IMARC Group, a leading market research company, has recently releases report titled “Online Travel Market Report by Service Type (Transportation, Travel Accommodation, Vacation Packages), Platform (Mobile, Desktop), Mode of Booking (Online Travel Agencies (OTAs), Direct Travel Suppliers), Age Group (22-31 Years, 32-43 Years, 44-56 Years, Above 56 Years), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the online travel market report.
How Big is the Online Travel Market?
The global online travel market size reached US$ 512.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,267.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.4% during 2024-2032.
Industry Overview of Online Travel
Online travel agencies (OTAs) provide a platform for tourists to research and reserve various travel services such as hotels, flights, cars, tours, and cruises. By comparing prices, offers, discounts, and reading reviews, travelers can make informed decisions. OTAs facilitate faster response times by utilizing efficient online data transmission, thereby enhancing the booking experience for customers. Currently, hotels worldwide are increasingly relying on OTAs to gain greater visibility and boost their sales and profitability.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/online-travel-market/requestsample
What are the growth prospects and trends in the online travel industry?
The market for online travel agencies (OTAs) is experiencing growth driven by the thriving travel and tourism industry, primarily due to decreasing airline fares and favorable governmental policies. OTAs provide valuable market insights and tools for targeting tourists, facilitating secure bookings, guest communication, and review management. Prominent players in the industry are adopting aggressive promotional strategies through online and TV advertising, billboards, sponsorships, social media, and other marketing channels.
The increasing sales of laptops, tablets, and smartphones further contribute to the positive market trajectory. Additionally, the internet offers immersive experiences through virtual representations like 3D interactive tours, surpassing the capabilities of traditional travel agents and allowing travelers to gain a clear impression of destinations. Consequently, the conventional booking method through travel agents has evolved into a fast-paced, last-minute approach enabled by information and communication technologies (ICTs).
The rising trend of solo travel adds to the market's optimistic outlook. Furthermore, advancements in communication and transportation, along with the growing number of business travelers worldwide, are expected to further fuel market growth in the coming years.
Leading Companies Operating in the Global Online Travel Industry:
- Expedia Group Inc.
- Fareportal Inc.
- Hostelworld Group plc
- HRS
- Hurb
- MakeMyTrip Pvt. Ltd.
- priceline.com LLC (Booking Holdings Inc.)
- Thomas Cook India Ltd. (Fairfax Financial Holdings Limited)
- Tripadvisor Inc.
- Yatra.co
Online Travel Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Service Type:
- Transportation
- Travel Accommodation
- Vacation Packages
Breakup by Platform:
- Mobile
- Desktop
Breakup by Mode of Booking:
- Online Travel Agencies (OTAs)
- Direct Travel Suppliers
Breakup by Age Group:
- 22-31 Years
- 32-43 Years
- 44-56 Years
- Above 56 Years
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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