The mobile travel booking market was valued at US$ 858.0 million in 2018 and is set to grow with a CAGR of 12.2 per cent during the forecast period.
The global market for mobile travel bookings is driven by the increasing adoption of mobile apps for a wide range of applications among consumers. Since the rise of smartphones, the market for mobile apps has changed considerably. The convenience and features offered by mobile apps are the primary factor in increasing market demand. Mobile apps have emerged as vital tools for accessing a wide range of applications, such as payments, gaming, education and travel, as they provide direct access to single-click services. Technological advancement, changing customer demands and the increasing penetration of Internet services are the main forces that support the adoption of mobile apps among consumers. In addition, organizations are also leveraging mobile apps to expand their customer base and increase their footprint. This increase in mobile apps presents a myriad of opportunities for the growth of the mobile travel booking market.
Transportation booking will become the most lucrative mobile travel booking market application in the forecast period. The increasing adoption of mobile applications for flight, bus and train ticket bookings is the primary driver of the growth of the market. Mobile apps provide consumers with convenience and flexibility to book tickets anywhere at any time. In addition, market players also offer attractive discounts and cashback offers to customers to gain customer loyalty. In addition, the increasing collaboration between transport service providers and mobile ticketing app developers is also driving the market.
Asia Pacific is expected to grow at the highest CAGR in the forecast period. A large number of smartphone users and Internet users in the region is driving the growth of the market. The Asia Pacific is home to more than 50 per cent of the world’s smartphone users and is expected to grow significantly in the future. The availability of low-cost smartphones, along with an increase in disposable income for the population of the region, is supporting the growing adoption of smartphones in the region. In addition, government support initiatives to promote the delivery of government services via the Internet are accelerating market growth.
The key players in the Mobile Travel Bookings market are Hostelworld Group, MakeMyTrip Limited, Expedia Inc., Ctrip. Com International, Priceline Group Inc., Hotel Urbano Travel, CheapOair. Com, Trivago GmbH, Thomas Cook Group Plc., Trip Advisor LLC, and Tourism SA.