Global Online Travel Market Size Expected to Reach US Dollar

The latest research study “Online Travel Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” from IMARC Group, reveals that the size of the global online travel market has reached a value of US$407.1 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$843.52 billion by 2027, showing a CAGR of 11. 70% over the period 2022-2027.

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Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

Online travel agencies (OTAs) allow tourists to search and book various travel services including hotel rooms, flights, cars, tours, cruises, etc. after comparing prices, offers, discounts and access notices. In addition to this, they can reduce the response time of organizations to customers through fast online data transmission, thereby improving the booking experience of travelers. Currently, hotels across countries rely heavily on OTAs to gain more visibility and increase their overall profitability.

Online Travel Market Trends and Drivers:

Growing advancements in Information and Communication Technology (ICT) are primarily driving the online travel market. Additionally, the increasing number of business travelers and the rising popularity of solo travel are also catalyzing the growth of the market.

In addition, online travel agencies offer information and tools to target tourists, secure and process reservations, manage reviews, etc., which is another important growth factor. Apart from this, the growing penetration of high-speed internet which provides virtual representations including 3D interactive tours to give a clear impression of travel destinations is positively influencing the global market.

Additionally, major market players are focusing on aggressive promotional activities using online and television (TV) advertising, billboards and sponsorships, social media platforms, and other marketing channels. This, along with the widespread adoption of laptops, tablets, smartphones, etc., is expected to fuel the online travel market during the forecast period.

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Analysis and segmentation of the global online travel market 2022-2027:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.

Who are the main companies in the online travel market?

Expedia Group Inc., Farereportal Inc., Hostelworld Group plc, HRS, Hurb, MakeMyTrip Pvt. Ltd., LLC (Booking Holdings Inc.), Thomas Cook India Ltd. (Fairfax Financial Holdings Limited), Tripadvisor Inc. and

The report has segmented the market based on region, service type, platform, booking mode and age group.

Breakdown by type of service:
• Transportation
• Travel accommodation
• Vacation Packages

Breakdown by platform:
• Mobile
• Desk

Breakdown by booking method:
• Online Travel Agencies (OTA)
• Direct travel providers

Breakdown by age group:
• 22-31 years old
• 32-43 years old
• 44-56 years old
• Over 56

Breakdown 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

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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape

If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.

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The IMARC Group is a leading market research firm providing management strategies and market research worldwide. We partner with clients across all industries and geographies to identify their most important opportunities, address their most critical challenges and transform their businesses.

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This press release was published on openPR.

Willie R. Golden