The Online Accommodation Market in 2023 is experiencing significant growth both in the United States and globally. A combination of factors, including increased internet penetration, advancements in technology, and the rise of mobile applications, are playing pivotal roles in this expansion.
In the United States, the Online Accommodation Market has been forecasted to grow at a compound annual growth rate (CAGR) of over 6.80% from 2023 to 2028. The market faced a significant setback during the COVID-19 pandemic, reaching a historic low of 24.5% in April 2021.
However, with the crisis following the pandemic, the industry witnessed several changes, predominantly driven by technological advancements. The number of online accommodation users is expected to increase by more than 10 million between 2017 and 2022. Notably, the rising use of mobile applications and websites, coupled with the increasing number of domestic flights, is driving the market.
On a global scale, the Online Accommodation Booking Market is also seeing robust growth. The Compound Annual Growth Rate (CAGR) is expected to be over 10.00%. As of 2022, the largest market for online accommodation booking was North America, while the fastest-growing market was the Asia Pacific.
The market is expected to grow steadily, with industry experts predicting that by 2022, about 50% of hotel booking revenues will be derived online. This growth is majorly due to increased internet penetration, fostering a boom in e-commerce and, consequently, online accommodation booking .
According to a report titled “Online Accommodation Booking Market, 2023-2030” by Fortune Business Insights, the global online accommodation booking market size is projected to showcase substantial growth in the future.
The key players in this market include Booking Holdings Inc., Airbnb Inc., Expedia Group, Agoda Company Pte. Ltd., among others.
The industry’s growth is significantly spurred by increasing demand for tourism globally. For instance, in 2018, the World Travel and Tourism Council (WTTC) revealed that the tourism and travel industry was valued at USD 8.8 trillion, generating 10.4% of the global GDP.
In conclusion, the online accommodation market is exhibiting impressive growth in 2023, with advancements in technology and increased internet penetration playing a crucial role. The growth is significant both in the United States and globally, transforming the landscape of the tourism and hospitality industry.
Related posts:
Travel to Boracay: Discover the Best Time to Visit the Philippines’ Paradise
Travel Enriches Life: Experiences, Culture, and Personal Growth
Hidden Gems of the Philippines: The Top 10 Destinations Loved by Locals
Unraveling the Complex Impact of Renewable Energy: The Case of Nabas Petrowind Project and its Ripple Effect on Boracay