Online Travel Agency Market Size with Growth Opportunities, Top
Global Online Travel Market was valued at USD 354.2 Billion in 2020 and is projected to reach USD 1,835.6 Billion by 2031, registering a CAGR of 13.1% from 2021 to 2027.
Travel and tourism is one of the largest and fastest growing industries as there has been an increase in the number of travelers in recent years, due to various reasons such as leisure, pleasure, relaxation and business The number of passengers and their travel costs has increased dramatically. To appeal to this potential target population, market players have used various techniques, the most effective of which is the Internet.
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Online travel services have gained popularity among travelers as it allows them to avail a number of services such as booking air tickets, hotels, vacation packages and car rentals at the same time. using their phone or computer, anytime and anywhere. Online travel services can be used either through online travel agencies (OTAs) or direct travel providers.
Online travel services provide convenient use of debit and credit cards and a platform to compare prices, features and services of online travel products, which has led to the increase in adoption of these services. Additionally, customers tend to rely on reviewing websites to avail of the best online travel deals. The hectic lifestyle, increase in disposable income and increase in purchasing power have encouraged people to plan vacation trips at frequent intervals, thus driving the growth of the online travel market. In addition, the introduction of established e-commerce companies such as Alibaba (online travel site Alitrip) into the online travel industry is increasing competition in the market.
The COVID-19 outbreak has had a negative impact on the overall growth of the online travel market. This is mainly attributed to the implementation of lockdown and social distancing norms in almost every country in the world, flights have been grounded, trains have stopped running and almost all public transport services have been interrupted. . Thus, the growth rate of the online travel market has decreased in 2020.
The online travel market is segmented into service types, platforms, mode of booking, age group and region. Based on service types, the market is categorized into transportation, travel accommodation, and vacation packages. By platforms, it is segmented into mobile and desktop. Based on booking mode, it is separated into online travel agencies (OTA) and direct travel providers. Based on age group, the market is segmented into 22-31 years old ¬ 32-43 years old ¬ 44-56 years old ¬ and >56 years old. By region, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Italy, Spain and rest of Europe), Asia-Pacific (China, India , Japan, Australia, Korea and Rest of Asia-Pacific) and LAMEA (Brazil, Argentina, United Arab Emirates, Saudi Arabia, South Africa and Rest of LAMEA).
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Asia-Pacific has gained popularity in the global online travel market and is expected to maintain its traction during the forecast period. The growth is attributed to increasing disposable income, increasing middle class segment and higher internet adoption. The proliferation of social media and the adoption of artificial intelligence tools by travel and tourism service providers are mainly attributed to the growth of the Asia-Pacific online travel market.
Major players operating in the market are Expedia Group, Inc., Ebury Partners UK Ltd, Fareportal Inc., Hostelworld.com Limited, Hurb Co S/A, HRS, MakeMyTrip Ltd., Oracle Corporation, Priceline (Booking Holdings Inc.) , SABS Travel Technologies, Tavisca Solutions Pvt. Ltd., Thomas Cook India Ltd., travelomatix.com, Trip.com Group, Tripadvisor, Inc. and WEX Inc.
MAIN BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global online travel market with current trends and future estimations to elucidate the impending investment pockets in the market.
The report provides information on drivers, restraints and opportunities with impact analysis
Quantitative analysis from 2020 to 2031 is provided to showcase the financial competence of the market
Porter’s five industry forces model illustrates market competitiveness by analyzing various parameters such as the threat of new entrants, the threat of substitutes, the bargaining power of buyers, and the bargaining power of suppliers operating in the market .
The value chain analysis in the report provides a clear understanding of the roles of the stakeholders involved in the value chain
Competitive intelligence highlights the business practices followed by leading market players across various regions
KEY MARKET SEGMENTS
By types of services
By booking method
Online Travel Agencies (OTA)
Direct travel providers
By age group
22-31 years old
32-43 years old
44-56 years old
>56 years old
The rest of Europe
Rest of Asia-Pacific
United Arab Emirates
Rest of LAMEA
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