convenient travel bookings, hotel bookings, rising trust of customers in online payments, and
various websites to compare services of various providers.
Key Takeaways of the Market:
As per Coherent Market Insights’ analysis, global digital travel sales is expected to reach almost
50% of total travel sales in 2018. This growth is mainly due to increasing number of young
travelers, who explore new destinations and face adventure. Usually these customers have high
service expectation such as flight reservation at minimum rates, best accommodation options,
and provide travel insurance, assistance for visa in international tour, from the service providers.
Decision of travelling is significantly affected by travel websites and review websites.
North America is estimated to account for the largest market share and is expected to witness
high growth rate over the forecast period. This growth is majorly attributed to technological
advancements in providing internet facility, advanced mobile devices, presence of major players
in this region, and high adoption of e-commerce websites across various industry verticals.
People in the age group of 22 – 31 years are early professionals or students of graduation or
post-graduation are identified as the key consumers of the online travel market. They prefer to
explore new destinations, new places for which extensive use of smartphones and other smart
devices is used for travel bookings. Online review from website for gaining the insights about
travel providers, destinations, accommodations, and transportation, for long trip as well as
weekend vacation is another key factor that impacts in increased travel bookings. Rising
frequency of business travel is one of the major factors for increasing online travel market. As
per the report published by UNDERSCORE in January 2018, business travel accounts for US$ 1.3
trillion of global spending annually, and it will rise at 3.7% per annum over the next 10 years.
To know the latest trends and insights click the link below:
https://www.coherentmarketinsights.com/market-insight/online-travel-market-2504
Availability of convenient and easy bookings of hotels, flights, car rental, and mass penetration
of smart phones are one of the prominent factors for the online travel industry growth. Various
companies are providing easy to navigate mobile applications, where a user can do bookings
and search all the functions such as hotel booking, travel booking, reviews, offers easily.
Countries of Latin America and Asia Pacific are leading in mobile booking for travel and tour.
Based on platform type, desktop segment was the dominant segment in the online travel
market, owing to ease and convenience of travel websites and payment security.