The Online Travel Agencies market is estimated at USD 460.90 billion in 2022 and is projected to reach USD 900.10 billion by 2032, at a CAGR of 16.0% from 2022 to 2032.
Online travel agencies market has shown a tremendous growth in last few years and it may grow further in upcoming years. Online travel agencies frame and formulate various strategies to attract vast number of travelers. Online travel agencies are focusing on acquiring large number of customers with the help of direct booking services.
Direct booking service enables customer to book their travel and accommodation from any part of the world at any point of time. This facility can be avail on mobile devices or any other devices with internet. Thus, the simple operation of direct booking services helps to attract new set of customers. The direct booking services with the help of various platforms such as apps, websites, social media offer opportunity to agencies to connect directly with the customers and build a customer relationship.
Skyscanner launched direct booking service on its website allowing travelers for simple and faster ways of booking using their phone. They provide them seamless experience of ticket booking and added ancillaries for their support. The quicker and convenience support help to boost the sales of various airline companies. The direct booking services showcase fare and ancillaries at the start of the booking and make travelers informed about the best value fares.
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As such, the global online travel agencies market is estimated to expand at a CAGR of over 16.0% throughout the forecast period of 2022-2032, to be valued at US$ 900.10 Bn by the end of 2032.
Key Takeaways from the Online Travel Agencies Market Study
- According to our analysis the corporate segment may generate the higher demand for online travel reservations in case of accommodation and transportation services. The corporate travellers keep on traveling for work and they plan their trip on the basis of their need of emergency. Other than this it is convenient for corporate to keep the track of online booking services and it also cost cheaper and convenient for quick booking.
- The rise in cruise tourism, eco-tourism, ethno-tourism and other trends may generate a great demand for online travel agencies. The tour operators are heavily promoting such tours on online platforms attract huge number of customer demand for such trending tours which in return benefits online travel agencies.
- The leading payment application, banks partnering with online travel agencies for offers and schemes. Also some of the finance institutions are branding the online travel agencies on their websites as a part of direct booking service. This encourage travellers to opt for online travel agencies.
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Impact of COVID-19 on the Market
The covid 19 has a negative impact on tourism sector and left tourism industry in rough shape. Due to lockdown and government restrictive measures the entire tourism market was on hold and every verticals of tourism industry faced a tremendous lose by losing the opportunity and their potential customers.
Covid impact also impacted tourism sector negatively but in post covid situation online travel agencies have recovered quickly. Due to social distancing rules the travelers mainly prefer online booking process. Apart from this the online travel agency are taking initiatives for safety of travelers by providing safety insurance for health and for financial loss if a traveler plan to cancel trip. Meanwhile the online travel agencies are conducting web checks, temperature check, etc. to ensure the safety from pandemic disease. Such efforts are helping online travel agencies to recover from the phase of covid pandemic.
Who is winning?
Leading manufacturers of online travel agencies market are focused on promotional strategies, upgradations and technological development, developing smooth travel booking process, providing safety feature and new merger strategies that have driven sales growth of online travel agencies market globally.
Major players present in the online travel agencies market are Airbnb, Expedia Group Inc., Booking Holding Inc., Trip Advisor Inc., Make My Trip Pvt. Ltd., HostelWorld Group Plc, Trivago N.V, GetGing, Skyscanner, Agoda, Lastminute.com Group, Thomas Cook India Ltd., World Disney World are among others.
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global online travel agencies market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the online travel agencies market based on the Service Type (Transportation, Vacation Packages, Accommodation), Device Platform (Mobile, Desktop) Payment Modes (UPI, E-Wallets, Credit/Debit Cards, Others (Vouchers, Discount Codes) Booking Type (Online Travel Agents, Direct Travel Agents) Customer Segment (Corporate Traveler, Individual Traveler) Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years) across seven major regions.
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