Market Size of Online Accommodation Booking Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Online Accommodation Booking Market Analysis
The market is expected to grow steadily in the future by increasing its share in the overall lodging market. It is anticipated by industry experts that by 2022, about 50% of the hotel booking revenues are to be derived online with an even higher share for short term rentals. The majority of the online accommodation market is presently controlled by several online intermediaries, such as online travel agencies (OTAs). The world's top two OTAs, Booking Holdings Inc., and Expedia Group Inc., together accounted for nearly 1 trillion room nights booked in 2017, according to company data. Direct suppliers, such as hotels, are recognizing the need to rack up their loyalty programs and highlight experiences in order to respond to the OTA threat. A group of market players that challenge both OTAs and hotels in the online category is peer-to-peer accommodation sharing platforms such as that of Airbnb which appeal to younger travelers especially. In the USA, the number of Airbnb users is projected to expand by more than 10 million between 2017 and 2022, and in the UK close to one in three individuals made reservations from specialized peer-to-peer platforms and apps. Recently, the prominent market trend which is on the rise of the mobile channel. The trend is especially pronounced in Latin America, where a double-digit share of mobile Internet users in Mexico and Argentina booked travel lodging on a mobile device according to the consumer surveys.
