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 refers to the process of planning, booking, and managing travel-related services and arrangements through internet based platforms and websites. It involves the usage of online resources and tools to research, compare prices, make reservations, and organize various aspects of travel, including flights, accommodations, transportation, activities, and more. It allows market insights and tools to target potential travelers in different locations, secure and process bookings, communicate with guests, and manage reviews.
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What are the growth prospects and trends in the online travel industry?
There is an increase in travel activities due to rapid urbanization and inflating income levels. Along with this, significant growth in the travel and tourism industry represents one of the primary factors driving the demand for online travel services around the world.
Moreover, the rising inclination toward online travel services on account of its numerous advantages, such as hassle free booking experience with a wide selection, discounted prices, and easy cancellation, is favoring the growth of the market. In addition, a considerable reliance on social media campaigns by influencers, celebrity endorsements, online tutorials, and reviews is shifting consumer preferences towards online travel services and generating brand awareness among the masses.
Apart from this, the growing popularity of solo travel and the increasing number of business travelers due to decreasing rates of airline fares is influencing the market positively.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Service Type:
- Travel Accommodation
- Vacation Packages
Breakup by Platform:
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
Market 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
- MakeMyTrip Pvt. Ltd.
- priceline.com LLC (Booking Holdings Inc.)
- Thomas Cook India Ltd. (Fairfax Financial Holdings Limited)
- Tripadvisor Inc.
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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