Travel Metasearch Engine Market Size, Share, Growth, and Industry Analysis, By Type (Direct Booking & In-direct Booking), By Application (Transportation Booking or Rental, Hotel Booking, Local Food, Local Events, & Others) and Regional Forecast to 2032

Updated On: 16 September 2024

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TRAVEL METASEARCH ENGINE MARKET REPORT OVERVIEW

The global Travel Metasearch Engine Market size was USD 6.4 billion in 2023 and the market is projected to touch USD 70.01 billion by 2032, exhibiting a CAGR of 30.2% during the forecast period.

A travel metasearch engine is an online service. It allows users to search and compare various travel options. This software includes different websites which include airlines, hotels, and car rental agencies. It accumulates information from various sources and provides it in a consolidated and easy-to-compare format, this online platform can save time of user and effort in searching for the best travel deals.

Increasing adoption of online travel booking and the high competition are supporting the market growth. Integrating emergent technology is presenting great probability for the service provider to expand their market.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Restriction on Travelling

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Due to the imposed heavy lockdown and strict travel measure has limited traveling to healthcare emergency travel between countries. The economic uncertainty hampered the demand for the services to decline in traveling.  Additionally, the market has faced trouble due to the cancellation and postponement of traveling plans that reduced the capacity and offerings. Conversely, with the increased rate of vaccination rates and travel restrictions ease, there is gradually increasing travel of people. This has helped the industry to recover gradually. The removal of other restrictions has made the market grow significantly.

LATEST TRENDS

"Integration of Instant Booking Option Boosting Market Development"

A present trend in the market that is booking its growth is the inclusion of instant booking features. Many travel booking services have the option of instant booking. It allows the end-user to directly complete the reservations without involvement of other sites. It is attracting many customers towards this application service and impelling the market growth. Additionally, there is increasing focus on personalized recommendation. The integration of AI and machine learning enables such engines to provide personalized recommendations based on the past behavior and search history of the customers.

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TRAVEL METASEARCH ENGINE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into direct booking & in-direct booking.

• Direct Booking: In the direct booking, the service allows users to search for travel options and compare prices of multiple websites and book directly through the platform.
• In-direct Booking: In the in-direct booking, it redirects users to third party websites for booking after comparing the process and availability from various travel websites.

By Application

Based on application the global market can be categorized into transportation booking or rental, hotel booking, local food, local events, & others.

• Transportation Booking or Rental: In this type of application, the use of the platform is to compare prices and availability for airlines, taxi service, and car rental companies to efficiently booking.
• Hotel Booking: Here the consumers can compare rates, availability, and amenities across different hotel websites and make the booking according to their preferences.
• Local Food: The metasearch engine is also useful for providing information about the local foods and enabling users to book foods.
• Local Events: For searching local events and activities, the platform is very much helpful that enables customers to search for local events and book it.
• Others: There are other types of application areas where these engines are used such as tours and transportation services, and others.

DRIVING FACTORS

"Digital Transformation and Internet Connectivity Propelling Market Growth"

One of the major attributes for the global travel metasearch engine market growth is the rising digital transformation of the travel industry. The global adoption of digital platforms and increased internet connectivity are propelling the online travel booking among the people. The users are getting attracted towards the online access of travel booking service. Furthermore, the changing consumer behavior towards the booking process for traveling is impelling the market expansion. The consumers are starting to prefer convenience and real-time information which is increasing demand for the search engine. The increasing shift from traditional booking process to online platform has drawn a huge number of consumers by providing a user-friendly interface. Hence, by providing flexibility, accessibility, and the ability to make informed decisions are encouraging market enlargement.

"Growing Subscription Models Fueling Market Progress"

Another growing factor for the expansion of the market presence is the growing subscription model by the service providers. The growing popularity of subscription-based models is attracting clients to increase the demand. Online travel booking apps may offer subscription services that give some exclusive benefits. These benefits can be discounts and personalized offers to end-users to increase the number of users. Through these schemes, the services foster customer loyalty and recurring revenue. Additionally, the availability of diverse travel services offers comprehensive and one-stop solutions. They fulfill the varied preference of travelers and support market expansion.

RESTRAINING FACTORS

"Cybersecurity Concern and High Competition Hindering Market Growth "

The constraints for the market expansion may include the cybersecurity threats and the increasing price war due to high competition. The online service faces a significant cybersecurity threat. The threat could be data breaches and hacking attempts. The unauthorized access to customer information, payment details and disruption on service due to cyber attacks poses a substantial risk and affects the reputation of the platform provider. Furthermore, the intense competition among the travel booking service can lead to price wars; it reduces the profit margins and affects the sustainability of businesses. Aggressive pricing strategies and heavy reliance on discount attract customers by taking the risk for low profitability of the providers.

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TRAVEL METASEARCH ENGINE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America Region Dominating the Market due to High Usage of Online Booking Service"

North America has emerged as the most dominant region in the global travel metasearch engine market share due to usage of the engine in the region. The higher internet penetration and a wide range of providers and end-users in their region are fueling the market expansion. The U.S. is the key contributor to the market progress in the region. The existence of established online reservation habits for traveling encourages the adoption of online booking which increases demand for the service. The Asia Pacific is witnessing significant market growth due to the growing internet and electronic devices embracing. Rising disposable incomes and growing middle-class populations are exceptionally dependent on these services, hence, supporting market growth.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Product Improvement and Market Strategies"

Many prominent industry players in this market are focusing on providing improved user-friendly interfaces and improving search accuracy. There are many companies in the market that use some techniques such as merger, acquisitions, partnership and using new advanced technologies for producing and developing new products and stay ahead in the market.

List of Market Players Profiled

• Google Hotels (U.S.)
• Trivago (Germany)
• Kayak (U.S.)
• Skyscanner (U.K.)
• Tripadvisor (U.S.)
• IXIGO(Le Travenues Technology) (India)
• Checkfelix (Austria)
• Easyvoyage (France)
• Jetcost (France)
• Swoodoo (Germany)
• Liligo (France)
• Momondo (Denmark)
• Trawex (India)
• Qunar (China)
• Mafengwo (China)
• Lvmama (China)
• Ctrip (China)
• Filggy (China)
• Tuniu (China)
• Wego (Singapore)
• Hipmunk (U.S.)
• Beijing Sankuai Technology Co., Ltd (China)

INDUSTRIAL DEVELOPMENT

May 2024: The Singapore Tourism Board has launched a digital marketing campaign. This campaign is promoting online travel platforms and digital travel services to attract tourists from neighboring countries. The campaign has increased tourist arrivals by 20% and enhanced the local travel websites bookings.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.