LONDON, UNITED KINGDOM--(Marketwired - March 5, 2014) - Market Research Company Euromonitor International revealed today the latest trends for online travel at eTravel World, ITB Berlin.
In his presentation "Game-Changing Technology Key to Capturing the New Online Travel Consumer", Euromonitor's Online Travel expert Angelo Rossini assessed how the mobile channel is re-shaping the travel industry and reviewed the potential for mobile devices, Big Data, peer-to-peer economy and wearable technology in this recession-proof sector.
The global online travel market is far from mature in 2014, continuing its steady growth in all travel categories and in all regions, driven by emerging markets but also by healthy performances recorded in the advanced economies. North America was the leading region for online travel sales in 2013. However, the region will record the lowest growth over the next five years, albeit at a still healthy 7% average annual rate. By 2017, Western Europe is forecasted to reach North America at the top of the ranking and Asia Pacific is expected to be the fastest growing region over the next five years in terms of online travel sales, which are set to double from US$78 billion in 2012 to US$155 billion in 2017 in the region.
Growth will be driven by investment in new technologies allowing a more sophisticated targeting of users and more customised service. Online travel consumers are constantly evolving as they increasingly embrace mobile internet devices, request more personalised real-time services and enjoy sharing travel reviews and services with their peers.
"These consumer trends have a deep impact on the competitive environment, giving rise to the increasing importance of technology players like Google and Facebook and metasearch engine," said Angelo Rossini, Travel Industry Analyst at Euromonitor. "The online travel agency sector is seeing significant consolidation while competition between intermediaries and direct suppliers is heating up, and traditional tour operators are increasingly embracing the online channel."
According to Euromonitor International, Expedia was the top online travel agency globally with gross bookings for US$39.4 billion in 2013, followed by Priceline at US$39.2 billion in the same year. Chinese and Indian players such as Ctrip and MakeMyTrip are also growing rapidly and are now starting to target consumers in advanced economies such as the HotelTravel brand recently launched by MakeMyTrip. In this constantly changing environment, a new generation of companies coming from the mobile and peer-to-peer sectors and from emerging economies may become the future giants of the travel industry.
About Euromonitor International
Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.
We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.
Euromonitor International is headquartered in London, with regional offices in Chicago, Brazil Singapore, Shanghai, Vilnius, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.