The Online Travel Market is experiencing significant growth over the forecast period. This is attributed to the increasing implementation of technological advancements in the online travel industry, the propelling penetration of internet usage and smartphone users, and changing lifestyle of the customers shifting towards more enhanced services and comfort.
Several factors stimulating the growth of the global online travel market include the growing tourism industry and accelerating penetration of the internet along with the increasing number of smartphone users. Moreover, the augmenting execution of technological developments in the industry and the rising usage of mobile applications have resulted in easier and flexible travel booking, thereby strengthening the online travel market size. Also, expanding per capita income, altering human lifestyle, economic expansion, rapid urbanization, and an inclination towards better services and comfort will fuel the market growth.
As per the online travel market analysis, the enormous advantages offered by online travel like online reviews for checking the hotels and transportation capability, easy & safe payment method, and free & easy cancellation policy will further boost the market growth. The augmenting faith of the customers in online payments and many advanced versions of mobile applications with better deals drive market growth. However, the rising consciousness towards safety and security at the time of online booking and payment may hamper the market growth. Moreover, the emergence of the COVID-19 Pandemic resulted in a fall in market demand due to the lockdown across many countries and the sealing of the borders. The cessation of the airline industry, along with the increasing fear of catching the virus while traveling, persuaded people to stay at their homes. These factors have adversely affected the growth of the market. Nevertheless, the market is projected to recover in 2021 while escalating significantly from 2022 onwards.
Know more about the Online Travel Market:
Based on the mode of booking, Online Travel Agencies (OTAs) are anticipated to witness a higher CAGR during the forecast period. This is owing to the imminent adoption of this mode by customers led by remarkable benefits concerned with saving time & money as there are no consultancy fees, expert insights & a safety net to the trip, seamless multi-destination travel, and review check.
On the basis of age group, the 22-31 segment is expected to expand at a faster CAGR over the forecast period. This is primarily attributed to the growing number of travels by this age group as it comprises of young population with an increased budget on travel than other age groups. Furthermore, the tendency to explore new destinations and the surging use of smartphones to book them drive the growth of online travel industry.
Based on the region, Asia-Pacific is predicted to lead the market during the forecast period due to the escalating number of travelers accompanied by the increasing disposable income and fuelling internet usage across the developing nations. The persistence of online travel agencies such as Yatra and MakeMyTrip and the increasing application of advanced technologies in the travel industry will contribute to the market growth.
Various notable players operating in the market include Booking Holdings Inc., Expedia Group, Trip.com Group Limited, TripAdvisor LLC, Hurb, Hostelworld Group, CheapOair.Com, Thomas Cook Group plc, trivago, and MakeMyTrip Pvt. Ltd., among others.
The global online travel market has been segmented on the basis of mode of booking, types of platform, services type, age group, and region. Based on the mode of booking, the market is segmented into direct travel suppliers and online travel agencies (OTAs). Based on the types of platform, the market is segmented into the desktop and mobile. Based on the services type, the market is segmented into travel accommodation, transportation, and vacation packages. Based on the age group, the market is segmented into 22-31, 32-43, 44-56, and >56.
Online Travel Market Segmentation:
Online Travel Market by Mode of Booking:
- Direct Travel Suppliers
- Online Travel Agencies (OTAs)
Online Travel Market by Types of Platform:
- Desktop
- Mobile
Online Travel Market by Services Type:
- Travel Accommodation
- Transportation
- Vacation Packages
Online Travel Market by Age Group:
- 22-31
- 32-43
- 44-56
- >56
Online Travel Market by Region:
- North America Online Travel Market (Option 1: As a part of the free 25% customization)
- North America Online Travel Market by Mode of Booking
- North America Online Travel Market by Types of Platform
- North America Online Travel Market by Services Type
- North America Online Travel Market by Age Group
- United States Online Travel Market
- Canada Online Travel Market
- Europe Online Travel Market (Option 2: As a part of the free 25% customization)
- Europe Online Travel Market by Mode of Booking
- Europe Online Travel Market by Types of Platform
- Europe Online Travel Market by Services Type
- Europe Online Travel Market by Age Group
- UK Online Travel Market
- Germany Online Travel Market
- France Online Travel Market
- Spain Online Travel Market
- Rest of Europe Online Travel Market
- Asia-Pacific Online Travel Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Online Travel Market by Mode of Booking
- Asia-Pacific Online Travel Market by Types of Platform
- Asia-Pacific Online Travel Market by Services Type
- Asia-Pacific Online Travel Market by Age Group
- China Online Travel Market
- India Online Travel Market
- Japan Online Travel Market
- Rest of APAC Online Travel Market
- RoW Online Travel Market (Option 4: As a part of the free 25% customization)
- RoW Online Travel Market by Mode of Booking
- RoW Online Travel Market by Types of Platform
- RoW Online Travel Market by Services Type
- RoW Online Travel Market by Age Group
- Brazil Online Travel Market
- South Africa Online Travel Market
- Saudi Arabia Online Travel Market
- UAE Online Travel Market
- Rest of world (remaining countries of the LAMEA region) Online Travel Market
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