Press release
Global Online Travel Agent Market Report 2020-2023: Top Key Players Analysis And Upcoming Trends
Online Travel Agent Market
The global online travel agent market reached a value of nearly $744.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 7.9% since 2015. The market declined from $744.7 billion in 2019 to $595.8 billion in 2020 at a rate of -20.0%. The decrease is mainly due to COVID-19 pandemic across all countries in the world as most countries went into lockdown with severe travel restrictions. Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The market is expected to grow at a CAGR of 14.8% from 2021 and reach $902.2 billion in 2023.
The key drivers of the online travel agent market include:
The surge in smartphone users along with growing internet penetration are anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of internet and growth in the number of smartphone users is contributing to the consumer shift towards online channels for travel ticket and hotel bookings. For instance, the number of smartphone users in India is estimated to reach 1.1 billion in 2024.ii Consequently, the rise in the number of smartphone users coupled with increasing internet penetration is forecast to propel the revenues for the online travel agent market during the years to come ahead.
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Online Travel Agent Market Segmentation:
Online travel agent Market is segmented by service type, platform and by geography.?
By Service Type: The online travel agent market is segmented by service type into vacation packages, travel and accommodation.
a. Vacation Packages
b. Travel
c. Accommodation
Travel was the largest segment of the online travel agent market by service type, accounting for 39.8% of the total market in 2019.
By Platform: The online travel agent market is also segmented by platform by end user into mobile/tablet based, and desktop based.
a. Mobile/Tablet Based
b. Desktop Based
Desktop Based was the largest segment of the online travel agent market by platform, accounting for 85.2% of the total market in 2019.
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By Geography - The Online Travel Agent Market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the Online Travel Agent Market are
• Booking Holdings Inc.
• Expedia Group Inc
• Trip.com Group Limited
• Tripadvisor, Inc.
• Trivago N.V.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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