Global Online Travel Agency (OTA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Online Travel Agency (OTA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The online travel agency (OTA) industry is mainly regulated by the consumer protection laws of various countries and regions. The Consumer Protection Law is to create a healthy competitive market. General consumer protection laws require consumers to be treated fairly and have the right to know about goods or services. This requires information provided by OTA to have a certain degree of transparency, and at the same time, the information provided needs to be correct to avoid misunderstanding as much as possible.

Market Overview:

The latest research study on the global Online Travel Agency (OTA) market finds that the global Online Travel Agency (OTA) market reached a value of USD 53534.0 million in 2022. It’s expected that the market will achieve USD 95393.58 million by 2028, exhibiting a CAGR of 10.11% during the forecast period.

Influence of COVID-19 Outbreak on Online Travel Agency (OTA) Industry Development

COVID-19 has severely hit the tourism industry, including online travel agencies (OTA) and offline travel agencies. Firstly, COVID-19 has affected the industry chain of online travel agencies (OTA). Due to the COVID-19 outbreak, many public places have to be closed, hotels and activities are one of them. Many hotels with central air-conditioning systems have to shut down for safety. In addition, due to blockade measures in various countries or regions, flights have also been reduced. This has led to a reduction in the upstream supply of OTA. In addition, for downstream buyers. On the one hand, the blockade measures prevent them from traveling. On the other hand, due to the impact of COVID-19, they will not be able to refund or cancel the itinerary if there is an emergency. For this consideration, the number of downstream buyers is also reduced.

COVID-19 has also affected customer choices. In the past, customers would compare prices within their own acceptance levels, but now, price is no longer the main factor. Buyers will pay more attention to whether safety measures are taken at all touchpoints of the journey or itinerary. These products or services with better protection and disinfection measures will be more popular.

In addition, COVID-19 has also affected industries related to OTA. For example, some travel providers or travel insurance companies have begun to include COVID-19 in their insurance plans. If a customer is infected with the virus during the journey, some of its plans can now be reimbursed for medical expenses. The benefit has nothing to do with the government's travel warning. Some customers also tend to pay for these plans.

In general, the global OTA industry will continue to be hit to a certain extent before COVID-19 is truly controlled. In this case, safety has become an important factor affecting travel choices. As the situation improves, the OTA industry will recover.

Strength

Strengths compared with traditional travel agencies
When traditional consumers book air tickets, hotels or travel, the information is scattered, and it takes time for consumers to search for information on their own. The emergence of online travel agencies (OTA) solved this problem. OTA provides users with one-stop services such as price comparison, booking, and online payment. At the same time, OTA can also help businesses increase attendance or occupancy rates. OTA optimizes the customer experience, reduces the business cost of soliciting customers alone, improves the overall efficiency of the booking process, and improves the value transfer process of the tourism industry. These strengths make the OTA industry develop rapidly.

Cooperation with upstream and downstream industry chains

In addition to investment and acquisitions between companies, online travel agencies (OTAs) can also stabilize their market by cooperating with upstream and downstream industrial chains. For example, some OTAs will invest in the upstream and downstream industrial chain, so that they have a layout from the upstream resource end to related support services. This kind of cooperation can reduce vicious price competition, and at the same time, OTA provides consumers with more complete and complete services. Cooperation with some private individuals or institutions can also enhance customer brand loyalty. It is more conducive to OTA to maintain its market position and development.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Booking Holdings, Expedia, Ctrip, Airbnb and TripAdvisor are the five key players in the global Online Travel Agency (OTA) market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Online Travel Agency (OTA) market in the past 5 years.

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

Expedia provides online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, as well as provides real-time access to schedule, pricing, and availability information for airlines, hotels, and car rental companies.

Segmentation Overview:

Among different product types, B2C segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Hotel segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Online Travel Agency (OTA) market covered in Chapter 3:

eDreams Odigeo
Airbnb
TripAdvisor
Despegar
Ctrip
Seera Group
MakeMyTrip
Booking Holdings
Lastminute Group
Expedia

In Chapter 4 and Chapter 14.2, on the basis of types, the Online Travel Agency (OTA) market from 2018 to 2029 is primarily split into:

B2B
B2C

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Online Travel Agency (OTA) market from 2018 to 2029 covers:

Flights
Hotel
Activities
Travel
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)