10.7% CAGR, Airline Booking Platform Market to Emerge with Growing Adoption of Technologies by 2027 - Makemytrip Limited, Qunar.Com, Rakuten, Travix International, Trip.Com Group

iCrowd Newswire
28 May 2020, 01:59 GMT+10

Latest market study on "Airline Booking Platform Market to 2027 by Type (OTA and Ticket Comparison Engine), by Application (International and Domestic Airline Booking); - Global Analysis and Forecast", the airline booking platform market is estimated to reach US$ 8,852.77 Mn by 2027 from US$ 3,601.05 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.

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As the number of air travelers has surged since the last few years, it has significantly impacted the airline booking platform market. The airline passenger growth rate is the major tailwind for the growth in the airline booking platform market. The changing economies of developing countries and increasing the purchasing power of customers are positively impacting market growth. During the last 15 years, the global air passenger increased by around 5% year-on-year. According to the International Air Transport Association (IATA), the number of air passengers is expected to double between 2016 and 2035. Asia-Pacific is expected to witness the highest growth in air travelers and is significantly contributing to the market growth. This growth is attributed to factors such as changing economies of developing countries, increasing the purchasing power of customers, the boom in the travel & tourism sector, the emergence of low-cost carriers (LCCs), global connectivity of aircraft, changing the face of aviation, and others. Aviation demographics are undergoing substantial changes, generation Y is increasingly spending more time traveling and are expected to be the key customer for airline booking platform.

Strategic Insights

The market players present in the airline booking platform market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:

2019: KAYAK Software Corporation collaborated with Wanderu, a US-based company. Both the company collaborated to give consumers access to more transportation options through their respective platforms. Wanderu, which enables travelers to compare train and bus tickets across Europe and North America, would now integrate Kayak-powered flights into its search engine.

2019: In November 2019, Trip.com Group Limited partnered with TripAdvisor, Inc., an American travel company. The strategic partnership allows the company's market leadership in travel booking capabilities.

2018: MakeMyTrip Limited (MMT) entered into a strategic partnership with Flipkart, India's e-commerce marketplace. The partnership enables the MMT's brands to leverage the huge customer base of Flipkart's platform to propel online bookings in travel services.

GLOBAL AIRLINE BOOKING PLATFORM MARKET - MARKET SEGMENTATION

Global Airline Booking Platform Market by Type