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A07603 | Pages: 402 | Charts: 60 | Tables: 130 |
The global mobile travel booking market was valued at $228.4 billion in 2021, and is projected to reach $612.5 billion by 2031, growing at a CAGR of 10.7% from 2022 to 2031.
Mobile travel booking refers to the process of booking and purchasing travel-related services and products through a mobile device such as a smartphone or tablet. This includes services such as flights, hotels, car rentals, vacation packages, and activities. Mobile travel booking offers several benefits to consumers, such as the convenience of booking anytime and anywhere, the ability to compare prices and options easily, and the potential for exclusive mobile-only deals and promotions. It allows a more personalized travel booking experience, as travel companies can use data and technology to offer customized recommendations and tailored offers to individual users.
Increase in penetration of smartphones and internet connectivity is a key driver for the growth of mobile travel booking market. Mobile devices allow users to search for flights, hotels, and other travel options on the go, and make bookings from anywhere. Moreover, mobile reservations has increased as a result of the ease with which customers can access the internet using smartphones. Without the need for a computer, travelers can research and reserve hotels, rental cars, and other travel-related services from their mobile devices. In addition, growth in global travel and tourism industry and rising disposable income and middle-class population are major driving factors for the market.
However, competition from traditional travel agents is a major factor that hampers the growth of the market as traditional travel agents have been in the travel booking industry for many years and have established relationships with travel providers such as airlines, hotels, and car rental companies. They also have extensive knowledge and experience in planning and booking travel and can often provide more personalized recommendations and advice to travelers. Contrarily, technological advancement in the field of tourism and travel is likely to continue in the coming years, driven by new opportunities for growth and innovation in the tourism and travel industry, enabling businesses to better serve and satisfy their customers while improving operational efficiency and safety, which is expected to provide an opportunity to scale up mobile travel booking market during the forecast period.
The report focuses on growth prospects, restraints, and trends of the mobile travel booking market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the mobile travel booking industry.
The mobile travel booking market is segmented on the basis of application, payment mode, tourism type, and region. By application, the market is classified into vacation packages, accommodation booking, transportation booking, and others. By payment mode, it is categorized into debit/credit card, UPI, e-wallets, and others. On the basis of tourism type, it is bifurcated into domestic and international. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
[APPLICATIONGRAPH]
On the basis of application, the transportation booking segment attained the highest market share in 2021 for the mobile travel booking market which can be attributed to the increasing preference for hassle-free and convenient transportation options among travelers. The availability of various transportation options such as car rentals, flight bookings, and train tickets on mobile travel booking platforms has made it easier for travelers to book their preferred mode of transportation quickly and easily, leading to the growth of this segment.
Meanwhile, the vacation packages segment is expected to experience the fastest growth during the forecast period. This can be attributed to the increasing popularity of all-inclusive travel packages, which offer a convenient and cost-effective way for travelers to plan and book their entire vacation itinerary in one go. The ease of booking these packages through mobile travel booking platforms, along with the added benefits of bundled deals and discounts, is expected to drive the growth of this segment in the coming years.
[REGIONGRAPH]
On the basis of region, Asia-Pacific attained the highest growth in 2021 and it is considered to be the fastest growing region during the forecast period for the mobile travel booking market. This is because of the fact that mobile payments are becoming increasingly popular in Asia-Pacific, with many consumers using mobile devices to make purchases. As more travelers choose to utilize mobile payments to plan and pay for their travel arrangements, this development is also having a positive impact on the travel booking business in Asia-Pacific region. Moreover, chatbots and AI technology are becoming more prevalent in the travel booking industry in Asia-Pacific. These technologies can be used to provide personalized recommendations, answer customer queries, and even help with booking and itinerary management. In addition, low-cost carriers have become increasingly popular in Asia Pacific, providing affordable travel options to more people.
The report analyzes the profiles of key players operating in the mobile travel booking market such as Airbnb, Inc., Booking.com, Cleartrip Pvt. Ltd., Expedia, Inc., Hostelworld.com Limited, Laterooms, MAKEMYTRIP PVT. LTD., Skyscanner Ltd, Trip.com and Tripadvisor. These players have adopted various strategies such as partnership, product launch, and acquisition to increase their market penetration and strengthen their position in the mobile travel booking market.
The mobile travel booking market is a competitive and rapidly evolving space, with a wide range of players offering various travel-related services and products through mobile devices. The mobile travel booking market landscape has changed significantly in recent years, with the widespread adoption of smartphones and mobile apps. In addition, many companies in the mobile travel booking market are using AI and machine learning to offer personalized recommendations and optimize the travel booking process. This includes chatbots and virtual assistants that can answer questions and offer advice, as well as algorithms that can tailor search results and pricing based on individual user preferences and behavior. Furthermore, with the increasing popularity of smart speakers and voice assistants, many companies in the mobile travel booking market are investing in voice search and booking capabilities. This allows users to search for and book travel services using voice commands, making the booking process even more convenient and hands-free.
With rise in popularity of smartphones and tablets, more individuals are accessing the internet and making travel arrangements via their mobile devices. Mobile devices allow users to search for flights, hotels, and other travel options, and make bookings from anywhere.
Moreover, mobile reservations has increased as a result of the ease with which customers can access the internet using smartphones. Without the need for a computer, travelers can search and reserve hotels, rental cars, and other travel-related services from their mobile devices. In addition, the increasing availability of high-speed internet connectivity has further fueled the growth of mobile travel bookings. With the growth of 4G and 5G networks, users can access the internet at high speeds, even in remote areas. This has made it easier for travelers to book travel and access travel-related information from their mobile devices. It has also led to the development of more mobile-friendly travel booking platforms, with companies investing in mobile app development and mobile-optimized websites to offer a better user experience.
Furthermore, the increase in penetration of smartphones and internet connectivity has led to a significant surge in the mobile travel bookings, with more travelers opting to use their mobile devices to plan and book their trips. Therefore, the increase in penetration of mobile phones and internet connectivity is a major driver for the growth of mobile travel booking market size.
The growth in the global travel and tourism industry is a key driver for the mobile travel booking market. The increase in demand for travel-related services and the convenience offered by mobile booking platforms are foster the shift toward mobile booking. As more people travel for leisure and business, the demand for travel-related services, such as flights, accommodation, car rentals, and activities, continues to increase. This has led to the growth of the mobile travel booking, with more companies offering online booking platforms for travelers. In addition, one of the major mobile travel booking market trends is the shift toward mobile travel bookings has been particularly notable, with many travelers preferring to use their mobile devices to book travel and access travel-related information. This trend is driven by the convenience and flexibility offered by mobile booking platforms, which allow users to search for and book travel options on the go.
Furthermore, the growth of the travel and tourism industry has led to increased competition among travel booking companies, with companies seeking for travelers' attention through the development of new features, services, and partnerships. This competition has led to innovation in the mobile travel booking market, with companies investing in technologies such as artificial intelligence, machine learning, and data analytics to offer more personalized and tailored travel options to users. Therefore, these factors propel the mobile travel booking market.
The rise in disposable income and surge in middle-class population are significant drivers that contribute to the mobile travel booking market growth. As more people have access to disposable income, they are more likely to spend it on travel and tourism, leading to an increase in demand for travel-related services.
Moreover, the growth of the middle-class population has led to an increase in the number of people who can afford to travel. This has led to a surge in travel bookings, with more people using online booking platforms, including mobile travel booking apps and mobile-optimized websites, to plan and book their trips. In addition, mobile travel booking platforms are particularly popular among younger travelers, who tend to have higher disposable incomes and are more likely to use mobile devices to access travel-related information and book travel. This trend is expected to continue in the coming years, as the middle-class population and disposable incomes continue to rise in many countries around the world.
Furthermore, rise in disposable income and the growth of the middle-class population have led to an increase in domestic and international travel. Therefore, this has led to a surge in demand for travel-related services, including flights, hotels, car rentals, and activities, and has driven the growth of the travel booking industry, including mobile travel booking market outlook.
Competition from traditional travel agents is a major restraining factor that could impact the growth of the mobile travel booking market. While mobile travel booking platforms offer convenience and flexibility, traditional travel agents still play a significant role in the travel booking market and may offer more personalized services and expertise.
Moreover, traditional travel agents have been in the travel booking industry for many years and have established relationships with travel providers such as airlines, hotels, and car rental companies. They also have extensive knowledge and experience in planning and booking travel and can often provide more personalized recommendations and advice to travelers. In addition, some travelers may prefer the human touch provided by traditional travel agents, as they can offer a more personalized approach and address specific needs and preferences that may not be easily captured through a mobile booking platform. Therefore, this competition could impact the growth of the mobile travel booking market, particularly among travelers who value the services provided by traditional travel agents.
Lack of trust in mobile travel booking platforms is a significant restraining factor that could impact the growth of the mobile travel booking market. Many travelers are hesitant to book travel through mobile devices due to concerns about the security of their personal and financial information, as well as other issues such as inaccurate information, hidden fees, and poor customer service. One of the primary reasons for this lack of trust is the prevalence of fraudulent or fake travel booking websites and mobile apps. These fraudulent sites and apps can mimic legitimate travel booking platforms and may trick travelers into entering their personal and financial information, leading to identity theft or financial fraud. In addition, inaccurate information, hidden fees, and poor customer service can also contribute to a lack of trust in mobile travel booking platforms.
However, by addressing these concerns and building trust with users, mobile travel booking platforms can overcome the lack of trust restraining factor and continue to grow in the future. Therefore, these factors can hamper the growth of the mobile travel booking market.
Technological advancements have enabled new opportunities for growth and innovation in the tourism and travel industry, enabling businesses to better serve and satisfy their customers while improving operational efficiency and safety. Mobile devices, such as smartphones and tablets, have transformed the way traveler’s research, book, and experience their trips. Mobile travel apps offer real-time access to travel information, such as flight status updates, hotel reviews, and local attractions, allowing travelers to make more informed decisions and personalize their travel experiences. In addition, AI and machine learning technologies can analyze vast amounts of data to provide personalized recommendations, optimize travel itineraries, and improve customer service. These technologies can also be used for predictive maintenance and safety checks in the transportation industry.
Moreover, virtual and augmented reality technologies can offer immersive and interactive travel experiences, allowing travelers to explore destinations and attractions before making a booking or even while on their trip. Furthermore, mobile payment solutions have become more widely adopted, providing an opportunity for mobile travel booking platforms to offer convenient and secure payment options. Moreover, voice-enabled assistants such as Amazon's Alexa and Google Assistant have become more popular, providing an opportunity for mobile travel booking platforms to integrate with these platforms and offer a voice-based booking experience. Therefore, these technological advancements provide an opportunity to scale up mobile travel booking market share during the forecast period.
Rise in awareness among consumers pertaining to mobile travel booking applications is a major opportunity for the mobile travel booking market. With the increase in popularity of smartphones and mobile devices, more consumers have become aware of the convenience and flexibility offered by mobile travel booking applications.
Moreover, as consumers become more familiar with mobile travel booking applications, they have become more comfortable using them to plan and book their travel. This increased awareness and comfort level can lead to greater adoption of mobile booking platforms and increased usage over time. In addition, as consumers become more aware of the benefits of mobile travel booking applications, they may be more likely to choose them over traditional travel booking methods. This could lead to a shift in the market, with more consumers using mobile booking platforms as their primary method of booking travel. Furthermore, by investing in marketing & advertising campaigns and leveraging customer feedback, mobile booking platforms can continue to grow and gain market share in the upcoming years, thus providing major mobile travel booking market opportunity.
Key Market Segments
Key Market Players