Press release
Global Online Travel Agency Market Expected to Reach USD 1300 Billion By 2026
Global Online Travel Agency Market
The online travel agency is basically a website that travels services to customers. Travel website sells travel products which include flights, hotels, car rentals, cruises, activities, and packages. Online travel agencies form a connection between customers. These online travel agencies provide easy and trouble-free travel to the traveler. Online agencies also provide necessary information for tourists to make their trip hassle-free.
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Online travel agencies also provide information regarding the weather conditions, local customs and exhibitions and they also provide information regarding the destination. Moreover, they also provide sufficient information about the required papers, currency exchange rates. One of the market drivers can be the rising use of smartphones for bookings. The global travel industry has seen significant growth in recent years, making it one of the fastest-growing sectors in the world. Global online travel industry growth is due to a strengthening of the global economy. These days' consumers use smartphones to book hotel tickets or tour packages online. Consumers are more comfortable with booking tickets online as it is an easy way and they don't have to go somewhere for booking. It can be done just by sitting at their homes through smartphones. The key players involved also provide various offers and discounts over email and SMS. These discount offers are the key factor for driving the global online travel agency market. There are various advantages that are involved in online bookings like easy cancellation, personalized deals, and on-call customer services.
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Another driver can be the rising of disposable Income: The global travel industry is inundated with millions of consumers coming from both developing and developed markets as a result of growing disposable incomes. The rise of the middle class in emerging markets and people's changing attitudes towards travel has influenced the global market for online travel agencies. In the past few years, there has been significant growth in disposable income. This rise in disposable income has directly impacted the spending on transportation which has become a driver for the global online travel agency markets.
One more factor is involved in the growth of the online travel agency market which is the easy availability of travel loans. Many key players have stated that travel loans are the fastest growing payment option for global online travel agency markets.
Lack of knowledge and availability in the underdeveloped regions can be one of the restraints in the market. The lack of internet availability has affected the market as many areas don't have an internet facility and those who have the internet facility they don't have the proper knowledge about smartphones and internet usage. This has deeply affected the market. Based on segmentation the market can be classified on the basis of by type and by an application. By type, the segmentation includes B2B and B2C. Here B2C type is accounted for the market share of around 64% and is expected to dominate in the target market. Further, based on the application it can be segmented into vacation, hotel, travel and other segments in which hotel accounts for the market share of around 41% and is expected to dominate in the target market.
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Based on the regional analysis market can be segmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa.
The key players involved in Online Travel Agency Market are:
TBO
Trip.com group limited
Alibaba group holding limited
Tuniu corporation
Tongcheng-Elong holdings limited
Hays travel limited
Bookings holdings Inc.
Qunar
Airbnb Inc.
Shanghai Lvmama Xniglv International Travel Agency
Mafengwo
Expedia Group, Inc.
Trip advisor Inc.
This report segments the Online Travel Agency market as follows:
Global Online Travel Agency Market: By Type Segment Analysis
B2B
B2C
Global Online Travel Agency Market: By Application Segment Analysis
Vacation
Hotel
Travel
Other segments
Global Online Travel Agency Market: Regional Segment Analysis
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-East Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
The Middle-East and Africa
GCC Countries
South Africa
Rest of Middle-East Africa
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