We are living in an era of technology where almost every task can be accomplished by the use of internet. One of the major sectors that have been influenced by the evolution of technology is the Travel Booking Sector. If we look back at time, there were agents who used to plan trips and book hotels, buses, flights and rental cars for us, but today the facility of Online Travel Booking has totally changed the scenario. Now we can plan our trips and have the freedom to choose our hotels, book flights and buses that suits our schedule using our mobile phones and desktops.
The Online Travel Booking sector have integrated the industry suppliers related to travel and hospitality with the buyers into one single screen. Online Travel Booking also integrates GDS (Global Distributed Systems) and non GDS suppliers like direct integration with Airline, Hotel, Bus Railways Insurance companies and other travel services suppliers.
The online Travel Booking System provides booking Facilities to Customers visiting their websites.
According to a forecast Online Travel Booking Industry is expected to gather about $1,100 billion by 2022 worldwide. If we analyse the market across geographical regions, Europe (UK, Germany, France, and rest of Europe), North America (U.S., Canada, and Mexico), Asia-Pacific (India, China, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa), the highest growth potential of Online Travel Booking is recorded in Asia-Pacific region with India and China as major players.
Online Travel Booking Sector in Asia-Pacific
Various Forecast shows that Asia Pacific region have huge potential for the growth of Online Travel Booking in upcoming years. Ctrip leads China’s online travel market, and in India MakeMytrip, Yatra and Cleartrip are the major online travel agencies (OTA). Expedia, Agoda and Booking.com are major players in rest of the countries in the region. OTAs are becoming the most preferred medium for bookings in the region .
Analysis shows that young age group (22-31) spend about $200 billion yearly on Online Travel Bookings worldwide, which means main contributor to the sector are millennials. And reports show that the median age in Asia region is 30. So, Online Travel Market is going to be huge in the region in upcoming years.
Other factors like increase in income, emerging middle class and one of the most important factor for Online Travel Agency is Internet Penetration. Survey shows that more than 90% of the corporate travellers in the region owns smartphones. About 50-60% of theses travellers manage their travel by using Mobiles.
Various Online travel Agencies are also working to boost the potential of Online Travel Booking Agency by launching Apps with great features for Mobile devices allowing users to compare, book and get detailed information about hotels, flights, locations etc. all at one place which saves user’s time.
The impact of this statistical data is such that various big players in Online Travel Sector are also making efforts to gain stronghold in the region.
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