Online Travel Market Size to Rise at 14.9% CAGR by 2028,
DUBLIN, Ireland, Sept. 27, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new…
DUBLIN, Ireland, Sept. 27, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Online Travel Market Size, Share, Growth Analysis Report By Platform (Mobile, and Desktop), By Service Type (Vacation Packages, Travel Accommodation, and Transportation), By Mode of Booking (Direct Travel Suppliers, and Online Travel Agencies), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Online Travel Market size & share was valued at approximately USD 354.25 billion in 2021. The market is expected to grow above a CAGR of 14.9% and is anticipated to reach over USD 1835.7 billion by 2028.”
The report analyses the market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Online Travel market.
Online Travel Market Overview:
Online travel is the use of technology for the movement of animals, humans, and objects from one place to another. The distance can be short, long, domestic, or international and could be driven by various reasons including leisure trips, profession-enforced, vacations, or temporary or permanent migration. People who wish to travel can plan their itinerary depending on their wish list and do not have to rely on travel agents; they can also choose which place they wish to stay depending on their budget and availability along with other such benefits. The travel industry has undergone an information technology (IT) revolution, and online travel is a result of the same. Although it offers various benefits to the user, there are some disadvantages associated with it; however, with the rising technological growth and immense market penetration of the internet, the online travel industry has the scope for exponential growth in the coming years. A major share of the global market cap is owned by the tourism sector, which refers to the movement of people for private reasons, and owing to reasons like an increase in options, the presence of travel modes for every consumer segment, increased transparency, along with other benefits.
The global market cap witnessed massive losses during 2020 and the beginning of 2021 due to travel restrictions witnessed in all countries. For the whole of 2020, most countries had stopped accepting foreign nationals from other countries and this was observed in more areas that were the most affected by the virus, for instance, India, China, South Africa, and the United States to name a few. However, by the end of 2020, as borders started operations, the global market picked up a slow but steady pace.
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Key Insights from Primary Research
- As per the analysis, the Online Travel market is likely to grow above a CAGR of around 14.9% between 2022 and 2028.
- The Online Travel market size was worth around US$ 354.25 Billion in 2021 and is estimated to hit approximately US$ 1835.7 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on platform segmentation, mobile was predicted to show maximum market share in the year 2021
- Based on service type segmentation, travel accommodation was the leading service in 2021.
- On the basis of region, North America was the leading revenue generator in 2021.
The report contains qualitative and quantitative research on the global Online Travel Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.
Some of the main players in the global Online Travel market include:
- MakeMyTrip Ltd
- Ebury Partners
- Expedia Group
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- High mobilization rate amongst people to propel market growth
The global online travel market is projected to grow owing to rising consumer awareness in developing nations. In countries that already have an existing consumer database, the growth is steady however, more growth is expected driven by regions that have a lot of consumers left unexplored and with the market penetration of IT and the internet, the global market revenue is anticipated to reach newer heights. Another contributing factor is the rise in the number of international students who prefer to study in international colleges for higher exposure. For instance, as of January 2021, more than 1.1 million Indian students were studying in 85 other international countries. As per official data by the Higher Education Statistics Agency, over 605,130 students were of international origin pursuing degrees in the United Kingdom. In 2021, over 30% of international students were known to be of Chinese origin.
- Growing digital fraud to restrict market expansion
The growing digital fraud may restrict the global market expansion while the rise in prevailing offers on digital travel booking is expected to attract more customers. However, problems with application-related bookings are projected to challenge the global market expansion.
Online Travel Market: COVID-19 Impact Analysis
During the pandemic, one of the industries that were hit the hardest was the total market capitalization around the world. The online travel industry remained restricted to the travel of healthcare professionals from countries willing to assist regions that have the fastest infection growth rate and a lack of necessary medical professionals for the majority of 2020 and the first quarter of 2021. Aside from this particular travel, the total value of the global market experienced almost no growth during the period but rather significant declines.
Browse the full “Online Travel Market Size, Share, Growth Analysis Report By Platform (Mobile, and Desktop), By Service Type (Vacation Packages, Travel Accommodation, and Transportation), By Mode of Booking (Direct Travel Suppliers, and Online Travel Agencies), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028″ report at https://www.fnfresearch.com/online-travel-market
Online Travel Market: Segmentation Analysis
The global online travel market is segmented by platform, mode of booking, service type, and region.
Based on platform, the global market segments are mobile and desktop. The global market is currently dominated by the mobile segment owing to its convenience, and on-the-go bookings. The segment is expected to grow at a CAGR of 15.75% by 2028.
Based on mode of booking, direct travel suppliers and online travel agencies are two segments with direct travel suppliers witnessing major segmental revenue. As per official reports from booking.com, the company amassed revenue of USD 14.64 Billion in 2022.
Based on service type, the global market is divided into vacation packages, travel accommodation, and transportation. In 2021, the global market generated the highest revenue from the travel accommodation segment owing to the availability of a wide range of options at discounted prices. As per estimates, more than USD 120 Billion was generated from this segment in 2020.
North America is anticipated to lead the global online travel market with the United States leading the regional market share. The growth is expected to be propelled by the increasing number of international students preferring to pursue further studies in the US while Canada is becoming a favorite amongst international settlers who wish to relocate to other countries. The Canadian government has invested heavily in trying to attract more migrants to relocate which acts as a revenue-generating factor for global market growth.
Increasing tourism in European countries like Spain, Portugal, the UK, and others will contribute to the regional market share. The revenue from Asia-Pacific is anticipated to be driven by the rising number of travelers from countries like China and India, which is also being claimed as the fifth-largest country with the highest number of citizens traveling to the United States
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Recent Industry Developments:
- In April 2022, Expedia and Qtech software entered a collaboration aiming to deliver high-grade hotel and technology content for business travelers.
- In May 2022, Expedia announced its new strategy at Explore 2022, involving travelers’ benefits, technology platform, and marketplace, to better serve partners and customers.
Key questions answered in this report:
- What is the market size and growth rate forecast for Online Travel industry?
- What is the main driving factors propelling the Online Travel Market forward?
- What are the leading companies in the Online Travel Industry?
- What segments does the Online Travel Market cover?
- How can I receive a free copy of the Online Travel Market sample report and company profiles?
|Market Size in 2021||USD 354.25 Billion|
|Projected Market Size in 2028||USD 1835.7 Billion|
|CAGR Growth Rate||14.9% CAGR|
|Key Market Players||Tripadvisor, Hostelworld.com, MakeMyTrip Ltd, Ebury Partners, Expedia Group, and others.|
|Key Segment||By Platform, Service Type, Mode of Booking, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
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The global Online Travel market is segmented as follows:
By Service Type
- Vacation Packages
- Travel Accommodation
By Mode of Booking
- Direct Travel Suppliers
- Online Travel Agencies
- North America
- Asia Pacific
- The Middle East & Africa
- Latin America
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- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Platform, Service Type, Mode of Booking, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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