Online Travel Market was valued at USD 540.2 billion in 2021 and is forecast to reach USD 1,263.0 billion in 2029, exhibiting a high CAGR 11.2% over the forecast period, due to the increasing inclination towards adventure travel and expansion of travel and tourism industry.

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Key Drivers

The global online travel market is mainly driven by several factors that include the increasing tourism industry, along with the rising penetration of internet usage and smartphone users across various countries. Additionally, the increasing implementation of technological advancements in the online travel industry and the rising use of mobile applications have made the booking for travel more flexible and easier. This factor is further driving the growth of the global online travel market. In addition to this, rapid urbanization, increasing per capita income, economic growth, and changing lifestyle of the customers shifting towards more enhanced services and comfort will have a positive impact on the growth of the market. Moreover, the rising number of travelers around the globe will boost the market size. For example, as per the report published by UN World Tourism Organization and IMF staff calculations, the total number of international tourists were more than 1.5 billion by the end of 2019 from 680 million in 2000.The growing popularity of solo travel, increasing development in communication and transportation and the rising number of business travelers worldwide, are projected to facilitate the growth of the market in the upcoming years. The reduction in airline fares and favorable governmental policies have stimulated the market growth.

Numerous services offered by the online travel including secure & easy payment modes, online reviews checking of the hotels and transportation ability, free & easy cancellation is a factor surging the demand for the online travel among the customers worldwide. The increasing trust of the customers in the online payment and the launch of the various advanced version of mobile applications having better deals are the factors proliferating the growth of the global online travel market. The factors that are responsible for hampering the growth of the global online travel market include increasing concerns related to safety and security during online booking and payment. With the emergence of the COVID-19 pandemic, the online travel industry has experienced a sharp fall in the demand, especially in 2020. The widespread outbreak of the coronavirus around the world has resulted in complete lockdown in numerous countries and the sealing of the borders. Moreover, the shutdown of airline industry and the increasing fear of catching coronavirus while traveling has pushed people to stay at their homes. All these factors have negatively impacted the growth of the market. However, the market is projected to bounce back in 2021 while growing at a significant rate from 2022 onwards.

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Mode of Booking Segment Analysis

Based on the mode of booking, the Online Travel Agencies (OTAs) segment is expected to increase at a higher CAGR during the forecast period owing to the high adoption of this mode of booking by the customers as a result of the remarkable benefits associated with the use of this booking mode such as it helps to save time & money as they do not charge any consultancy fees, offers expert insights & a safety net to the trip along with making the multi-destination travel seamless and enables to check the reviews.

Direct Travel Agency is expected to lead the market growth over the upcoming years, due to the increasing number of travel packages offered by travel agents to keep travelers’ budgets and comfort in mind. Moreover, increasing inclination towards online travel agencies, owing to their high-speed and easy hotel and flight bookings and a chance to compare various available alternatives will boost the market growth.

Service Type Insights

Transportation booking service type is projected to lead the market during the forecast period, because of the growing urbanization, increasing online booking of trains, flights, and buses, rising consumer spending, and rising broadband accessibility rates across the developing economies. Moreover, the growing demand for traveling for business and adventure across Asian countries like India and China has strengthened the market growth.

Age Group Segment Analysis

Based on the age group, the 22-31 segment is anticipated to grow at a higher compound annual growth rate over the forecast period due to the increasing number of travels by this age group as this group comprises of young population which has increased spending on the travel as compared to the other age group. Furthermore, the inclination of the young age population for exploring new destinations and increasing use of smartphones for booking are some other factors driving the market growth of this segment.

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Regional Analysis

Based on the region, Asia-Pacific is expected to dominate the market during the forecast period owing to the increasing number of travelers in this region as a result of the growing disposable income and rising usage of internet across the developing countries. The presence of several online travel agencies such as Yatra, MakeMyTrip, and the increasing implementation of advanced technologies in the travel industry will further surge the demand

Europe is forecast to hold a higher CAGR over the forecast period, due to the surging demand for travel tourism, increasing income level, and strategic initiatives to promote tourism and travel activities. Furthermore, the rising number of independent/solo travelers and increase in the online travel agencies have strengthened the market growth.

Various notable players operating in the market include Booking Holdings Inc., Expedia Group, Trip.com Group Limited, TripAdvisor LLC, Hurb, Hostelworld Group, CheapOair.Com, Thomas Cook Group plc, trivago, and MakeMyTrip Pvt. Ltd., among others.

Key Developments:

• • In 2019, TripAdvisor LLC Expedia Group entered into a strategic partnership with Trip.com Group for expanding its cooperation globally. Through this partnership, the company planned to expand its reach and assist the outbound travelers of China in planning more meaningful trips.
  • In 2018, Expedia Group entered into a partnership with Chase Card Services to enhance the Chase Ultimate Rewards travel hub with new capabilities, enhanced redemption facility, and more choices.

The global online travel market has been segmented on the basis of mode of booking, types of platform, services type, age group, and region. Based on the mode of booking, the market is segmented into direct travel suppliers and online travel agencies (OTAs). Based on the types of platform, the market is segmented into the desktop and mobile. Based on the services type, the market is segmented into travel accommodation, transportation, and vacation packages. Based on the age group, the market is segmented into 22-31, 32-43, 44-56, and >56.

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Key questions answered in this research report:

• • At what pace is the global online travel market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global online travel market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global online travel market?
  • Which type of platform generated maximum revenues in 2019 and identify the most promising platform during the forecast period?
  • What are the various services types of the online travel market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 540.2 Billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Mode of Booking, By Types of Platform, By Services Type, By Age Group, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Booking Holdings Inc., Expedia Group, Trip.com Group Limited, TripAdvisor LLC, Hurb, Hostelworld Group, CheapOair.Com, Thomas Cook Group plc, trivago, and MakeMyTrip Pvt. Ltd., among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Online Travel Market by Mode of Booking

• • Direct Travel Suppliers
  • Online Travel Agencies (OTAs)

Global Online Travel Market by Types of Platform  

• • Desktop
  • Mobile

Global Online Travel Market by Services Type

• • Travel Accommodation
  • Transportation
  • Vacation Packages

Global Online Travel Market by Age Group

• • 22-31
  • 32-43
  • 44-56
  • >56

Global Online Travel Market by Region

• • North America Online Travel Market (Option 1: As a part of the free 25% customization)
    • North America Online Travel Market by Mode of Booking
    • North America Online Travel Market by Types of Platform
    • North America Online Travel Market by Services Type
    • North America Online Travel Market by Age Group
    • US Online Travel Market All-Up
    • Canada Online Travel Market All-Up
  • Europe Online Travel Market (Option 2: As a part of the free 25% Customization)
    • Europe Online Travel Market by Mode of Booking
    • Europe Online Travel Market by Types of Platform
    • Europe Online Travel Market by Services Type
    • Europe Online Travel Market by Age Group
    • UK Online Travel Market All-Up
    • Germany Online Travel Market All-Up
    • France Online Travel Market All-Up
    • Spain Online Travel Market All-Up
    • Rest of Europe Online Travel Market All-Up
  • Asia-Pacific Online Travel Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Online Travel Market by Mode of Booking
    • Asia-Pacific Online Travel Market by Types of Platform
    • Asia-Pacific Online Travel Market by Services Type
    • Asia-Pacific Online Travel Market by Age Group
    • China Online Travel Market All-Up
    • India Online Travel Market All-Up
    • Japan Online Travel Market All-Up
    • Rest of APAC Online Travel Market All-Up
  • RoW Online Travel Market (Option 4: As a part of the free 25% Customization)
    • RoW Online Travel Market by Mode of Booking
    • RoW Online Travel Market by Types of Platform
    • RoW Online Travel Market by Services Type
    • RoW Online Travel Market by Age Group
    • Brazil Online Travel Market All-Up
    • South Africa Online Travel Market All-Up
    • Saudi Arabia Online Travel Market All-Up
    • UAE Online Travel Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Online Travel Market All-Up

Global Online Travel Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Booking Holdings Inc.
  • Expedia Group
  • com Group Limited
  • TripAdvisor LLC
  • Hurb
  • Hostelworld Group
  • Com
  • Thomas Cook Group plc
  • Trivago
  • MakeMyTrip Pvt. Ltd.