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In a recent published report, Kenneth Research has updated the Market report for Online Travel Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Online Travel Services Market Products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Consumers in general avail both online and offline sources of information for booking their journeys, among which ~12% of the consumers prefer to use offline sources for research, ~57% believe that the online channels give them better deals and find it more convenient to book online. With the advent of internet and emergence of artificial reality (AR), the online travel industry in India is changing rapidly due to which a growing number of Indians have turned to the convenience of the web for better travel prices and accommodations.
As smartphones have progressively become ubiquitous, mobile applications have emerged as the most critical point of interaction with consumers for any travel business, and a number of niche offerings such as medical tourism and eco-tourism are expected to create more demand for travelling. Several hotel chains and airlines are focusing on generating direct hotel bookings through their own websites and mobile applications.
Market segmentation
The online travel services market in India is segmented by category into railway tickets, hotel bookings and others (air, tour packages). Air tour package segment is expected to be the largest growing segment due to the availability of greater number of deals, offers and many more. In case of air travel, the flight tickets are more expensive, and hence revenue generation is more from air tickets.
Key growth factors
o Mobile applications have brought the most significant reform in travel, which have enabled the entire user experience to be available on the go. On an average, the consumers spend many hours on different online websites to plan, research and make a booking for vacations. Travellers have started opting for numerous shorter holidays throughout the year which in turn is driving the sales of various travel products and services.
o Government has taken up several projects pertaining to the development of roads, railways and airports, which is likely to boost tourism. Several measures have been taken to curb frauds in the digital platform by introducing safer avenues and gateways for making payments.
Threats and key players
o People in India still use 3G or even slower networks, which result in people taking the traditional routes to book tickets
o The internet penetration in the rural areas is low.
o Middle-aged and elderly people are reluctant to opt for online travel bookings due to technological involvement, which becomes very inconvenient for them, and hence, they opt for offline modes for booking tickets.
o Cox & Kings Limited, International Travel House Limited, Thomas Cook (India) Limited Cleartrip Private Limited, Expedia Corporate Travel Online India Private Limited, Ibibo Group Private Limited, MakeMyTrip (India) Private Limited, Oravel Stays Private Limited RedBus.in and Yatra Online Private Limited are some of the major players operating in the Indian online travel services market.
What is covered in the report?
1. Overview of the online travel services market in India
2. Historical, current and forecasted market size data for the Indian online travel services market (2016 to 2023)
3. Qualitative analysis of the Indian online travel services market and its segments (by category- railway tickets, hotel booking and others)
4. Qualitative analysis of the major drivers and challenges affecting the market
5. Analysis of the competitive landscape and profiles of major players operating in the market
6. Key recent developments associated with the online travel services market in India
Why buy?
1. Get a broad understanding of the online travel services market in India, the dynamics of the market and current state of the sector
2. Strategize marketing, market-entry, market expansion and other business plans by understanding the factors driving growth in the market
3. Be informed regarding the key developments in the online travel services market in India
4. Understand major competitors' business strategies and market dynamics and respond accordingly to benefit from the market
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Online Travel Services Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter's Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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About Kenneth Research:
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Eli
Eli is a freelance writer and possess double graduation degree in physics and chemistry. She is an intense writer covering everything for Science and Tech to Business, Entertainment, Sports and Lifestyle.
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