In a recent published report, Kenneth Research has updated the market report for Online Travel Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Online Travel Market products.
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The online travel industry has undergone several changes over the last decade, owing to technology advances. Use of technology in the travel industry has come a long way since the global distribution system (GDS) due to the use of mobile applications and rising penetration of the Internet. This has helped in changing the process of travel bookings, making it easy and swift. The service model of online tour agencies provides multiple services through a single platform. With this, the process for travel booking has experienced a significant shift from physical to web bookings, and now mobile platforms. Online tour agencies have integrated all modes of transport and accommodation options under a single platform which has encouraged users to opt the same.
With this, the process for travel booking has experienced a significant shift from physical to web bookings, and now mobile platforms. Online tour agencies have integrated all modes of transport and accommodation options under a single platform which has encouraged users to opt the same. Additionally, service providers and tour operators have adopted digitalization and automation to develop greater productivity and offer customers a unique travel experience.
Moreover, the influx of big data and other complementing technologies such as automation and augmented and virtual reality (AR/VR) is expected to create opportunities for travel agencies. By incorporating these technologies in their existing platforms and applications they can deliver a better user experience. However, there exists no centralized system that can streamline data between government agencies and private travel agencies thus, creating a gap between them. This, in turn, can hamper the growth of the global online travel market.
KEY MARKET SEGMENTS ONLINE TRAVEL MARKET
BY MODE OF BOOKING
*Online Travel Agencies
*Direct Travel Suppliers
BY SERVICE TYPES
BY TYPES OF PLATFORM
BY AGE GROUP
By Regional Ananlysis
Rest of Europe
Rest of Asia-Pacific
Rest of LATAM
Middle East & Africa
Rest of MEA
The key players of global online travel market are Expedia Inc. (US), Booking Holdings Inc. (US), TripAdvisor Inc. (US), Ctrip.com International Ltd (China), FlixMobility GmbH (Germany), Ryanair DAC (Ireland), Thomas Cook Group PLC (UK), MakeMyTrip (India) Pvt. Ltd (India), Alibaba Group Holding Limited (China), Airbnb Inc. (US) and eDreams ODIGEO SA (Luxembourg).
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