Global Online Booking Software Market - Insights
Online booking software also called as appointment scheduling software or appointment booking software are tools that permit businesses or professionals to manage appointments or bookings. Global online booking software market generated a revenue of US$ 194.3 million in 2017, up from US$ 175.8 million in 2016. By 2025, the online booking software market is expected to generate a revenue of US$ 552.1 million with a CAGR of 14.4%. Increasing internet penetration majorly in emerging economies is one of the major factors driving growth of the market worldwide. For instance, according to the Coherent Market Insights, 28% of the total population in India was using Internet in 2016, and it is estimated to reach 59% by 2021. Hence, increasing number of internet user is fueling growth of the market.
On-premises Segment Held Dominant Position in 2017
The on-premises segment held the dominant position in the online booking software market and generated revenue of US$ 114.2 Million in 2017. It is expected to reach US$ 268.6 million with a CAGR of 11.6% over the forecast period. Increasing concerns regarding data security is one of the major factor propelling demand for on-premises based solutions. This is owing to the fact that on-premises software provides high data security as compared to cloud-based or web-based solution.
Figure. Global Online Booking Software Market Share (%), by Deployment Model, 2017 & 2025
North America Held Dominant Position in Online Booking Software Market in 2017
On the basis of geography, the online booking software market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America region held the dominant position in the market in 2017, and is projected to retain its dominance throughout the forecast period. In 2017, North America region generated revenue of US$ 76.8 million and is expected to reach US$ 204.4 million in 2025, with a CAGR of 13.4% over the forecast period. High adoption of cloud-based solutions is one of the major driving factors for growth of market in this region. For instance, according to Coherent market insights, in 2016, the North America held 49% share of the world wide cloud data traffic. The U.S. and Canada are major economies driving growth of online booking software market in this region. The U.S. held a dominant position in the market in 2017, and is expected to retain its dominance throughout the forecast period. In 2017, the U.S. market generated revenue of US$ 56.1 Mn and is expected to reach US$ 134.4 Mn by 2025, exhibiting a CAGR of 12.0% over the forecast period. High presence of key players in the U.S. is a major factor for growth of this market. BookingBug Limited, Appointy Software Inc., and TimeTrade, Inc. are some of the players based in the U.S.
Asia Pacific online booking software market is projected to witness highest CAGR over the forecast period. In 2017, Asia Pacific online booking software market generated revenue of US$ 49.5 million and is expected to exhibit a CAGR of 15.9% over the forecast period. China, India, and Japan are some of the major countries which are driving the market growth in Asia Pacific. Increasing internet penetration in Asia Pacific is a key driving factor for growth of the market. For instance, according to Coherent Market Insights Analysis, 41% of the total Asia Pacific population uses internet in 2016, and is expected to reach 62% by 2021.
Figure. Global Online Booking Software Market Share (%), by Region, 2017
Key Players- Global Online Booking Software Market
The major players operating in the global online booking software market include BookingLive, BookingBug Limited, CheckFront,Inc., Rezdy, Acuity Scheduling, Appointy Software Inc. , Bookeo, SimplyBook.Me, Setmore Appointments, TimeTrade, Inc., Pulse24/7, Inc., Veribook, MyTime, Nabooki, and Shortcuts Software.
The online booking software or appointment scheduling software permits business or professional users to manage booking or appointments. The integration of various advance features such as appointment reminders, calendar integration, customer and employee management, mobile compatibility, payment processing, revenue processing have accelerated the demand for the online booking software solutions in various organization.
Increasing technological advancement in online booking software or appointment scheduling software is one of the major factor driving growth of the market, worldwide. The customer appointment management is an advance type of appointment scheduling software, which is highly adopted by large organizations. Due to its advance function to automatically schedule and route home service appointments have raised the demand for the customer appointment management, which accelerated the market of online booking software, worldwide. Furthermore, it offers various other advantages such as it helps to retain customers, enhances revenue, and boosts staff efficiency, which is propelling demand for such solutions in various organization across the world. For instance, Calendly, Checkfront, Appointment Plus, Bookeo, Acuity Scheduling are some of the appointment scheduling or online booking software.
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