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Online Travel Market Size, Share & Industry Growth Report, 2020-2027

04-01-2021 11:15 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: GMI Research

Growth Opportunities in the Online Travel Market look promising over the next six years. This is mainly due to the increasing penetration of internet use and smartphone users across numerous economies, the rising tourism sector, rising per capita income, increasing urbanization, economic growth, and shifting lifestyle of the customers shifting towards more improved services and comfort.

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Online Travel Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The increasing penetration of internet use and smartphone users across numerous economies, followed by the rising tourism sector, are the significant factors propelling the growth of the online travel market size. As per the online travel market report, the introduction of technological advancements in the online travel sector and the increasing usage of mobile applications have made booking for travel easier and more flexible. This will drive the growth of the online travel market. Furthermore, the rising per capita income, increasing urbanization, economic growth, and shifting lifestyle of the customers shifting towards more improved services and comfort will surge the growth of the online travel market share in terms of revenue.

To Know More About Online Travel Market - https://www.gmiresearch.com/report/online-travel-market/

Different services provided by online travel, such as secure & easy payment modes, free & easy cancellation, online reviews checking of the hotels, and transportation ability, will further propel the demand for the market globally. The growing trust of the consumers in online payment and the introduction of several advanced versions of mobile applications having enhanced deals will further pay the way for the growth of the market. On the other hand, the factors hindering the growth of the market include growing concerns regarding security and safety during online payment and booking. As per the online travel market statistics, with the outbreak of the COVID-19 pandemic, the online travel sector has witnessed a downfall in demand, especially in 2020. The widespread outbreak of the COVID-19 worldwide has caused lockdown in various economies and sealing the borders. In addition to this, the shutdown of the airline sector and the rising fear of catching coronavirus while traveling has forced individuals to stay at their homes. These factors will hinder the growth of the market. However, the market is predicted to bounce back in 2011 while increasing at a significant rate from 2022.

Mode of Booking Segment Drivers

Based on the mode of booking, the Online Travel Agencies (OTAs) is projected to rise at a higher CAGR due to the strong adoption of this mode of booking by the consumers driven by the exceptional benefits regarding the usage of this booking mode, including it aids to save time & money as they don't charge any consultancy fees, provides expert insights & a safety net to the trip, followed by making the multi-destination travel seamless and allows to check the reviews.

Online Travel Market’s leading Manufacturers:
• Booking Holdings Inc.
• Expedia Group
• com Group Limited
• TripAdvisor LLC
• Hurb
• Hostelworld Group
• Com
• Thomas Cook Group plc
• Trivago
• MakeMyTrip Pvt. Ltd.

Online Travel Market Segmentation:

Segmentation by Mode of Booking:
• Direct Travel Suppliers
• Online Travel Agencies (OTAs)

Segmentation by Types of Platform:
• Desktop
• Mobile

Segmentation by Services Type:
• Travel Accommodation
• Transportation
• Vacation Packages

Segmentation by Age Group:
• 22-31
• 32-43
• 44-56
• >56

Segmentation by Region:

• North America
o United States of America
o Canada

• Asia Pacific
o China
o Japan
o India
o Rest of APAC

• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

Media Contact

Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

About GMI Research

GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.

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