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The US private accommodation market is forecast to reach USD36.6 billion by 2018, fuelled by the ever-growing use of HomeAway and Airbnb, according to a report released by Phocuswright.

Phocuswright estimates that Airbnb, currently valued at USD30 billion, is the third-largest online seller of accommodation worldwide, the second most valuable online travel company and in terms of gross bookings, it is on its way to become the fourth largest online travel agency.

Since 2005, 1,252 digital travel start-ups were given USD32.6 billion in financing, with mobile ride-hailing apps obtaining more than half of the total amount. Cathy Walsh, senior research analyst, Phocuswright, noted,

DUBAI DEPARTMENT OF TOURISM & COMMERCE MARKETING (DTCM) AND COMMUNITY-DRIVEN HOSPITALITY COMPANY, AIRBNB SIGNED A MEMORANDUM OF UNDERSTANDING TO HELP TO PROMOTE RESPONSIBLE HOSTING AND TO FURTHER DEVELOP

With the sharing economy in full swing, Airbnb is set to overtake multi-branded hotels in providing consumers with different accommodation options, according to research by Phocuswright.