New York, May 16, 2022 (GLOBE NEWSWIRE) — Overview of the online travel market:
According to a comprehensive research report by Market Research Future (MRFR), “Online Travel Market” Insights by Platform Type, Booking Method, Service Type and Region – Forecast to 2030 , the market size will reach USD 1134.55 billion, growing at a compound annual growth rate of 11.8% by 2030.
Scope of the online travel market:
Online travel agencies strive to make travel planning as well as reservations easier for travelers. The online travel industry is driven by easy and fast flights as well as hotel bookings, an increase in customer confidence in online payment and the availability of an option to compare various travel alternatives. Most players offer a wide variety of travel services through mobile apps and websites, as it has become a popular means of travel booking, especially among young professionals.
The Dominant Key Players in the Online Travel Market Covered Are:
- Oyo rooms
- Cox & Kings Ltd.
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These days, many travelers check online websites before traveling. Travel and tourism as a whole have become a vital part of life. Considering the trend of customers, the growth rate of the online travel market has increased. The hassle-free bookings available through online travel work in favor of the global market. Customers can explore new tourist spots, destinations as well as travel information through these platforms.
Exclusively encompassed USP market:
The growing internet penetration has led to a huge demand for the online travel market. The majority of end users in the global market have access to smartphones. Via devices as well as the internet, access to online travel has become effortless. Advanced travel apps are driving the preference for online travel. The increase in consumer disposable income also raises the rate of travel and tourism.
The growing awareness of online travel applications is visible in many emerging countries. They are essential end users with an impressive market reach. Growing demand from end users in emerging regions will help sustain the demand for the online travel market. The heavy use of social media to book travel online may be another important growth driver in the years to come.
In emerging countries, the spectacular economic growth of recent years has led to an increase in disposable income. As a result, online travel spending has increased. Domestic travel across India has become huge, while many other emerging countries are rapidly embracing online travel.
Browse the in-depth market research report (111 pages) on the online travel market:
The lack of centralized streamlining and connection between agencies leads to confusion. This type of spread between major sectors affects market operations. Online travel offers online tickets, tourism and booking details, but it is difficult to get proper government approval. This could be a major drag in the years to come.
The COVID-19 pandemic has adversely affected the majority of industries around the world, prompting a number of public health measures and disrupting manufacturers’ supply chains. The spread of the pandemic has resulted in the closure of various operational facilities around the world.
However, companies active in the online travel market are trying to safeguard the well-being and health of customers while supporting the government’s goals of maintaining vital business operations. Reduced cash flow has been another major concern, with most customers late in payment or unable to make purchases, while inventory is canceled due to disrupted supply chains. On the bright side, many online travel brands are working on strategies to remain resilient during the pandemic with minimal economic losses.
Players try to optimize their operations as well as strategies to sustain and ultimately beat the intense competition.
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Market Segmentation Covered by Research:
Service type, booking type and platform are the major segments considered in the MRFR report.
Depending on the type of platform, the main segments can be desktop-based and mobile/tablet-based.
The booking methods are Online Travel Agencies, as well as Direct Travel Facilitators.
The types of services covered in the report are accommodation, transportation and vacation packages.
Asia-Pacific is the global leader in online travel, home to the fastest growing travel markets in the world. Asians are known for their high internet usage, with 90% of the total population connected to the internet through their mobile phones, which is driving the online travel industry. The growth of the market in the region can be attributed to rising disposable income, increasing middle class population and high number of internet installations. Ctrip is one of the major players in the online travel market in China, while Yatra, Cleartrip and MakeMyTrip are the renowned online travel agencies in India.
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North America is the second largest market for online travel considering great air accessibility as well as affordability, in line with the ramping up of the government’s airport development program in small cities. The U.S. online travel market is benefiting from many factors, including the expansion of the tourism industry coupled with growing internet penetration and increased smartphone usage. Apart from this, the high urbanization rate and per capita income, strong economic growth and changing lifestyle of consumers with a trend of improving services as well as comfort will also have a great impact on the regional market.
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