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 size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Online Travel
Online travel represents a wide range of web-based solutions, such as travel-centric reviews and e-commerce websites, that provide consumers with the ease to research, plan, and book flights, cars, tours, hotel accommodations, cruises, and activities online. These websites allow users to compare offers, discounts, prices, and reviews of numerous services, provide comprehensive information regarding several destinations and attractions, minimize the response time between organizations and customers, etc. Online travel also enables market insights and tools to target potential travelers in various locations, secure and process bookings, communicate with guests, etc. It is widely utilized by resorts and other tourist attraction places to improve visibility and engagement.
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.
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What are the growth prospects and trends in the online travel industry?
The widespread adoption of laptops, tablets, and smartphones is primarily driving the online travel market. Additionally, the growing utilization of aggressive promotional activities via television (TV) advertising, social media, billboards and sponsorships, and other marketing channels is further bolstering the market growth.
Besides this, the escalating demand for online travel services that enable quick and easy flight and hotel bookings and provide numerous options for comparison is acting as another significant growth-inducing factor. Moreover, the increasing number of online travel agencies (OTAs) that offer market insights and tools for securing and processing bookings, targeting tourists, communicating with guests, managing reviews, etc., is positively influencing the global market.
Apart from this, the development of mobile-based websites and apps by key market players is also stimulating the market growth. Furthermore, the rising popularity of business travelers 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.
- Yatra.com
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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