Online Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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. 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.

Online travel agencies (OTAs) enable tourists to research and book travel services, including hotel accommodations, flights, cars, tours, and cruises, after comparing the prices, offers, discounts and access reviews. They can reduce the response time from organizations to customers with rapid online data transmission, which enhances the booking experience of the travelers. At present, hotels across the globe are relying on OTAs to obtain more visibility and increase their overall sales and profitability.

Online Travel Market Trends:

The thriving travel and tourism industry on account of the decreasing airline fares and favorable governmental policies represents one of the key factors propelling the growth of the market. OTAs offer market insights and tools for targeting tourists, securing and processing bookings, communicating with guests, and managing reviews. Moreover, leading players are focusing on aggressive promotional activities using online and television (TV) advertising, billboards and sponsorships, social media, and other marketing channels. This, coupled with the increasing sales of laptops, tablets, and smartphones, is positively influencing the market. Besides this, the Internet provides virtual representations like 3D interactive tours to convey a clear impression of the travel destinations, thereby allowing an indirect experience that surpasses the possibilities of conventional travel agents. As a result, the traditional booking method through travel agents has evolved into a fast-paced, last-minute booking approach facilitated by information and communication technologies (ICTs). This, along with the rising popularity of solo travel, is creating a positive outlook for the market. Other factors, such as rapid advancements in communication and transportation and the increasing number of business travelers worldwide, are projected to facilitate the growth of the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global online travel market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service type, platform, mode of booking and age group.

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Key Questions Answered in This Report

1. What was the size of the global online travel market in 2022?

2. What is the expected growth rate of the global online travel market during 2023-2028?

3. What are the key factors driving the global online travel market?

4. What has been the impact of COVID-19 on the global online travel market?

5. What is the breakup of the global online travel market based on the service type?

6. What is the breakup of the global online travel market based on the platform?

7. What is the breakup of the global online travel market based on the mode of booking?

8. What is the breakup of the global online travel market based on the age group?

9. What are the key regions in the global online travel market?

10. Who are the key players/companies in the global online travel market?