Platform companies have come to command, and perhaps even monopolize, the business landscape. The question for the travel industry is: Is travel also a winner-take-all game?

Certainly, the winner-take-all scenario is true in some areas of travel: The big three OTAs command an unprecedented share of the OTA market (see figure below), and consolidation among airlines and hotel chains has increased pace in recent years, often squeezing smaller rivals. Yet thousands upon thousands of travel suppliers, resellers, SaaS providers and startups are thriving.