Online Travel Market to Surpass 2429.32 Billion by 2030 Drives Due to the Growing Inclination towards Immersive Experiences
SkyQuest projects that the online travel market will attain a value of USD 2429.32 billion by 2030, with a CAGR of 11.9% over the forecast period (2023-2030). The online travel market expansion can be attributed to a confluence of factors that have significantly altered consumer behavior and preferences. One of the key drivers is the shifting consumer habits, marked by a growing inclination towards unique and immersive experiences.
Westford USA, Feb. 06, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the pervasive influence of social media has amplified the desire for visually appealing and shareable experiences, motivating individuals to explore and engage in online travel market.
Browse in-depth TOC on the “Online Travel Market”
- Pages – 157
- Tables – 59
- Figures – 77
Online travel agencies (OTAs) have emerged as key growth drivers within the online travel market. These platforms serve as crucial intermediaries, bridging the gap between travelers and various travel service providers. Offering a comprehensive one-stop solution, OTAs enable travelers to conveniently book flights, accommodations, rental cars, and various other travel-related services all in one place.
Prominent Players in Online Travel Market
- Booking Holdings Inc.
- Expedia Group, Inc.
- Ctrip.com International, Ltd.
- Trip.com Group Ltd.
- Airbnb, Inc.
- MakeMyTrip Limited
- eDreams ODIGEO
- Despegar.com, Corp.
- TripAdvisor, Inc.
- Trivago N.V.
- H.I.S. Co., Ltd.
- Agoda Company Pte. Ltd.
- Rakuten Travel Inc.
- Yatra Online, Inc.
- Wotif.com Holdings Pty Ltd
- Opodo Ltd.
- eSky Group
- Lastminute.com Group
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Direct Travel Agencies Segment is Expected to Grow the Market Due to Comprehensive Services offered by Travel Agents
Direct travel agencies held a dominant position in the online travel market, securing a remarkable revenue share of over 80%. This substantial market share can be attributed to the comprehensive services offered by travel agents.
The market in Europe has secured its position as the second-largest in the world, driven by a confluence of favorable factors in the online travel market. Rising income levels across the continent have empowered many individuals to explore travel and tourism opportunities, fueling demand for online travel services.
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Online Booking Segment is Expected to Dominate the Market Due to Rising Trend of Consumers
Online booking segment is expected to experience the fastest CAGR at 10.7% in the online travel market. This impressive growth can be attributed to consumers turning to online travel agents for booking hotels, travel packages, and various other travel-related services.
Regional markets in the Asia Pacific are experiencing a remarkable expansion, with a significant growth rate of 451.97% anticipated in 2022. This surge can be attributed to two crucial factors enticing individuals into the online travel market.
A comprehensive analysis of the major players in the online travel market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Online Travel Market
- In 2022, EaseMyTrip.com, a leading travel technology portal in India, introduced a corporate self-booking facility to simplify the travel reservation process for business travelers and organizations. This innovative service leverages advanced AI technologies, including machine learning and data mining, to enhance its effectiveness and resourcefulness. By streamlining the booking process, this tool enables users to easily make reservations for their trips, catering to corporate travellers’ specific needs.
- MakeMyTrip (MMT), a prominent player in the Indian travel industry, recently unveiled an innovative payment option called “Book Without Payment.” This novel feature allows both domestic and international travelers to secure lodging in India or abroad without the need to make an upfront payment.
Key Questions Answered in Online Travel Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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