Online Travel Booking Platform Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

An online travel booking platform is a digital platform or website that allows users to book and reserve various travel-related services and products, such as flights, hotels, car rentals, and activities. It is an internet-based system that provides simple, effective, and hassle-free travel booking that is compliant with company travel policies.

Sizing and Forecast
The online travel booking platform market size has grown rapidly in recent years. It will grow from $511.28 billion in 2023 to $576.42 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%.  The growth in the historic period can be attributed to increase in internet usage and smartphone penetration, growing travel industry, need and desire to travel, availability of different travel media options, easy booking facility.

The online travel booking platform market size is expected to see rapid growth in the next few years. It will grow to $862.30 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.  The growth in the forecast period can be attributed to growing consolidation of online travel agencies, increasing demand for multigenerational customized travels, rising penetration of smartphones and availability of many travel applications, increasing competition from offline travel agencies. Major trends in the forecast period include development of new business models and revenue streams, adoption of sustainable travel practices and eco-friendly initiatives, use of blockchain technology to enhance security, rising demand for multigenerational customized travels.

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Segmentation & Regional Insights
The online travel booking platform market covered in this report is segmented –
1) By Type: Packages Types, Direct Type
2) By Service Type: Vacation Packages, Accommodation Booking, Transportation Booking, Other Service Types
3) By Application: Desktop Or Laptop, Mobile Or Tablet

North America was the largest region in the online travel booking platform market in 2023. The regions covered in the online travel booking platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increase in internet usage and smartphone penetration is expected to propel the growth of the online travel booking platform market going forward. Internet usage refers to the extent to which individuals or populations utilize the internet for various purposes, such as accessing information, communicating, conducting transactions, entertainment, and more. Smartphone penetration refers to the percentage of the population, or a specific demographic group, that owns and uses smartphones. Increasing internet usage and smartphone penetration are driven by factors such as advancements in technology, improved affordability of devices and data plans, and the expansion of mobile network infrastructure. Online travel booking platforms are easily accessible through smartphones and internet usage that offer convenience, time savings, real-time information, cost savings, access to deals, and a global reach. These advantages collectively enhance the efficiency and overall experience of planning and booking travel arrangements. For instance, in 2022, according to a report published by Canada’s National Statistical Agency, a Canada-based government agency, approximately 85% of Canadians used a smartphone to access the internet. The proportion was highest among those aged 25 to 34 (98%), lowest among those aged 75 and over (37%), and people aged over 75 increased by about 10% compared to 2020. Therefore, an increase in internet usage and smartphone penetration drives the online travel booking platform market.

Key Industry Players
Major companies operating in the online travel booking platform market are Booking Holdings Inc., Expedia Inc., Airbnb Inc., Anywhere Inc., Trip.com Travel Singapore Pte. Ltd., TripAdvisor LLC, Corporate Travel Management Ltd., Hopper Inc., Fareportal Inc., Lastminute.com NV, MakeMyTrip Ltd., Happyeasygo India Private Limited, BlueStar Air Travel Services Pvt. Ltd., Yatra Online Inc., Thomas Cook Group plc, 2FN Travel Inc., Dcsplus.net, Tavisca Solutions Private Limited, GTi Travel Group, OTRAMS, DirectVision SRL, Airtkt.Com Inc., Lemax GmbH, Apricot Tours , CorporateFlights.com, Fares Daddy Private Limited, HolidayPasal.com, SutiTravel, eDreams International Network S.L.

The online travel booking platform market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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