US: Market research solution Reportlinker has announced the release of its latest report, entitled “Vacation Rental Market by Management and Geography – Forecast and Analysis 2020-2024”.
The report will look at trends and factors affecting the managed by owners’ segment, including personal interaction, booking fees, the growth of the tourism and short-term rental industry, technological advances and strategic partnerships.
It will also delve into factors that may hamper the growth of the vacation rental market leading up to 2024, including fraudulent listings, stringent government regulations and inconsistent service quality, which are considered some of the greatest bugbears engulfing the short-term rental space.
Furthermore, vendors are placing greater emphasis on enhancing their booking portals from a design perspective and investing in various technologies to secure and streamline their business operations.
The rising popularity of automated vacation rental spaces has also encouraged property owners to invest in Bluetooth smart locks, smart fire alarms and burglar alarms among a number of smart-home technological advances. This has led to some of the market players investing significantly in business intelligence software and data mining tools to improve their decision-making strategies.
According to the Reportlinker report, the increasing investments in smart safety devices and alert technologies will lead to the expansion of the global vacation rental market at a CAGR of almost seven per cent during the forecast period.
The rising popularity of social networking has also encouraged market players to invest heavily in social media campaigns and promotional strategies.
Social media campaigns help market vendors to track and understand customer feedback and reviews, follow the latest up-to-date trends, and create new offerings to enhance consumer experiences. As a result, the report aims to show that an effective social media promotional strategy will have a positive impact on the overall growth of the market.
The presence of multiple large-scale players has created a multi-layered, fragmented marketplace. ReportLinker hopes that by producing what it calls a “robust vendor analysis”, clients will be able to improve their market position.
Leading vacation rental vendors participating in the report include: 9flats.com, Airbnb, Booking Holdings, Expedia Group, Hotelplan Holding, MakeMyTrip, NOVASOL, Oravel Stays, TripAdvisor; and Wyndham Destinations.
The vacation rental market analysis report also details upcoming trends and challenges that will influence market growth, in order for companies to “strategise and leverage on all forthcoming growth opportunities”.
For more information on how to access the full report, follow the link here.