According to a new report published by UnivDatos Markets Insights, the US Online Accommodation Market was valued at USD 12 billion in 2020 and is expected to grow at a CAGR of around 7% from 2021-2027.
The U.S. online accommodation market is uplifting on account of the rising use of mobile applications and websites, the increasing number of businesses, and introduction of the innovative, user-friendly interface portals by key market players. Moreover, the rising disposable income followed by a large number of international students due to the presence of a large number of ivy league universities in the country is positively stimulating the industry landscape. The existence of a huge tourism industry in the country is further contributing to the market growth. For instance, according to the Travel and Tourism Satellite Account (TTSA), the industry produced USD 1.6 trillion in total economic output in 2018. The travel and tourism industry is one of the United States’ largest employers, directly supporting 5.9 million jobs in 2018, of which 1.2 million were supported by travel and tourism-related exports. Travel exports represented 26.0% of total service exports in 2018. However, the market was heavily impacted by the arrival of Covid-19, tourism is one of the sectors most hit by the Covid-19 pandemic, affecting the economies, livelihoods, public services, and opportunities of all states.
US Online Accommodation Market Overview
The U.S. Online Accommodation Market is expected to witness a CAGR of around 7% during the forecast period. Online Accommodation care is a type of care for severe patients during their last phase of life. It focuses on the personal satisfaction of their guardians or individuals who deal with life-limiting diseases. Online Accommodation care can be offered in two types of settings at home or in a facility such as a nursing home, hospital, or even a separate Online Accommodation center. In addition, the growth factors for this segment are the rising geriatric population, increasing cancer in developed countries, cardiovascular diseases, chronic diseases, etc. will drive the growth of this market.
The recent COVID-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the tourism and hospitality industry. The market was heavily impacted by the arrival of COVID-19, tourism is one of the sectors most hit by the COVID-19 pandemic, affecting the economies, livelihoods, public services, and opportunities of all states.
The U.S. online accommodation market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- On the basis of platform type, the market is bifurcated into mobile application and website. Among these two, the website segment accounted for a significant share of the U.S. online accommodation market in 2020 and is expected to grow at a robust growth rate during the forecast period owing to the wide availability of user-friendly online booking portals. Moreover, the mobile and internet penetration rate is further contributing to the growth of this segment. According to the World Bank, in 2020, 91% of the total U.S. population was using the internet.
- Based on the mode of booking type, the market is classified into third-party online portals and direct portals. The third-party online portals segment held a commendable share of the U.S. online accommodation market in 2020 and is anticipated to witness a robust CAGR during the forecast period. The growth of this segment can be attributed to the benefits associated with third-party online portals such as exposure & visibility, capturing additional inventory, opaque rates, and others. Moreover, the presence of a vast number of third-party accommodations booking sites on different search engines.
California held a prominent share of the U.S. online accommodation market in the past and is expected to grow at a significant growth rate during the forecast period due to the presence of huge tourism industry in the state. California is home to some of the most popular tourist destinations. Millions of people from all over the world come to see some of the most famous tourist places such as Disneyland, the Golden Gate Bridge, Yosemite National Park, and more. However, the market has been hit hard by COVID-19, but it is expected to regain its growth because the world is recovering rapidly from the pandemic. US Online Accommodation Market
The major players targeting the market include: