Online Travel Booking Service Market
Online Travel Booking Service Market Size, Share & Trends Analysis Report by Type (Vacation Packages, Accommodation Booking, Transportation Booking, and Others), by Device Platform (Mobile, and Desktop) by Booking Type (Online Travel Agencies, and Direct Travel Suppliers) and by Tour Type (Independent Traveller, and Package Traveller) Forecast Period (2024-2031)
Online travel booking service market is anticipated to grow at a CAGR of 14.8% during the forecast period (2024-2031).The online travel market is gaining momentum owing to rising spending, falling costs, and increasing incomes. Online bookings of vacation tours, couple travel, and adventure tourism are also gaining popularity, offering reliable transport, personalized services, and economic benefits.
Market Dynamics
Rising smartphone adoption and internet penetration
Online travel booking has grown more convenient for consumers owing to the widespread availability of smartphones and the internet. According to the GSMA, in March 2023, over 5.4 billion individuals globally subscribed to mobile services, including 4.4 billion using mobile internet. The mobile internet usage gap narrowed from 50.0% in 2017 to 41.0%, significant. Mobile technologies contributed 5.0% of global GDP, $5.2 trillion in economic value, and supported 28 million jobs. 5G adoption is expected to reach 54.0% by 2030.
Growing globalization and cross-border travel
Demand for cross-border travel is driven by globalization, whichdrives online booking platforms that provide a variety of destinations and solutions for easy international travel booking. According to the In 2023, the Travel & Tourism sector experienced significant growth, contributing 9.1% to the global GDP, a remarkable increase of 23.2% from 2022 and only 4.1% below the 2019 level. Additionally, the sector created $27.0 million in new jobs, representing a 9.1% increase compared to 2022. Both domestic and international visitor spending also saw positive trends, with domestic spending rising by 18.1% and international spending jumping by 33.1% in 2023. Although international visitor spending remained 14.4% below the 2019 total, these statistics indicate promising growth in the Travel & Tourism industry.
Market Segmentation
Our in-depth analysis of the global online travel booking service market includes the following segments by type, device platform,booking type,and tour type:
- Based on type, the market is sub-segmented into vacation packages accommodation booking, transportation booking, and others.
- Based on device platform, the market is bifurcated into mobile and desktop.
- Based on booking type, the market is bifurcated into online travel agencies, and direct travel suppliers.
- Based on tour type, the market is sub-segmented into Independent traveler and package traveler.
Mobile is Projected to Emerge as the Largest Segment
Based on the device platform, the global online travel booking service market is sub-segmented into mobile and desktop. Among these, the clinical decision support system solutionssub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includesonline travel agencies improving their competitiveness by tailoring their services to meet the unique preferences and needs of specific customer segments. For instance, Paytm launchedthe 'Booking for Female' service offers a unique feature for female travelers, allowing them to make informed choices based on recommendations from other female travelers. The service includes features like 'Bus Ratings', 'Most Booked by Female' tags, 'Female Favorite' tags, and 'Most Selected by Females' tags for secure, informed bookings.
Online Travel Agencies (OTA) Sub-segment to Hold a Considerable Market Share
The globalization of the travel industry has increased travel options, allowing travelers to customize trips with a variety of services offered by OTAs.According to the Times of India, in September 2023, there has been a shift in travel preferences among Indians, with 44.0% choosing online travel agencies (OTAs) for bookings, while 20.0% still opt for the expertise of travel agents. This indicates that Indians are increasingly becoming well-informed and self-reliant travelers, taking advantage of the tools and knowledge available to curate their dream vacations.
Regional Outlook
The globalonline travel booking service market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Adoption of Smartphone and Technology inthe North American Region
The rise in smartphone and mobile app usage has significantly boosted the online travel booking market, providing travelers with the convenience of mobile reservations.According to the US Bureau of Economic Analysis,inFebruary 2023, the travel and tourism industry in the US increased by 64.4% in 2021, compared to a decrease of 50.7% in 2020, according to the Travel and Tourism Satellite Account (TTSA). The industry's share of GDP increased from 1.5% in 2020 to 2.2%in 2021, and its real output increased by $362.0 billion.
Global Online Travel Booking Service Market Growth by Region 2024-2031
Asia-Pacific America Holds Major Market Share
Asia-Pacific region has boosted cross-border travel, resulting in a surge in demand for international travel booking services, driven by online platforms offering diverse destinations.India's tourism industry has seen significant growth, with a contribution of $199.39millionto the country's economy in 2022. The sector is projected to play a vital role in India's GDP, contributing an estimated $250.0 billion by 2030 and creating employment opportunities for approximately 137 million individuals.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the global online travel booking service market includeAirbnb, Inc.,Booking Holdings Inc.,Expedia, Inc., MakeMyTripPVT. LTD.,Tripadvisor LLC,among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. for instance, in April 2024,MakeMyTrip introduced a weekly exclusive charter service between Mumbai and Bhutan, catering to the growing popularity of Bhutan among Indian travelers, as part of its holiday packages.
The Report Covers
- Market value data analysis of 2023and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global online travel booking service market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Airbnb, Inc.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Booking Holdings Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Expedia, Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Online Travel Booking Service Market by Type
4.1.1. Vacation Packages
4.1.2. Accommodation Booking
4.1.3. Transportation Booking
4.1.4. Others (Corporate Travel Services)
4.2. Global Online Travel Booking Service Market by Device Platform
4.2.1. Mobile
4.2.2. Desktop
4.3. Global Online Travel Booking Service Market by Booking Type
4.3.1. Online Travel Agencies
4.3.2. Direct Travel Suppliers
4.4. Global Online Travel Booking Service Market by Tour Type
4.4.1. Independent Traveller
4.4.2. Package Traveller
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. The Middle East & Africa
6. Company Profiles
6.1. Cleartrip PVT. LTD.
6.2. Cox & Kings Ltd.
6.3. Despegar
6.4. EaseMyTrip
6.5. Hostelworld Group PLC
6.6. Kuoni
6.7. Lastminute.com Group
6.8. MAKEMYTRIP PVT. LTD.
6.9. Marriott International, Inc.
6.10. Thomas Cook Tourism
6.11. Trip.com group
6.12. Tripadvisor LLC
6.13. trivago N.V
6.14. TUI AG
6.15. Yatra Online LTD.
1. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
2. GLOBAL VACATION PACKAGES ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL ACCOMMODATION BOOKING ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL TRANSPORTATION BOOKING ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
5. GLOBAL OTHER TYPE ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY DEVICE PLATFORM, 2023-2031 ($ MILLION)
7. GLOBAL MOBILE BASED ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL DESKTOP BASED ONLINE TRAVEL BOOKING SERVICE BASED CLOUD MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY BOOKING TYPE, 2023-2031 ($ MILLION)
10. GLOBAL ONLINE TRAVEL BOOKING SERVICE FOR AGENCIES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL ONLINE TRAVEL BOOKING SERVICE FOR DIRECT TRAVEL SUPPLIERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TOUR TYPE, 2023-2031 ($ MILLION)
13. GLOBAL ONLINE TRAVEL BOOKING SERVICE INDEPENDENT TRAVELLER MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL ONLINE TRAVEL BOOKING SERVICE PACKAGE TRAVELLER MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCHAND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
16. NORTH AMERICAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
17. NORTH AMERICAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
18. NORTH AMERICAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY DEVICE PLATFORM, 2023-2031 ($ MILLION)
19. NORTH AMERICAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY BOOKING TYPE, 2023-2031 ($ MILLION)
20. NORTH AMERICAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TOUR TYPE, 2023-2031 ($ MILLION)
21. EUROPEAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
22. EUROPEAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
23. EUROPEAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY DEVICE PLATFORM, 2023-2031 ($ MILLION)
24. EUROPEAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY BOOKING TYPE, 2023-2031 ($ MILLION)
25. EUROPEAN ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TOUR TYPE, 2023-2031 ($ MILLION)
26. ASIA-PACIFIC ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
27. ASIA-PACIFIC ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
28. ASIA-PACIFIC ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY DEVICE PLATFORM, 2023-2031 ($ MILLION)
29. ASIA-PACIFIC ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY BOOKING TYPE, 2023-2031 ($ MILLION)
30. ASIA-PACIFIC ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TOUR TYPE, 2023-2031 ($ MILLION)
31. REST OF THE WORLD ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
32. REST OF THE WORLD ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
33. REST OF THE WORLD ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY DEVICE PLATFORM, 2023-2031 ($ MILLION)
34. REST OF THE WORLD ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY BOOKING TYPE, 2023-2031 ($ MILLION)
35. REST OF THE WORLD ONLINE TRAVEL BOOKING SERVICE MARKET RESEARCH AND ANALYSIS BY TOUR TYPE, 2023-2031 ($ MILLION)
1. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKETSHARE BY TYPE, 2023 VS 2031 (%)
2. GLOBAL VACATION PACKAGES ONLINE TRAVEL BOOKING SERVICE MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL ACCOMMODATION BOOKING ONLINE TRAVEL BOOKING SERVICE SOFTWARE MARKET SERVICES SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL TRANSPORTATION BOOKING ONLINE TRAVEL BOOKING SERVICE SOFTWARE MARKET SERVICES SHARE BY REGION, 2023 VS 2031 (%)
5. GLOBAL OTHER TYPE ONLINE TRAVEL BOOKING SERVICE SOFTWARE MARKET SERVICES SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET SHARE BY DEVICE PLATFORM, 2023 VS 2031 (%)
7. GLOBAL BASED ON MOBILE ONLINE TRAVEL BOOKING SERVICE MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL BASED ON DESKTOP ONLINE TRAVEL BOOKING SERVICE BASED ON CLOUD MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET SHARE BY BOOKING TYPE, 2023 VS 2031 (%)
10. GLOBAL ONLINE TRAVEL BOOKING SERVICE FOR AGENCIES MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL ONLINE TRAVEL BOOKING SERVICE FOR DIRECT TRAVEL SUPPLIERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKET SHARE BY TOUR TYPE, 2023 VS 2031 (%)
13. GLOBAL ONLINE TRAVEL BOOKING SERVICE INDEPENDENT TRAVELLER MARKET SHARE BY REGION, 2023 VS 2031 (%)
14. GLOBAL ONLINE TRAVEL BOOKING SERVICE PACKAGE TRAVELLER MARKET SHARE BY REGION, 2023 VS 2031 (%)
15. GLOBAL ONLINE TRAVEL BOOKING SERVICE MARKETSHARE BY REGION, 2023 VS 2031 (%)
16. US ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
17. CANADA ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
18. UK ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
19. FRANCE ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
20. GERMANY ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
21. ITALY ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
22. SPAIN ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
23. REST OF EUROPE ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
24. INDIA ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
25. CHINA ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
26. JAPAN ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
27. SOUTH KOREA ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
28. REST OF ASIA-PACIFIC ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
29. LATIN AMERICA ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
30. MIDDLE EAST AND AFRICA ONLINE TRAVEL BOOKING SERVICE MARKET SIZE, 2023-2031 ($ MILLION)
