IMARC Group, a leading market research company, has recently releases report titled “Online Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global online travel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Online Travel Market?
The global online travel market size reached US$ 459.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 942.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
What is Online Travel?
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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What are the growth prospects and trends in the Online Travel Industry?
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.
What is included in market 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
Who are the key players operating in the industry?
The report covers the major market players including:
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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