B2B simply indicates business to business travel where travel service providers sell their inventories to travel agencies. Whereas B2C is for Business to Consumer travel where services are directly sold to the consumers either by travel service providers or travel agencies.
The Global B2B Travel Market is expected to grow from USD 19,250.20 million in 2019 to USD XXXXX.XX million by 2025, at a Compound Annual Growth Rate (CAGR) of 12.84%.
The aim of Online travel providers is to facilitate travel planning and bookings for travelers. The online travel market is driven by swift and convenient flight and hotel bookings, online payment facility, and potential to compare various available travel options. In contrast with the past, market players are now focusing on offering travel services through mobile apps and websites, as it tends to choose more mediums of travel bookings, particularly among the youth professionals.
The pierce of the internet has improved the approachability and connectivity between the consumers and the service providers. The industry players offers attractive discounts and budget-friendly packages that persuade them a greater number of tourists to the nation. The growing stride is one of the primary growth factors for this market. The increase in number of international tourists enable service providers to ameliorate their services and products and enhance their customer base
MARKET SEGMENT Based on mode of bookingsAs per the latest study young age group spends approximately $200 billion on travel every year. These travelers have revolutionized the online travel industry by the extensive use of technology. Furthermore, social media platforms are used to review various travel service providers, destinations, transportation, and accommodations. Strategy of young traveler’s first research online and scan various sites, when planning for a vacation or a short weekend getaway. They are always active on social media sites, such as Facebook, Twitter, and Instagram, repeatedly updating their virtual image by posting their day-to-day activities, including travel check-ins. Their decisions are strongly effected by online travel review sites, social media, blogs, and friend’s recommendations.