Market Overview

The online travel industry comprises travel e-commerce websites and review websites. The travel e-commerce website provides advice about various destinations, attractions, accommodation, and information on how to access them. Most of the countries and states have its own travel websites, to attract tourists. The conventional travel advisors are replaced by online travel booking platforms due to high penetration and mass reach of internet. Growing preference of travelers towards easily available digital platforms instead of conventional trip advisors has boosted the market growth for online travelling solutions.

Global online travel market is expected to witness significant growth during the forecast period (2018–2026), due to high internet penetration, easy availability of online platforms, and growing travel & tourism industry, worldwide. People of age group 22 – 31 years are the main audience for the online travel market, as they are the early starters in their professional carrier and prefer to travel for commercial purposes as well as to explore new places. According to a report published by Nicholson Yachts, in November 2016, globally young age group spends about US$ 200 billion on travel every year.

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Market Dynamics

Increasing use of mobile devices and social media are providing a new medium for communication. High internet penetration has led to growing use of smartphones and in-turn mobile applications with dedicated websites for trips and travelling such as MakeMyTrip Limited, trivago N.V. Airbnb, Google trips, TripAdvisor, Uber, and others. Easy navigation feature in mobile applications is also one of the key factors behind increasing use of these applications. Furthermore, travel app offers high flexibility to customers and provides an easy medium to stay connected with the services providers.

Various payment applications are launched with special safe and secured feature for online travel applications. Previously, options for payments for travelers were limited to credit or debit card for online payments, however payment options such as PayPal, MobilePay, RuPay, PayU, Stripe, and others have emerged in the recent past. For bookings on e-commerce websites, e-wallets remain preferred payment method, which has increased the number of bank transition for online travel booking.

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Global players of the global online travel market are OpenTable, Sky Park Secure, Viator, FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner, Owners Direct, and Accuweather.

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