EXPE and BKNG both have 35-40% of Online Travel Agency (OTA) global market. OTA market is still only 15% of $1.7 Trillion Travel Market so there is still significant growth runway for these companies.
Main competitors as of today BKNG and AirBnB. There is potential for AMZN, FB, GOOGL, COST to look to enter this market but EXPE has built a sustainable network effect competitive moat around its business.
Expedia operates Core OTA Expedia business and VRBO which is a similar business model to AirBnB.
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