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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Technavio has announced its latest market research report titled global vacation rental market 2020-2024 (Graphic: Business Wire)
Vendors in the market are actively investing in advanced technologies to secure and streamline their business operations. This has increased the adoption of Bluetooth smart locks, smart fire alarms, burglar alarms, Wi-Fi locks, and electronic locks to improve safety in rental spaces, which is crucial in attracting customers. Moreover, some vendors are adopting business intelligence software and data mining tools to improve their decision-making processes as well as customer satisfaction. The incorporation of such technologies is benefitting vendors significantly in terms of expanding their customer base and increasing revenue.
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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 important 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 such as celebrity endorsements. This is enabling vendors to acquire new customers by offering discounts, seasonal offers, and contests on social media platforms such as YouTube, Instagram, and Pinterest. Moreover, social media campaigns aid in tracking customer feedback, reviews, understanding the latest trends, and analyzing customer experiences. The adoption of such effective promotional strategies is expected to boost the growth of the market during the forecast period.
“The availability of instant booking options and the rapid growth of online booking 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 will continue to dominate the market due to the presence of several established players.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200218005789/en/
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Email: media@technavio.com
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