When we talk about the Online travel market globally, the APAC leads in the growth of it as compared to the Europe, America, and UK. In terms of increase in travel density, Europe leads in it, whereas in terms of emerging markets APAC leads in it.
In APAC, China is the major contributor to its growth with its increase in the use of mobile bookings. But in European and the American countries majority are inclined towards desktop bookings as compared to APAC, which is more inclined towards mobile. With a majority of young travelers preferring to book via OTAs, this age group contributes towards a higher share of young travelers in this market.
With the young generation (age group of 21-32 years) being tech savvy, and using the online medium to plan and make bookings for them has revolutionized the online travel market. Almost, every youngster uses their smartphones and desktop to make use of this online booking facility. Along with being tech-savvy, their inclination towards exploring new destinations and making online searches of different places to get travel reviews by the previous travelers is also one of the major contributing factors.
All this has emphasized the growth of multiple Travel apps, OTAs, Web portals, travel review websites, online travel guides etc. These online tools have also come up with the latest strategies in order to provide by Travel Portal Development Company to them with discounted fares and offers while booking for a particular destination in order to attract more travelers towards them. This has enhanced the leading as well as mid-sized global hoteliers, Car rental service providers, Flight booking service providers, Holiday package tour providers as well as leisure travel providers to make their business go online.
If we summarize it, we get the clear idea of how the young generation(aged 21-32 years) has a major impact on the growth of the Online travel market.
Globally its growth is mainly due to the increase in internet users, rise in spending ability of the middle-class peoples and getting valuable resources to assess the travel destination plans online. The service providers are coming up with the good and economical package deals for vacation and travel in order to make good travel decisions as per their budget.
Direct travel suppliers are slowly losing their market share because of the OTAs, who are regularly coming up with the latest discounted offers as well as with the good marketing strategies in order to attract travelers, and maintaining and expanding their customer base.
In booking platforms, the mobile booking market contributes to more than half of the market revenue as compared to the desktop booking. In coming years its contribution towards market as well as its growth will continue to increase. The reason behind all this is the increasing use of the smartphones and trust in the online payments as well as mobile payments and availability of mobile banking system.
The main leading entity in this market is maintained by the Transportation bookings, with rise in the online flight bookings, promoting low-cost carriers and increasing its connectivity to more cities has increased the numbers in flight bookings and also, some of the leading OTAs are planning to open online rail ticketing services, with this they want to make market in rail ticketing services also.With the increase in Flight as well as the Rail ticket bookings, There will be an increase in the growth of the transportation segment in coming years.
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