of European countries would further elevate tourist influx, enhancing Europe's share in the Global Online Travel Booking Service Market. In addition, the governments of the European countries are aligning their efforts to position them as Medical Hub. Therefore, the region would witness a surge in medical tourism, driving the demand for the online travel booking service during forthcoming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Airbnb Inc., Expedia Inc., Booking Holdings Inc., Trip Advisor LLC, Trip.com Travel Singapore Pte. Ltd., Makemytrip Pvt Ltd., Hostelworld.com Limited, Trivago N.V., Despegar.com, Corp., Lastminute.com NV, Traveloka, CorporateFlights.com, Cleartrip Pvt. Ltd., Thomas Cook Ltd., KoreaTravelEasy Inc., and others (Yatra Online Limited, Fareportal, etc.) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & services adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?