COVID-19 Impact on Online Travel Agency Market Research | Trends | Recovery

Online Travel Agency market was evaluated at USD 204.1 million by the end of 2019.

Bizlytik analysts forecast the global Online Travel Agency market to witness a pessimist outlook in the next few years, which might have a long-term impact during the forecast period, according to their latest market research report.

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Online travel agencies offer curated travel plans and accommodations to customers looking to enrich their travel experience during holidays, providing several associated services and lucrative incentives along the way. The online agencies also put up comparable prices and discounts offered by various companies in one place, such that the customers can choose from a plethora of options that fit their affordability.

The high penetration of internet connectivity in emerging countries and the rise in mobile apps for availing quick services would act as influential primary factors that would bolster the market growth, along with the ease of convenience in online bookings and payment. The aggressive marketing initiatives on social media platforms would offer crucial vendors with new opportunities for business expansion.

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However, the current restrictions and ban on all forms of travel owing to the ongoing crisis of Covid-19 would affect the growth of the market in the long-term, with several companies currently shut down to mitigate the spread of the virus. After the resumption of air and ground travel, the change in customer perception towards the necessity of traveling might also hurt the financial interests of the companies. The market scenario would take substantial time to recover and get back to business as usual, with prospects of normalcy not starting earlier than 2022.

B2C and B2B are covered in the Type segment of the market scope, while the Application segment is categorized into Hotels, Rent a Car, Flights, and Ticketing. The report covers the overall value of the market, both in terms of Type and Application.

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The Rent a Car segment by Application would witness substantial growth during the forecast period owing to the increase in business and leisure travel over short distances and rising consumer interest in self-driven cars for interstate travel.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

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North America is touted to be a prominent region in terms of overall market value owing to the continued consumer interest in online booking portals for secure payment options and the presence of several promotional discounts and incentives on such sites.

The Online Travel Agency market is highly fragmented, with many global and regional players operating in the market space with comparable services and pricing structure. The aggressive business strategies and financial incentives offered by the companies would further intensify the market competitiveness among key players.

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Bizlytik is a market research and consulting firm which operates in the business to business research space. We provide qualitative and quantitative research reports for all the major industry domains to clients across the globe. Bizlytik is one of the leading provider of global business intelligence which includes, market, product, consumer, competitor, and vendor information along with insightful analysis.

This release was published on openPR.