Need a report that reflects how COVID-19 has impacted this market and its growth?
The COVID-19 pandemic had a significant effect on every sector and the hotel Industry is among the hardest hit. There was a scarcity of effective response strategies for the tourism and hospitality industry. The Online Accommodation in the United States has seen a historic low of 24.5% in April 2021. Most hotel owners felt that a 35% occupancy rate is unsustainable, which puts more than 33,000 small businesses around the country at risk of closure in 2021.
Following the COVID-19 crisis, Operating economies are also significant: economy hotels can stay open at lower occupancy rates than other chain scales. For Hotels, revenue is a function of average daily rate, number of rooms, and occupancy-plus food and beverage where available. Owing the technological advancements, the online accommodation industry has experienced numerous changes over the last few years. In the United States, the number of online accommodation users is projected to expand by more than 10 million between 2017 and 2022. The availability of different channels for online accommodation booking like mobile applications, online browsers, portals and so on. The Accommodation market is keeping its pole-position in the Travel and Tourism Segments when it comes to revenue and user penetration. For Asian Tourists, accommodations are the most preferred service in the Travel and Tourism.
Scope of the Report
An Online Accommodation is the mechanism through which guests can create secure online reservations. Through the hotel reservation system software, guests can choose how long they will stay, the type of room they want, get add-ons, and pay securely online through a payment platform. The United States Online Accommodation Market is segmented By Platform type (Mobile application & Website) & By Mode of Booking Type (Third Party online portals & Direct/Captive portals).
|By Platform Type|
|By Mode of Booking Type|
|Third Party online portals|
Key Market Trends
Increasing Number of Domestic Flights has a Huge Impact on the Market
There is an increase in the number of domestic flights within the United States for travelling. This mainly influences people to go on leisure or business trips by comparing travelling prices. Both the category of travelers prefer to stay in accommodations according to their need of travelling. This directly influences demand for online accommodation booking services. As peoples prefer to choose different hotels based on its room type and location type there is a rise in online accommodation bookings. So, the raise in domestic trips by US residents leads to higher demand for hotel booking services, thus benefiting industry revenue. In 2021, domestic trips by US residents are expected to increase, representing a potential opportunity for the industry. The opportunity consists of raise in the number of hotel bookings around United States.
To understand key trends, Download Sample Report
The rising use of Mobile Applications and Websites is Driving the Market
Due to the technological enhancement and digital trends the Online Accommodation Market in the United States have undergone a major transformation. There would be a boost in the markets margin over the next few years because of the increasing penetration of mobile applications for online accommodation booking. The online travel booking market is also being positively affected by the increasing online accommodations as there will be a large market for the travel industry also. As the internet penetration is growing around the globe as well as in United States, most hotel owners support digital platform to make use of the digital revolution. Some major players in the online accommodation market are providing services such as promotions, information sharing, and transactions that benefit both service providers and consumers of different accommodations.
The United States Online Accommodation Market is consolidated in nature, In terms of market share. Some of the major international players operating currently dominate the market. The competitive factors that drive the performance of these major companies are pricing, availability and providing service as described. However, there is a need of more technological advancement in these websites so that the user experience can be increased.
- On 3rdMarch 2021, in the presence of Director and Board Member of Agoda; Senior Director, Strategic partnerships, Agoda, and dignitaries from the Singapore Tourism Board including John Gregory Conceicao, Executive Director, Southeast Asia; and Nicholas Lim, Manager, Market Planning, International Group. Agoda, has signed a partnership agreement with the Singapore Tourism Board (STB) on a joint integrated marketing campaign to target inbound visitors from Southeast Asia into Singapore.
- On 20th November 2020, The Ministry of Public Health is encouraging hotels to join Alternative State Quarantine (ASQ) programmes ahead of the expected mandatory quarantine period being reduced to 10 days. Deputy Public Health Minister said a new collaboration between the ministry and travel agency Agoda has already seen 37 ASQ and Alternative Local Quarantine (ALQ) hotels nationwide joining early in its first phase
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Advancements in the Industry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Platform Type
5.1.1 Mobile Application
5.2 By Mode of Booking Type
5.2.1 Third Party online portals
5.2.2 Direct/Captive portals
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
7. FUTURE MARKET TRENDS AND OPPORTUNITIES
8. DISCLAIMER AND ABOUT US
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The United States Online Accommodation Market market is studied from 2018 - 2027.
What is the growth rate of United States Online Accommodation Market?
The United States Online Accommodation Market is growing at a CAGR of >6.8% over the next 5 years.
Who are the key players in United States Online Accommodation Market?
Booking.com, Hotels.com, Expedia, Hotwire, Orbitz, Agoda are the major companies operating in United States Online Accommodation Market.