According to Online travel market report, it says that online travel bookings will continue to grow at a rate of 10% compared to 2020. For any business sector, this is an impressive growth rate and shows a lot of opportunities.
The online travel industry has undergone several changes over the last decade, thanks to technology advances. Use of technology in the travel industry has come a long way since rising the growing of the Internet and the use of mobile application. This has helped in changing the process of travel booking, from physical to web booking, making it easy and swift.
Social media platforms have emerged as a major influencer and an effective marketing platform for online travel company. Travelers use social media to share their travel experience and post their reviews, helping other customers to choose travel agencies. This trend is expected to increase with the emerging of multiple social media platforms.
In my earlier post, I have written Tips to Increase Your Travel Website Bookings, in this post I want to show you global online travel market size and online travel statistics and trends you should know about. Check it out now.
Global Online Travel Market Size
The global online travel market is expected to grow from USD 570.25 billion in 2017 to USD 1,134.55 billion by 2023, at a compound annual growth rate (CAGR) of 13.16% during the forecast period That’s an incredible number to show that the strong development of the tourism industry in the future. Because of technological advance, the popularity of the internet and increasingly mobile application, the booking process is easy than ever. Just a few clicks, customers can completely book their travel in a small amount of times.
In today’s day, online travel agencies have integrated all modes of transports and accommodation option under one platform or application which has encouraged users to opt the same. Additionally, service providers and tour operators have adopted automation to develop greater productivity and offer customers a unique travel experience.
This trillion-dollar industry is disastrous. However, the most competive , the higher profit. So, there are many opportunity for you to seize. But the big question is “Where exactly do these opportunity exist?”
A business idea just only have a potential when you know where the opportunity lies in particular area. And to find that out, you need to research the market at a deeper level to know when, where and how customers want to use your services. How? Check out now 5 statistic about online travel booking to help your business.
Survival Opportunity In Online Travel Booking Statistics
1. Online Travel Sales Share by Region (2014-2020)
If we talk about the amount of revenue and online travel revenue they generate, studies show steady growth around the world. But if we consider only the Asia Pacific region (mainly India, China and Southeast Asia), growth will explode; as clearly described in the chart above. Asia Pacific has strong revenue in travel industry from 2014 to 2020 because of the growing internet in the region.
When the internet of North America and Western Europe already close to 90 percent while in Asian countries, it’s just around 50 percent.
In the future, travel market in Asia Pacific will certainly develop further. And now, this market is one of potential online travel booking that is not exploited. Will you become a pioneer in this goldmine? The answer is you.
2. Mobile Travel Booking Share in the US (2016-2021)
Over the past few years, mobile phones have gradually captured a good portion of the desktop / laptop market in all sectors. And the online travel booking industry is no exception. We are increasingly relying on our smartphones and tablets and the chart above is a reflection of this observation.
Stats say that between 2016 and 2011, mobile online travel booking has grown from 65 billions to 108.75 billions. And with smartphones becoming smarter each day. It’s certain that the mobile travel booking trend will continue to reach new milestones in the future.
3. What is the most marketing channels?
To ensure that your online marketing campaign works, it’s crucial that you should know what is the most popular marketing channels and what relevent to your travel busniess.
This graph above show a quick overview on which marketing channels are most used by travel providers. Google Ads is acounted for the most used in the marketing channels. Facebook and Twitter is a second-most used also as a biggest social media in all over the world.
As an online travel booking marketplace, you need to consider which marketing channel works for you. Which channel needs to be focused on exploiting the most and most suitable for marketing strategy as well as focusing on the most potential customers.
4. Popular Travel Activities
To become a travel booking platform which is most interested in by customers, you need to connect with them on a higher level. Therefore, you need to find out what tourism-related activities they like to experience the most.
The chart above shows a comprehensive list of common activities among customers of different age groups. Cleverly adding these activities in special deals packages will help customers to consider and it can be a challenge to ignore you.
Also, such studies provide a very clear understanding of the activities you should focus on most when deciding the order and location of the types of activities on your site (navigation, homepage, etc.) or in online advertising. Therefore, you should analyze your target market to bring more customers to your businesses.
Thanks to the growing of the technology and the popularity of internte, online travel booking is gradually becoming a trend and in the future will become an integral part of the online travel industry. I hope that this Survival opportunity in online travel booking statistics that I have collected here will help you have an overview of online travel booking. You can consider the area you plan to operate as well as the marketing strategies for the business.
You can visit other market reports about online travel booking here The Facts About Online Travel Booking Trends
Have you ever think about why do you need a website for your travel business? Wanna find out? Click on the link here.
Leave comments in the section if you have any questions about my post or my WordPress Travel Booking website. I am willing to answers all of your questions.
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