Online Travel Market By Service Type (Online Travel Agencies (OTAs), Direct Travel Suppliers), Platform Type (Web-Based, Mobile-Based), Booking Mode (Online, Offline), Application (International Booking, Domestic Booking), & Region for 2024-2031

Report ID: 33509|No. of Pages: 202

product image

Online Travel Market By Service Type (Online Travel Agencies (OTAs), Direct Travel Suppliers), Platform Type (Web-Based, Mobile-Based), Booking Mode (Online, Offline), Application (International Booking, Domestic Booking), & Region for 2024-2031

Report ID: 33509|Published Date: Nov 2024|No. of Pages: 202|Base Year for Estimate: CAGR of ~9.08% from 2024 to 2031|Format:   Report available in PDF formatReport available in Excel Format

Online Travel Market Valuation – 2024-2031

The online travel market is huge and varied, serving a broad spectrum of tourists with different demands and tastes. Bookings for flights, hotels, package vacations, rental cars, cruises, and activities and experiences are important market categories. These divisions can also be further classified by geographic focus (e.g., domestic, international, and regional travel) and target audience (e.g., business, leisure, luxury, and affordability travelers). the market size surpass USD 1042.54 Million valued in 2024 to reach a valuation of around USD 2089.56 Million by 2031.

The market is also divided into segments according to features and technology, such as social network integration, mobile apps, metasearch engines, and tailored suggestions. The rising demand for cost-effective and efficient Online Travel is enabling the market grow at a CAGR of 9.08% from 2024 to 2031.

Online Travel Market is estimated to grow at a CAGR of 9.08% & reach US$ 2089.56 Mn by the end of 2031

Online Travel Market: Definition/ Overview

Online travel is the process of using the Internet to make reservations for travel-related services like lodging, airlines, rental cars, and vacation packages. It includes a variety of platforms, such as direct airline or hotel websites, aggregators, and travel agents. Users can rapidly read reviews, compare costs, and personalize their vacation plans with this digital method. Due to its ease, availability around the clock, and capacity to use technology to provide real-time information on travel options and costs, online travel has grown in popularity.

Online travel is expected to develop significantly due to shifting consumer habits and technology improvements. Better consumer experiences will result from the increased personalization of travel recommendations brought about by the integration of artificial intelligence (AI), machine learning, and big data analytics.

Furthermore, the COVID-19 epidemic is accelerating the growth of contactless services and mobile applications, which is changing how people interact with travel. Online travel agencies may include more environmentally friendly options and encourage ethical travel platforms as sustainability becomes more prevalent.

What's inside a VMR
industry report?

Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.

vmr

>>> Ask For Discount @ https://www.verifiedmarketresearch.com/ask-for-discount/?rid=33509

Will the Rising Internet and Smartphone Penetration Drive the Online Travel Market?

The market for online travel will be greatly influenced by growing internet and smartphone usage. Access to online travel platforms is growing quickly, as evidenced by the fact that there will be 5.3 billion internet users global in 2022—representing 66% of the population—and that there will be 5 billion mobile internet users by 2025. The 4% yearly increase in smartphone penetration, especially in developing nations, makes it simpler and more convenient to plan and book travel, opening up online travel services to a wider audience.

The online travel market will be greatly influenced by the expanding middle class and rising disposable income. By 2030, the World Bank predicts that there will be 5.3 billion members of the middle class globally, with Asia Pacific seeing the most increase. According to the UNWTO, this growing group spent around USD 35 Trillion on international travel in 2019, indicating that they have significant spending power. Their greater ability to pay will probably result in more money being invested in travel agencies, which will raise internet reservations even more.

Will the Government Regulations Impact the Growth of the Online Travel Market?

The expansion of the online travel market will be impacted by governmental laws. Online travel platforms’ operations and user interactions may be influenced by laws pertaining to consumer protection, data privacy, and travel safety. Stricter data protection regulations, for instance, can force businesses to improve their security protocols, which could raise operating expenses. Regulations pertaining to health precautions and travel limitations can also affect customer behavior and the demand for travel services.

The expansion of the online travel market will be impacted by ethical issues. Consumer preferences and expectations can be influenced by growing awareness of concerns like overtourism, environmental sustainability, and cultural preservation. Travelers are looking for eco-friendly solutions and ethical travel practices as they grow more aware of the environmental impact of their visits. Due to this, internet travel agencies who ignore these moral dilemmas risk consumer backlash and a decline in demand.

Category-Wise Acumens

Will Customer Trust Raise the Online Travel Agencies (OTAs) Segment for the Online Travel Market?

The Online Travel Agencies (OTAs) segment is currently dominating the online travel market. The Online Travel Agencies (OTAs) sector of the online travel market will be greatly influenced by consumer trust. Customers need trust when making travel arrangements as they want accurate information and reassurance that their financial and personal information will be secure. Strong relationships with passengers are more likely to be formed by OTAs who place a high priority on transparency, provide user-friendly interfaces, and deliver first-rate customer service. Credibility can be increased by positive reviews and ratings, which will motivate more people to make reservations on reliable websites.

The internet Travel Agencies (OTAs) section of the internet travel market will be driven by comprehensive offerings. OTAs can serve a variety of client demands by offering a broad range of services, including lodging, flights, car rentals, and holiday packages, making them a one-stop shop for tourists. Customers may more readily compare options and make well-informed choices due to this convenience, which improves the user experience. Travelers on a tight budget are further drawn to bundle services as they frequently result in cost reductions.

Will the Familiarity and Convenience Fuel the Domestic Booking Segment for the Online Travel Market?

The domestic booking segment of the online travel industry will be driven by convenience and familiarity. As it lowers uncertainty and improves the whole experience, travelers are more likely to select domestic destinations they are familiar with. Consumers can more easily and swiftly plan their travels with the help of online platforms that provide user-friendly interfaces and effective booking procedures. Domestic reservations are further encouraged by the ease of accessing travel-related information and services from the comfort of one’s home, as tourists aim to save as much time and trouble as possible.

The domestic booking section of the internet travel market will be driven by the need to ensure a more seamless travel experience. Convenience and smooth travel are becoming more and more important to tourists, who are looking for platforms that provide simple booking, real-time updates, and effective customer service. Features that improve customer happiness and lessen travel-related stress include integrated itineraries, flexible cancellation policies, and tailored recommendations. Online travel agencies (OTAs) are expected to draw more clients seeking hassle-free domestic travel experiences as they concentrate on expediting the booking process and offering thorough travel advice.

Gain Access into Online Travel Market Report Methodology

https://www.verifiedmarketresearch.com/select-licence/?rid=33509

Country/Region-wise Acumens

Will the High Internet Penetration in the North American Region Accelerate the Online Travel Market?

North America is a dominant region in the online travel market. High internet penetration in North America will have significant effects on the online travel market. With an impressive internet penetration rate of 92%, or around 330 million people, and 95% of U.S. households having internet subscriptions by 2023, access to online travel platforms is robust. The Internet and Mobile Association of America (IMAA) predicts that this figure will rise to 425 million by 2025, with 98% having dependable internet connection. This comprehensive infrastructure has resulted in 83% of North American passengers booking their vacations entirely online, up from 72% in 2019. The high broadband penetration in Canadian households improves seamless access to travel services, bolstering North America’s dominance in the global online travel market.

The established travel infrastructure in North America will considerably impact the online travel market. The substantial travel infrastructure contributes to this growth by improving travelers’ accessibility and convenience. Over 91% of the population has internet access, and mobile device usage reaches 85%, resulting in a 67% growth in mobile travel reservations between 2019 and 2023. Substantial expenditures, such as the USD 550 Billion Infrastructure Investment and Jobs Act, aim to modernize airports and improve public transportation, making online travel bookings easier and responding to customers’ growing preference for digital platforms.

Will the Government Initiatives in the Asia-Pacific Region Lead the Online Travel Market?

The Asia-Pacific region is experiencing the fastest growth in the online travel market. Government initiatives in the Asia-Pacific region are considerably driving the online travel market, which was valued at USD 265.4 Billion in 2023 and is expected to rise at a CAGR of 13.1% until 2028. Major investments, including China’s USD 425 Billion for digital infrastructure, India’s USD 18.6 Billion for internet expansion, and Japan’s USD 5.7 Billion for smart tourism, are improving digital connection and facilitating seamless travel experiences. These activities have resulted in a 68% mobile internet penetration rate and an 89% growth in mobile travel reservations, putting the region on track to have a USD 524 Billion market value by 2028, with mobile transactions accounting for 75% of online bookings.

Rapid economic development in Asia-Pacific is driving significant growth in the online travel market. This growth is mostly due to a 4.6% increase in GDP, which corresponds to a 1.8% increase in travel spending for every 1% GDP growth. Leading economies such as China and India have made large contributions to this boom, with China spending $142.6 billion and India spending USD 45.2 Billion on internet travel. The increasing middle class—expected to grow by 574 million by 2028—along with rising earnings and enhanced digital infrastructure, is driving travel demand. Smartphone booking is expected to reach 82% by 2026, making trip planning more accessible and convenient.

Competitive Landscape

The online travel market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the online travel market include:

  • Expedia Group, Inc.
  • com Group
  • Alibaba Group
  • Elong, Inc.
  • TUI Group
  • Tuniu Corporation
  • AirGorilla, LLC
  • Hays Travel limited
  • Airbnb, Inc.
  • Yatra Online Private Limited

Latest Developments

  • In May 2024, the Singapore Tourism Board initiated a digital marketing effort to attract tourists from nearby nations by promoting online travel platforms and digital travel services. The campaign resulted in a 20% increase in tourist arrivals and enhanced bookings on local travel websites.
  • In May 2024, the US Department of Commerce announced funding to support travel technology developments, with a focus on improving mobile travel solutions and incorporating AI for better user experiences. This project intends to increase the global competitiveness of US-based travel technology enterprises.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~9.08% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value (USD Million)

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • By Service Type
  • By Platform Type
  • By Platform Type
  • By Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Expedia Group, Inc., Trip.com Group, Alibaba Group, Elong, Inc., TUI Group, Tuniu Corporation, AirGorilla, LLC, Hays Travel limited, Airbnb, Inc., and Yatra Online Private Limited.

Customization

Report customization along with purchase available upon request

Online Travel Market, By Category

Service Type:

  • Online Travel Agencies (OTAs)
  • Direct Travel Suppliers
  • Meta Search Websites

Platform Type:

  • Web-Based
  • Mobile-Based

Booking Mode:

  • Online
  • Offline

Application:

  • International Booking
  • Domestic Booking

Region:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Verified Market Research

Research Methodology VMR

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

Frequently Asked Questions

Some of the key players leading in the market include Expedia Group, Inc., Trip.com Group, Alibaba Group, Elong, Inc., TUI Group, Tuniu Corporation, AirGorilla, LLC, Hays Travel limited, Airbnb, Inc., and Yatra Online Private Limited.

The online travel market is estimated to grow at a CAGR of 9.08% during the forecast period.

The online travel market was valued at around USD 1042.54 Million in 2024.

The online travel market was valued at around USD 2089.56 Million in 2031.

The sample report for the Online Travel Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.

1. Introduction
· Market Definition
· Market Segmentation
· Research Methodology

2. Executive Summary
· Key Findings
· Market Overview
· Market Highlights

3. Market Overview
· Market Size and Growth Potential
· Market Trends
· Market Drivers
· Market Restraints
· Market Opportunities
· Porter’s Five Forces Analysis

4. Online Travel Market, By Service Type
• Online Travel Agencies (OTAs)
• Direct Travel Suppliers
• Meta Search Websites

5. Online Travel Market, By Platform Type
• Desktop
• Mobile

6. Online Travel Market, By Booking Mode
• Online
• Offline

7. Regional Analysis
· North America
· United States
· Canada
· Mexico
· Europe
· United Kingdom
· Germany
· France
· Italy
· Asia-Pacific
· China
· Japan
· India
· Australia
· Latin America
· Brazil
· Argentina
· Chile
· Middle East and Africa
· South Africa
· Saudi Arabia
· UAE

8. Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Impact of COVID-19 on the Market

9. Competitive Landscape
· Key Players
· Market Share Analysis

10. Company Profiles
• Booking Holdings Inc.
• Expedia Group, Inc.
• Airbnb
• Trip.com Group
• Tripadvisor

11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities

12. Appendix
• List of Abbreviations
• Sources and References

Report Research Methodology

Research methodology

Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.

This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

expert data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

PerspectivePrimary ResearchSecondary Research
Supplier side
  • Fabricators
  • Technology purveyors and wholesalers
  • Competitor company’s business reports and newsletters
  • Government publications and websites
  • Independent investigations
  • Economic and demographic specifics
Demand side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customer

Econometrics and data visualization model

data visualiztion model

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

  • Market drivers and restraints, along with their current and expected impact
  • Raw material scenario and supply v/s price trends
  • Regulatory scenario and expected developments
  • Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

  • Established market players
  • Raw data suppliers
  • Network participants such as distributors
  • End consumers

The aims of doing primary research are:

  • Verifying the collected data in terms of accuracy and reliability.
  • To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Qualitative analysisQuantitative analysis
  • Global industry landscape and trends
  • Market momentum and key issues
  • Technology landscape
  • Market’s emerging opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2027
  • Market revenue estimates and forecasts up to 2027, by technology
  • Market revenue estimates and forecasts up to 2027, by application
  • Market revenue estimates and forecasts up to 2027, by type
  • Market revenue estimates and forecasts up to 2027, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Online Travel Market

report-detail

Download Sample Report

View More Reports