Online Travel Booking Service Market Is Likely To Grow At A CAGR Of 11.70% During 2024-30

The tremendous increase in tourism globally, especially after the pandemic, has positively impacted online travel booking services on an extensive level. In line with this, MarkNtel Advisors has recently published a research report where they cited that the Global Online Travel Booking Service Market is predicted to grow at a CAGR of around 11.70% during the forecast period of 2024-30. With the organization of several entertainment activities such as live concerts, the World Cup, and inaugurations, countries in regions like the Middle East, North America, and Europe are particularly observing an influx of tourists.

Moreover, online travel booking companies like Yatra.com, Make My Trip, Goibibo, Trip Advisor LLC, etc., are leaving no stone unturned to lure customers with appealing packages, lucrative offers, and discounts, thus stimulating the Global Online Travel Booking Service industry. Furthermore, the expansion of prominent international companies, including Google, Nestle, Domino, and others, into new developing countries & the advent of online travel platforms, like Bookimed, Realself, and others, to offer amenities to tourists traveling for medical purposes has also aided the Global Online Travel Booking Service Market.

Global Online Travel Booking Service Market Segmentation

• By Type (Vacation Package, Transportation (Airline, Trains, Buses, Cabs), Accommodation (Hotel, Hostel & Resorts, Vacation Rentals, and Others, and Others (Travel Insurance Booking, Event & Attraction Booking, etc.))
• By Booking Method (Direct Online Booking and Online Travel Agencies (OTAs))
• By Platform (Third Party Online Portals (Mobile Application & Websites) and Direct Portals (Mobile Application & Websites))
• By End Users (Leisure Travelers, Business Travelers, and Medical & Wellness Travelers)
• By Age Group (Generation Z (Age 18-24), Millennials (Ages 25-40), Generation X (Ages 41-56), and Baby Boomers (Ages 57-75))
• By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)

Direct Online Booking Segment Dominating the Online Travel Booking Service Market

Direct Online Booking segment dominating the Online Travel Booking Service Market across the global scale. Due to the numerous benefits provided by direct online booking services, such as cheap prices, discounts, reliance, and authenticity, the given segment has acquired a generous share in the market. Moreover, direct online booking is convenient & efficient and promotes uninterrupted communication among tourists & travel providers making it preferable, thus leading to the growth.

Europe Would Present Growth Prospects in the Online Travel Booking Service Market

The Global Online Travel Booking Service Market is to be Led by Europe in the Coming Years owing to the increasing tourism in the UK, Germany, and other countries due to their opulent architectural heritage & promising policies of the government. The government’s efforts to establish European countries as the medical hub would further push the Online Travel Booking Service Market in an upward trajectory.

Competitive Landscape of the Global Online Travel Booking Service Market

The Global Online Travel Booking Service Market has stiff competition where companies like Airbnb Inc., Expedia Inc., Booking Holdings Inc., Trip Advisor LLC, Trip.com Travel Singapore Pte. Ltd., Makemytrip Pvt Ltd., Hostelworld.com Limited, Trivago N.V., Despegar.com, Corp., Lastminute.com NV, Traveloka, CorporateFlights.com, Cleartrip Pvt. Ltd., Thomas Cook Ltd., KoreaTravelEasy Inc., and others (Yatra Online Limited, Fareportal, etc.) hold a valuable position & are amongst the top contenders.