Online travel booking has become increasingly popular in recent years, with more and more people opting to book their flights, accommodations, and activities online. For starters, research has revealed that mobile bookings have drastically increased over the last few years.
In 2018, about 82% of all online travel bookings will be made from a mobile device. Today there is significant anticipation that machine learning and artificial intelligence (AI) will play a major role in personalizing customer experiences during online booking platforms– increasing accessibility for travelers with disabilities.
This article will explore some interesting statistics about online travel booking, including the growth of the industry, the most popular booking platforms, and the benefits of booking online.
Whether you’re a frequent traveler or planning your next vacation, these statistics will give you a better understanding of the online travel booking landscape. These insights are also key to understanding what travel businesses should consider if they want to stay competitive in relation to their competitors.
The Top Online Booking Trends
By 2026, the travel and tourism sector is projected to earn 73% of its revenue from online sales.
The COVID-19 pandemic led to a downturn in the online travel industry, dropping from $744.7 billion in 2019 to $595.8 billion in 2020. The COVID-19 pandemic significantly impacted the travel industry, leading to a decline in online travel bookings. Travelers faced reduced options and uncertainties, affecting their travel plans.
Booking.com’s revenue took a substantial hit, declining by over 50% in 2020 to reach just $6.8 billion due to the pandemic. Travelers who relied on Booking.com noticed that the company’s revenue decreased drastically in 2020. This could have impacted the availability of accommodations and deals.
Expedia faced a similar setback, with its revenue decreasing from $12 billion the previous year to approximately $5.2 billion in 2020. Similar to Booking.com, Expedia experienced a significant drop in revenue, potentially affecting the choices and availability of travellers.
Online travel booking contributed to 63% of the travel industry’s annual revenue, which is approximately $1.2 trillion. Online booking plays a crucial role in the travel industry’s overall revenue, which indicates the importance of using online platforms for their bookings.
In 2021, Booking.com remained the top online travel agency, generating $11 billion in revenue, though this was a decrease from $15.1 billion in 2019. Booking.com remained a prominent choice for travelers in 2021, despite a decrease in revenue. Travelers may continue to find competitive deals on the platform.
Mobile sales have been on the rise, accounting for nearly 50% of all digital travel sales, up from 36%. Travel companies should consider using mobile apps for their online bookings. As of 2019 they now account for a substantial portion of digital travel sales, offering convenience to travellers on the go.
Around 70% of travelers conduct travel research on their smartphones. Knowing that many travelers research smartphones underscores the need for user-friendly mobile interfaces for travel booking platforms.
An impressive 83% of US adults now prefer to book their travel arrangements online. Travellers in the US overwhelmingly prefer to book their travel arrangements online, emphasizing the convenience and accessibility of online platforms. One of the advantages of using online booking agencies is their reliability.
About 33% of consumers have used virtual travel assistants to organize and plan their trips. Travelers may explore virtual travel assistants to simplify trip planning, as a significant number of consumers have found them useful.
Around 39% of users favor using travel booking apps over mobile websites due to speed, while 30% appreciate the enhanced functionality of mobile apps. Users should consider using travel booking apps for the speed, enhanced functionality, and overall better user experience they offer.
What is The Size of The Online Travel Market?
The online travel market is one of the fastest-growing industries in the world. According to a recent report, in 2022, the global travel and tourism market revenue generated from online sales channels was estimated to be approximately 475 billion U.S. dollars.
This staggering figure demonstrates not only the importance of having an effective online presence for travel businesses but also the immense potential of this sector for further growth and development. Experts even forecast that by 2030, this number will reach an incredible trillion U.S. dollars – another imposing statistic that serves as a testament to just how much technology has transformed the way we shop and book our holidays and getaways.
From comparing prices on different booking websites, researching destinations on social media networks, and rating our experiences on dedicated forums or apps – all these aspects combined are propelling online travel into a powerful force with excellent opportunities for diversifying business strategies and targeting new consumer segments every day.
Consequently, businesses operating within this considerably sized sector must ensure they are up-to-date with emerging technologies, digital trends, and evolving consumer demands in order to stay competitive in such an ever-changing landscape.
What Percentage of Bookings are Made Online?
The amount of bookings made online has seen a dramatic increase over the past few years. In 2019, 57% of all travel bookings were reported to have been made online. This number is expected to grow even more in the following years, with 68% of all sales in travel & tourism being made online by 2022.
This means that there will likely be competition amongst different booking services for customers, as more travelers abandon traditional methods of booking and booking through digital services such as websites and apps instead.
For people looking to take advantage of this trend, they will need to find the most convenient and cost-effective online service that provides access to destinations around the world.
Not only does using an online service offer convenience but it also gives customers more control over their own trips – allowing them to customize their plans down to the minute details. Booking hotels, selecting flights, and researching attractions can all be done quickly when done through an online booking platform.
Online booking agencies allow individuals to search for deals without having to deal with the hassle of dealing with middlemen or calling multiple providers directly. As this trend continues throughout the coming years, it looks like there will continue to be an increase in travelers choosing these digital services as their primary booking method.
