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Online Travel Industry is Set to Boom in 2018

Posted Date:  September 18, 2017

The online travel market is driven by quick and convenient flight and hotel bookings, rise in customers’ trust in online payment, and ability to compare various travel options. Nowadays, market players are extensively offering travel services through mobile websites and apps, as it is one of the most preferred mediums of travel bookings, particularly among the young professionals.

Direct travel suppliers segment accounted for approximately 57% of the overall online travel market revenue in 2015. OTAs are expanding their offerings at a rapid rate to attract travellers and increase their customer base. North America accounted for the majority revenue in 2015; however, Asia-Pacific is estimated to overtake North America in coming years to become the leading revenue-generating region.

India is estimated to be the fastest growing country in Asia-Pacific, growing at a CAGR of 18.5% during 2016-2022.

The global market is expected to garner $1,091 billion by 2022, registering a CAGR of 11.1% during the period 2016-2022. Asia-Pacific is expected to witness the highest growth during the forecast period.

Courtesy: Linkedin 

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Author: Anush Mathews

Anush works as QA Lead in Teknokraaft and works with our OTA team.

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