Online Accommodation Booking Market Share, Demand, Top Players, Industry Size, Future Growth By 2030
The global online accommodation booking market size is anticipated to showcase substantial growth in the forthcoming years due to substantial government support for the tourism industry. This information is published by Fortune Business Insights in its report, titled “Online Accommodation Booking Market, 2023-2030“. The all-around growth of several industries and rising disposable income are bolstering the sales of the product. Moreover, the tourism industry is one of the essential sections of economic growth. This is substantially supported by the government initiatives to encourage tourism and promote the tourism of international and domestic tourists.
Negative Impact of Lockdown to Hinder Market Growth Temporarily
COVID-19 has impacted the online accommodation booking market negatively due to the lockdown. The lockdown halted operations in most of the tourism sector as well as public transportation. This situation affected the demand negatively. Moreover, the lockdown also hampered tourism business chains that work together to facilitate product growth. It is anticipated although that the relaxation of lockdown norms will likely reopen various tourist spots for business. In that scenario, it is more likely, that consumers shall opt for smart tourism.
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List of Key Players Profiled in the Market:
- Booking Holdings Inc.
- Airbnb Inc.
- Expedia Group
- Agoda Company Pte. Ltd.
- COM LLC
- TripAdvisor LLC
- Google LLC
- Choice Hotels International, Inc.
- Oyo Rooms
- trivago N.V.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts in online accommodation booking.
Drivers & Restraints
Increasing Demand for Tourism Surges Product Demand
The increasing demand for tourism across the globe is augmenting substantial online accommodation booking market growth. For example, in 2019, the World Travel and Tourism Council (WTTC) revealed that the tourism and travel industry is valued at USD 8.8 trillion in 2018 while generating 10.4% of the global GDP. The increasing use of cloud computing, virtual reality, mobile communication, the internet of things, and artificial intelligence is promoting the growth of the product.
In addition to this, various services supporting online booking platforms such as payment, reservations, location tracking, and others are substantially supporting product growth. Also, substantial investment and initiatives by the government is supporting the industry significantly.
The market is segmented into hotels, package holidays, vacation rentals, and others based on the category. By platform, the market for online accommodation booking is divided into mobile applications and websites. By application, the market is fragmented into third-party online portals and direct portals. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Well-established Smart Infrastructure in North America to Augment Growth
North America is anticipated to hold a substantial online accommodation booking market share in the upcoming years. This is because of substantial investment by private tourism agencies in a better tourist experience. The well-established smart infrastructure industry in the region is the backbone of the product growth here. Also, rapid development and adoption of smart technology is generating substantial market revenue.
Asia Pacific is likely to hold considerable market share in the foreseeable future this is due to the substantial government initiative towards development of tourism industry. For example, Qunar, a Chinese online lodging booking service, reported a 24 % increase in their hotel booking rate in China from March 30 to April 6, 2020.
Prominent Players Expand Business Portfolio to Intensify Market Competition
The prominent companies of the online accommodation booking are expanding their business portfolio by incorporating various advanced technology to develop the industry. Moreover, they are investing in developing applications to support their business. They are marketing attractive seasonable tour packages, discounts, and vouchers to attract consumer base from various sectors. In addition to this, the industry experience is various collaboration and partnerships with hotel chains, restaurants, payment companies, travelling agencies, to expand their business.
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- July 2020: HotelOnline, a prominent digital advertising platform and e-commerce company, has acquired AfricaBookings, a Zimbabwe-based hotel reservation startup, in order to develop a collaboration with Africa’s 5,000 listed hotel establishments. The corporation will be able to increase its hotel booking operations across Africa as a result of this.
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