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Technology advancement across industries has familiarised various advanced solutions to ease the work. These advancements has transformed traditional bus ticketing method to online bus booking using featured technologies. These modern online bus ticketing platform offers booking of travel ticket depeding on the facility provided. It also offers comparing ticket fares. Additionally, increasing popularity of online transaction applications and their support to online booking services is driving the market growth. In past few years, online booking websites and applications have seen high demand owing to rising users and online bookings. Several companies in developed as well as developing economies are contributing in the global online bus ticketing service market by offering advanced platfroms for online bookings. Competitve landscape of tourism industry is also encouraging tourist service providers to adopt web-based booking platforms and mobile applications. These technologies endores many custom offerings, rewards and discount facilities which helps to entice more number of customers. Thus evolving tourism industry supporting to online bus tickit market growth.
Growing smartphone and internet penetration stimulating use of online bus booking portals by ticketing agents. Additionally, people interest towards attractive rewards, refunding, discounts is again supporting the popularity of online bus ticketing services. Furthermore, 24/7 customer service, advanced secure transaction methods, attractive personalized offers are anticipating to drive the market in the coming years. Thus, many private as well as public bus companies and travel agencies have directed their approaches towards the adoption of online booking platforms to provide their users flexible and easy bookings and strengthen their customer base.
Key Market Driver -
• The growing internet and smartphone penetration • Development of the turisom industry
Key Market Restraint -
• travel data privacy issues and security associated with platforms and portals to limit the adoption
Vendors are strategically transforming the way of their products and service offerings to expand their business portfolio across the world. The majority of market players are strengthening their global network by extending partnerships with various tourist and bus and travel agencies. For instance, in August 2018, Busbud, Inc. announced strategic partnership with ADO y Empresas Coordinadas (ADO Group) to expand its online bus booking business to Southeastern Mexico. Additionally, some key players are focussing on the acquisition strategy to expand their service offerings and geographical presence. For instance, in November 2018, Busbud, Inc. has acquired the Turkish bus website Neredennereye.com to strengthen its global as well as Turkish intercity bus market position. Refunding, discounts, and reward facilities, and many other attractive offers are helping companies to attract more number of customers. Although, many prominent players are adopting customer loyalty programs to strengthen their customer base. Advertising and strong marketing strategies have also adopted by prominent market players like Goibibo, Makemytrip Pvt.ltd, Redbus, Inc., and among others. By offering other related services like route searching, instant access, online bus tracking, instant payment, seat booking etc. market players are making their product offering more attractive.
Other Key companies summarised include BusOnlineTicket.com, GoEuro Corp.(Omio), GotoBus.com, Makemytrip Pvt Ltd., ibibo Group Pvt. Ltd (Redbus.in), Goibibo, Buupass.com, FlixMobility GmbH, megabus.com, and Wanderu Inc., among others.
Online payment platforms like Phonepay, Google Pay has started offering bus tickit services along with exiting offers for constomers. Thus, increasing people approach towards online payment service platforms will boom the online ticketing market in the coming years.
The technology advancements and their acceptance in large extent drives the global online bus ticketing service market. North America and Europe are anticipated to have strong adoption of online booking platform with the evolving behavior of the customers towards online services. High internet penetration and smartphone adoption led North America to accelerate the promotion of internet-based products and services. The domestic, as well as international traveling service providers of North America and Europe are moving towards online travel booking platform to attract more customers. Presence of prominent players in the region is also escalating the demand for the online bus ticketing service across North America.
Asia Pacific (APAC) is anticipated to demonstrating the highest market growth with the growing penetration of smartphones across the region. Although, acceptance of the online booking services will accelerate the demand for the market in the coming years. Developing the travel industry will support the online bus ticketing service market across APAC. Additionally, prominent market players are helping to expand the global service platform.
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