The travel booking sector has undergone a huge transformation over the last couple of year due to technology advancement and internet. Nowadays travelers prefer online booking platforms to browse, search, and book their tickets. Online travel booking platforms provide various booking services such as accommodation, travel, customer stay review, rental vehicles, etc. This platform shows the information of different travel service providers and reviews about the services they provide. It also allows customers to compare different packages and quality of the services offered by travel agencies. For travel agencies and travel planners, the platform helps to maintain the customer data base, their travel history, and their preferences. By automating the online booking system, this platform saves the time of staff members from doing manual bookings. Travel agencies are adopting the online platform to increase their business by offering best services to customers. Authorized travel agents access online booking platforms anytime and anywhere. This platform makes bookings faster and easier, and increases customer conversion rate and revenue of the company by making the payment process hassle free for customers. This system also helps them to manage reservations easily and systematically. Several travel booking platforms are also giving instant cashbacks on travel bookings, and offer add-on services when customers book their tickets. This in turn is attracting the customers to book their tickets online, thus supporting the growth of the market globally.
Growth in tourism industry coupled with increasing usage of internet and smartphones is driving the global online travel booking platform market. However, safety related issues with online booking is a factor which is expected to hinder the growth of the market in the coming few years. Customers are adopting new trends in payment methods due to increasing popularity of online travel booking platforms. Through this platform, travel agencies provide different packages to their customers which helps them to manage their travel plans within their budgets. Travel companies are expected to introduce advanced versions of online platforms to maintain their dominance in the global market. Leading companies are expected to adopt new technology in online platform development to maintain their dominance in the global online travel booking platform market. Instant booking, cancellation of tickets, refunds, call center support, etc. are some of the unique services the companies are providing to expand their customer base and retain the existing customers.
The online travel booking platform market can be segmented based on service type, platform type, and geography. Based on service type, the market can be segmented into standalone and packaged. Standalone services can further be bifurcated into transportation and accommodation. By platform type, the market can be segmented into mobile based and desktop/web based. Mobile based application is expected to generate more market share because of increasing adoption of mobile technology. By geography, the global online travel booking platform market is segmented into Europe, North America, South America, Asia Pacific, and Middle East & Africa. North America is expected to be the highest revenue generating region in the online travel booking platform market because some of the leading companies are operating in this region. Asia Pacific is expected to be the fastest growing region in the market because of increasing number of startups and significantly growing adoption of online payment systems.
Key players operating in the online travel booking platform market includes Thomas Cook Group Plc., Airbnb Inc., Ctrip.com International Ltd., Booking Holdings Inc., Expedia Inc., Priceline Group Inc., TripAdvisor Inc., MakeMytrip Limited, Hostelworld Group, and Fareportal Inc. These service providers are investing considerably in research & development to use technologies in their solutions to gain maximum market share in the next few years. Additionally, these companies engage in partnerships with domestic players to increase their business and gain market share in all regional markets.