Global Online Booking Software Market was valued at US$ 194.3 million in 2017, up from US$ 175.8 million by 2016. The Online Booking Software Market is projected to reach US$ 552.1 million by 2025 with a CAGR of 14.4% over the forecast period, according to a new market research report Global Online Booking Software Market, by Deployment Model (On premises and Cloud-based), by User Base (Professional User and Corporate User) and by Geography (North America, Europe, Asia Pacific, Middle East, and Africa).
Increasing adoption of smartphone is one of the major driving factor for growth of the online booking software market, worldwide, as high adoption of smart phones have raised the demand for mobile-based appointment scheduling solution, which provide a new opportunity platform to the companies for developing the mobile-based solutions and increase their market presence. For instance, according to analysis, the number of smart phone users in North America were 264.2 million in 2016, and is expected to reach 373.4 million by 2021. Similarly, the smart phone users in Asia Pacific were 2.0 billion in 2016, and is expected to reach 3.1 billion by 2021.
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Key Takeaways of the Market:
- Asia Pacific is projected to exhibit highest CAGR over the forecast period. In 2017, Asia Pacific online booking software market generated revenue of US$ 49.5 million. By 2025, Asia Pacific online booking software market is projected to reach US$ 155.3 million at a CAGR of 15.9% in the forecast period. China, India, and japan are some of the major economies driving market growth in this region. Increasing number of startups in this region is expected to accelerate growth of the market. For instance, according to National Association of Software and Services Companies, in 2016, India was the third-largest start up base in the world and is expected to reach 10,500 startup by 2020. Therefore, increasing number of startup companies has propelled demand for cloud-based appointment scheduling solutions, which helps companies to ease the process of booking meeting or appointments.
- Among Asia Pacific region, market in India is expected to witness highest CAGR over the forecast period. In 2017, India online booking software market generated revenue of US$ 11.3 Mn and is expected to reach US$ 42.2 Mn by 2025, witnessing a CAGR of 18.5% over the forecast period.
- The cloud or web-based segment is expected to exhibit the highest CAGR over the forecast period. In 2017, the segment generated revenue of US$ 268.7 Mn and is expected to reach US$ 283.5 Mn by 2025 with a CAGR of 17.6% over the forecast period. Cloud-based deployment model helps enterprises in terms of reducing IT costs. These services are offered on the basis of the pay-as-you-go model. These services also enable enterprises to achieve economies of scale by collaborating with employees on the go. It increases enterprise capabilities regarding flexibility, communication, and reliability.
- The professional user base segment is expected to exhibit the highest CAGR over the forecast period. In 2017, the professional user base segment generated revenue of US$ 63.7 Mn and is expected to reach US$ 202.2 Mn by 2025, with a CAGR of 16.0% over the forecast period.
- The major players operating in the global online Booking Software market include BookingLive, BookingBug Limited, CheckFront, Inc., Rezdy, Acuity Scheduling, Appointy, Bookeo, SimplyBook.Me, Setmore Appointments, TimeTrade, Inc., Pulse24/7, Inc., Veribook, MyTime, Nabooki, and Shortcuts Software.