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Online Travel Booking Sector Will See a Boom, Says Report

Online Travel Booking Sector Will See a Boom, Says Report
The online travel booking sector is likely to see a boom in the upcoming years , Photo Credit: Shutterstock

With the penetration of mobile phones and technology, the online travel booking sector will see a boom in the coming years

OT Staff
December 07 , 2020
01 Min Read

While all our travel plans might have been tossed around for this year, the quest for travel is never ending. Whether looking at offbeat destinations to explore next year or making bookings for the postponed travel plans, we’ve all been caught in act sometime. 

And we’re not the only ones saying this. According to a latest research by Technavio, the online travel booking sector is expected to see a boom in the coming years. Technavio has been monitoring the online travel booking platform and according to their research, the market will grow by $204.81 billion during the time frame of 2020-2024. This growth is progressing at a rate of almost 5% CAGR during the forecast period. 

The detailed report not only focusses on the the growth rate but also other factors such as the current market scenario, latest trends and drivers along with the overall market environment. Despite the ongoing pandemic, the report states that the travel booking platform will have a low impact. However, the market growth rate is likely to decrease in 2020 as compared to the market growth in 2019. 

Technavio is a global technology research and advisory company that focusses on emerging market trends.The latest report also states that the market is fragmented and the degree will only accelerate during the forecast period. It also points that players such as Airbnb, Expedia, MakeMyTrip and TripAdvisor will remain amongst some of the major players in the market. 

 


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