According to the latest report by IMARC Group, titled “Online Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global online travel market size reached US$ 459.7 Billion in 2022. Online travel refers to a range of web-based solutions, such as travel-centric e-commerce and reviews websites, that provide consumers the ease to research, plan, and book travel products and services, such as hotel accommodations, flights, cars, tours, cruises, and activities online. Apart from this, they allow users to compare prices, offers, discounts, and user reviews of different services, provide comprehensive information about various destinations and attractions, and reduce the response time between organizations and customers through rapid online data transmission. Online travel enables market insights and tools to target potential travelers in different locations, secure and process bookings, communicate with guests, and manage reviews. As a result, these solutions are extensively employed by hotels, resorts, and tourist attraction places to improve visibility and engagement and enhance their overall sales and profitability.
Global Online Travel Market Trends:
The global online travel market is primarily driven by the steadfast expansion of the travel and tourism industry on account of decreasing rates of airline fares and favorable governmental policies. Moreover, the shifting consumer preference for online travel services influenced by information and communication technologies (ICTs) that enable quick and easy flight and hotel bookings, increase customer’s trust in online payment, and provide multiple options for comparison is propelling the market growth. In addition to this, the proliferation of online travel agencies (OTAs) offering market insights and tools for targeting tourists, securing and processing bookings, communicating with guests, and managing reviews is creating a positive outlook for the market. Furthermore, the launch of various mobile-based websites and apps by leading market players, combined with the adoption of aggressive promotional activities through online and television (TV) advertising, billboards and sponsorships, and social media marketing channels, is impelling the market growth. Other factors, such as inflating disposable incomes of individuals, the escalating penetration of smart devices, easy access to high-speed internet connectivity, the rising popularity of solo travel, and an increasing number of business travelers, are presenting remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 942.3 Billion by 2028, expanding at a CAGR of 11.5% during 2023-2028.
- On the basis of the service type, the market is segregated into transportation, travel accommodation, and vacation packages.
- Based on the platform, the market has been bifurcated into mobile and desktop.
- On the basis of the mode of booking, the market has been divided into online travel agencies (OTAs) and direct travel suppliers.
- Based on age group, the market is categorized into 22-31 years, 32-43 years, 44-56 years, and above 56 years.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
|Base Year of the Analysis
||Service Type, Platform, Mode of Booking, Age Group, Region
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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