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Technology advancement across industries has familiarised various advanced solutions to ease the work. These advancements have transformed the traditional bus ticketing method to online bus booking using featured technologies. This modern online bus ticketing platform offers to book travel tickets depending on the facility provided. It also offers to compare ticket fares. Additionally, the increasing popularity of online transaction applications and their support for online booking services is driving the market growth. In the 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 to the global online bus ticketing service market by offering advanced platforms for online bookings. The competitive landscape of the tourism industry is also encouraging tourist service providers to adopt web-based booking platforms and mobile applications. These technologies endorse many custom offerings, rewards, and discount facilities which helps to entice more customers. Thus evolving tourism industry supports online bus ticket market growth.
Growing smartphone and internet penetration stimulating the use of online bus booking portals by ticketing agents. Additionally, people's interest in attractive rewards, refunding, discounts are again supporting the popularity of online bus ticketing services. Furthermore, 24/7 customer service, advanced secure transaction methods, attractive personalized offers are anticipated 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 a strategic partnership with ADO y Empresas Coordinates (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, reward facilities, and many other attractive offers are helping companies to attract more customers. Although, many prominent players are adopting customer loyalty programs to strengthen their customer base. Advertising and strong marketing strategies have also been adopted by prominent market players like Goibibo, MakeMyTrip Pvt. ltd, Redbus, Inc., and 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 have started offering bus ticket services along with exciting offers for consumers. Thus, increasing people's approach towards online payment service platforms will boom the online ticketing market in the coming years.
The technology advancements and their acceptance to large extent drive the global online bus ticketing service market. North America and Europe are anticipated to have strong adoption of online booking platforms 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 platforms to attract more customers. The presence of prominent players in the region is also escalating the demand for online bus ticketing services across North America.
Asia Pacific (APAC) is anticipated to demonstrate the highest market growth with the growing penetration of smartphones across the region. Although, acceptance of 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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