Global Vacation Rental Market 2020-2024 | Adoption of Effective Promotional Strategies to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 6, 2019--
The global vacation rental market is expected to post a CAGR of nearly 7% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Players in the market are making significant investments in advanced technologies to secure and streamline their business operations. Property owners are increasingly adopting Bluetooth smart locks, smart fire alarms, burglar alarms, Wi-Fi locks, and electronic locks. The installation of these devices is encouraging customers to increase their spend on automated vacation rental spaces. Moreover, market players are also investing in business intelligence software and data mining tools to improve their business processes.
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As per Technavio, the adoption of effective promotional strategies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global Vacation Rental Market: Adoption of Effective Promotional Strategies
The increasing penetration of the internet and the growing popularity of social media is encouraging vendors to invest in social media campaigns and promotional strategies. Social media campaigns are helping vendors track customer feedback and reviews, create new offerings, understand the latest trends and interests, analyze customer experience, and track brand ratings and service reviews. Increasing investments in social media tools such as YouTube, Instagram, Pinterest, and others are enabling vendors to expand their customer base and drive revenue.
“Apart from the adoption of effective promotional strategies, instant bookings and the rapid growth of online booking are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Vacation Rental Market: Segmentation Analysis
This market report segments the global vacation rental market by geography (APAC, Europe, MEA, North America, and South America) and management (managed by owners and professionally managed).
The European region led the market in 2019, followed by North America, APAC, MEA, and South America, respectively. During the forecast period, the European region is expected to maintain its dominance over the global market. This is due to the presence of several established players and increasing funding from high profile investors in the region.
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SOURCE: Technavio Research
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PUB: 11/06/2019 03:30 PM/DISC: 11/06/2019 03:31 PM