According to the latest report by IMARC Group, titled “Global Online Travel Market Growth, Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global online travel market reached a value of US$ 407.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 843.52 Billion by 2027, exhibiting a CAGR of 11.70% during 2022-2027.
Online travel agencies (OTAs) enable tourists to search and book various travel services, including hotel accommodations, flights, cars, tours, cruises, etc., after comparing the prices, offers, discounts, and access reviews. In addition to this, they can reduce the response time from organizations to customers with fast online data transmission, thereby enhancing the booking experience of the travelers. Presently, hotels across the countries are extensively relying on OTAs to obtain more visibility and increase their overall profitability.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Online Travel Market Trends and Drivers:
The growing advancements in information and communication technologies (ICTs) are primarily driving the online travel market. Besides this, the increasing number of business travelers and the inflating popularity of solo travel are also catalyzing the market growth.
Moreover, online travel agencies offer insights and tools for targeting tourists, securing and processing bookings, managing reviews, etc., which is acting as another significant growth-inducing factor. Apart from this, the rising penetration of high-speed internet that provides virtual representations, including 3D interactive tours, for conveying a clear impression of the travel destinations is positively influencing the global market.
Furthermore, the key market players are focusing on aggressive promotional activities using online and television (TV) advertising, billboards and sponsorships, social media platforms, and other marketing channels. This, along with the widespread adoption of laptops, tablets, smartphones, etc., is anticipated to fuel the online travel market over the forecasted period.
Global Online Travel Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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. and Yatra.com.
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The report has segmented the market on the basis of region, service type, platform, mode of booking and age group.
Breakup by Service Type:
- Travel Accommodation
- Vacation Packages
Breakup by Platform:
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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