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BizReport : Ecommerce : January 23, 2017


Global online travel market to exceed $1billion by 2022

A new report from Allied Market Research forecasts that in the next five years the global online travel market is estimated to exceed one billion dollars (US).

by Helen Leggatt

According to the report, which has an extraordinarily long title, the global online travel market is estimated to reach $1,091 billion by 2022 with the highest growth in the Asia-Pacific region.

The increase in Internet penetration, rise in disposable income of people in emerging markets and the ease with which travel options can be researched online will all contribute to the growth of the global online travel market.

While direct travel suppliers, such as airlines, car rental firms and hotels which offer booking facilities on their websites currently dominate the market - accounting for 57% of the overall online travel market revenue in 2015 - Allied Market Research (AMR) expects a gradual reduction in this market share as online travel agents expand their offerings to increase their customer base.

Mobile as a booking platform, which current accounts for two-sevenths of the market revenue, is expected to witness significant growth in the next five years due to increased penetration of smartphones coupled with growing confidence in the safety of mobile payments.

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"The travel market has evolved considerably over the past few years, owing to digitalization of travel services and the growing travelling trend, worldwide," says Yogiata Sharma, Research Analyst, Consumer Goods Research at AMR. "The proliferation of mobile devices largely supplements the growth of this market. The market is witnessing consolidation, with leading OTAs acquiring the start-ups and other smaller players, thereby, giving a tough competition to the established direct travel suppliers and travel agents."

Tags: Internet, online travel, travel, travel booking










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