Vacation Rental Platforms Market Size, Share, Growth, and Industry Analysis by Type (Cloud, Web-Based Platform, On-premise, Installed, Mobile‎), by Application (Rental Property Businesses, Independent Owner), and Regional Forecast to 2032

Updated On: 02 September 2024

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VACATION RENTAL PLATFORMS MARKET REPORT OVERVIEW

The global Vacation Rental Platforms Market size was USD 457.72 million in 2023 and the market is projected to touch USD 1365.7 million by 2032, exhibiting a CAGR of 16.7% during the forecast period.

Vacation rental platforms refers to the sector of the travel and hospitality industry that provides online platforms or software solutions for record, booking, and handling short-range leasing properties. These platforms bond property proprietors or managers with tourists chasing lodgings, posing a substitute to traditional hotels. The widespread approachability of the internet and the upsurge of smartphones have made it stress-free for customers to access retreat rental platforms. The comfort of looking, booking, and dealing rentals on mobile devices has contributed vividly to market progress. Leading vacation rental platforms are growing their incidence in unique and developing markets. This worldwide extension, fixed with strategic partnerships and accomplishments, is encouraging market advancement by reaching a extensive audience. Travellers are increasingly interested in ethnic and heritage tourism, traveling ancient sites and pleasing with local traditions. Vacation rentals in ethnically rich areas deliver appropriate and immersive lodgings for these travellers, contributing to the market’s development.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies need to stay updated with varying market trends and develop products that meet rising consumer needs. Companies coming up with advanced technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

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.

COVID- 19 pandemic has tremendously affected the complete world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

Use Of Innovative Products To Boost The Market Growth

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

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 VACATION RENTAL PLATFORMS MARKET SEGMENTATION

By Type Analysis

According to type, the market can be segmented into cloud, web-based platform, on-premise, installed, mobile

Cloud, web-based platform will capture the maximum market share through forecast period.  

• Cloud, web-based platform: Cloud and web-based platforms are offered on remote servers and can be opened through the internet. They offer scalability, instantaneous updates, and easy access from any situation with internet connectivity.
• On- premise, installed, mobile: On-premise platforms are software solutions fixed openly on the local servers or workstations of the operator. Mobile platforms are applications precisely planned for smartphones and tablets. Mobile platforms are vital for those who need to accomplish properties distantly or who are habitually on the move.

By Application Analysis

According to application, the market can be segmented into rental property businesses, independent owner

Vacation rental platforms market players cover segment as independent owner will dominate the market share during forecast period.

• Rental property businesses: These businesses require robust platforms that can manage large volumes of data, integrate with multiple booking channels, and offer advanced reporting and analytics features.
• Independent owner: Independent owners typically manage one or a few properties and may not have the resources or need for a complex platform.

DRIVING FACTORS

Rise In Travel & Tourism Industry To Boost The Market Growth

The world-wide travel and tourism industry has been experiencing stable progression, contributing to the growth of the vacation rental market. As more individuals travel for relaxation, business, or remote work the demand for vacation rentals upsurges, enhancing platform implementation. Vacation rentals often deliver more reliable lodgings related to traditional hotels, permitting tourists to stay in residential neighbourhoods and experience destinations like a resident.

Technological Advancement and Innovation To Upsurge The Market

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the vacation rental platforms market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. The incorporation of progressive technologies such as AI, machine learning, and data analytics has boosted the user experience on vacation rental platforms making it at ease for users to find and book lodgings.

RESTRAINING FACTOR

Regulatory Challenges To Hamper The Market Growth

Vacation rental platforms face major challenges associated to fluctuating local regulations and legal limits in dissimilar markets. These guidelines can limit the accessibility of properties and execute severe requirements on hosts possibly hampering market development.

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VACATION RENTAL PLATFORMS MARKET REGIONAL INSIGHTS

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

North America to Dominate the Region Due To Increasing Tourism

North America is further expected to witness growth in the vacation rental platforms market share. The region is dominating the market due to growing domestic and international leisure industry. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

 KEY INDUSTRY PLAYERS

Key Players Focus On Partnerships To Gain Competitive Advantage

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

 List Of Market Players Profiled

• CiiRUS (Australia)
• LiveRez (U.S.)
• OwnerRez (U.S.)
• Hostaway (U.S.)
• Lodgify (Spain)

INDUSTRIAL DEVELOPMENT

July 2024:  LiveRez by Inhabit, a leading provider of short-term vacation rental software solutions, announced the release of its highly anticipated new Ignite version of vacation rental management software.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.