Increasing smartphoe penetration is driving the mobile travel booking market.
Globally, the mobile travel booking market is expected to grow with a CAGR of 12.2% during the forecast period from 2019 to 2027, starting from US$ 858.0 Mn in 2018. The growth of the market is attributed to the increasing adoption of smartphones across the globe. The number of smartphone users worldwide has significantly increased over the past five years. The number of smartphones has increased from 1.57 billion in 2014 to 2.53 billion in 2018. This increase is mainly driven by the decline in the price of smartphones and increasing competition among the market players.
Moreover, the launch of new smartphones with upgraded features and advanced technologies is further augmenting the demand for smartphones. Moreover, the rapid advancement in technology, along with the rise in the disposable incomes of the population across emerging economies, is further accelerating the adoption of the mobile travel booking market. Additionally, the public-private partnership in the transportation space to provide a better traveling experience to the customer is further propelling the adoption of mobile travel booking solutions.
Accommodation booking is dominating the mobile travel booking market.
Accommodation booking accounts for the majority share of the mobile travel booking market. The increasing adoption of digitalization in the hospitality sector is supporting the growth of the market. The competition in the hospitality sector has increased significantly. As a result, the customers have multiple options from which to choose. Therefore, the organization started to focus on enhancing the customer experience to gain customer loyalty and reduce the churn rate. Hence, the organization is moving towards more customer-centric business models to provide service to the customers on their preferred medium. This is encouraging the adoption of mobile travel booking solutions in the hospitality sector.
North America is leading the mobile travel booking market.
North America is leading the mobile travel bookings market with over 40% of the revenue in 2018. The market is driven by the growing adoption of internet services in the region. North America is the home of more than 320 million internet users across the globe. The internet penetration rate in the region is one of the highest worldwide, with more than 89% of the population across the region having access to internet services. Moreover, the increasing numbers of smartphone users in the region are also propelling demand for the mobile travel booking market.
The major players in the mobile travel booking market are CheapOair.com, Ctrip.Com International Ltd., Expedia, Inc., Hostelworld Group, Hotel Urbano Travel, MakeMyTrip Limited, Priceline Group Inc., Thomas Cook Group Plc., Tourism SA, Trip Advisor LLC, and Trivago GmbH.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The Mobile Travel Booking Market Report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global mobile travel booking market based on service type and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the size of the mobile travel booking market in 2018, and what is the forecast up to 2027?
Which is the largest regional market for mobile travel bookings?
What are the major trends followed in the mobile travel booking market across different regions?
Who are the key companies in the mobile travel booking market?
What are the key strategies adopted by the leading mobile travel booking companies in the market?
Unique data points of this report
Statistics on mobile travel bookings and spending worldwide
Recent trends across different regions in terms of the adoption of mobile travel booking for industries
Notable developments are going on in the industry.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Questions:
The market for Mobile Travel Booking Market is expected to reach US$ 2.53 Bn by 2027.
The Mobile Travel Booking Market is expected to see significant CAGR growth over the coming years, at 12.2%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Cheap Oair.com, Ctrip.Com International Ltd., Expedia, Inc., Hostelworld Group, Hotel Urbano Travel, MakeMyTrip Limited, Priceline Group Inc., Thomas Cook Group Plc., Tourism SA, Trip Advisor LLC are some of the major players in the global market.
