Online Travel Agent Market 2024 - By Growth Rat, Share, Analysis, Outlook and Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Online Travel Agent Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The online travel agent market size has grown steadily in recent years. It will grow from $865.5 billion in 2023 to $905.89 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to rise in disposable income, strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, a rise in e-commerce, acceptance of solo travel and technological advances.

The online travel agent market size is expected to see strong growth in the next few years. It will grow to $1121.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rapidly growing urban population, increasing population growth, a shift in travel trends, the resurgence of staycation, faster economic growth, a surge in smartphone users, increased car rental opportunities, technology, and government initiatives. Major trends in the forecast period include focus on new technology developments, new and innovative product launches, focus on offering attractive packages to the solo travelers to maximize profits, focus on customer acquisition by launching direct booking platforms, focus on improving rank on search engines to attract customers, consider investing in chatbots to improve customer experiences and consider investing in acquisitions to improve user experience and to have a wider customer base.

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Key Market Players:

Major companies operating in the online travel agent market report are Booking Holdings, Expedia Group, Airbnb, Trip.com Group Limited, TripAdvisor, eDreams Odigeo, Despegar, MakeMyTrip Limited, lastminute.com NV, Hostelworld Group, Agoda, Tiket.Com, Pegipegi.Com, Fliggy, Qunar, Qyer, Mafengwo, Cncn Travel, Elong, Lvmama, Tongcheng Network Technology Co, Tujia, Xiaozhu, Klook, Huangbaoche, Huoli, China International Travel Service Corporation Limited, Tuniu, Travelplan Australia, Traveloka, Utiket, Nusatrip, Yanolja, Daily Hotel, Hanatour, Mode Tour, Yatra, Cleartrip, Easemytrip, Goibibo, Thomas Cook India, Jtb (Japan Travel Bureau) Corporation, Jalan, Japanican.Com, Ikyu, Evolable, Ab-In-Den-Urlaub.De, Holidaycheck.De, Fluege.De, Opodo.De, Weg.De, Ltur.Com, Sherpa Expeditions, Stoke Travel, Topdeck Travel, Sicily Activities, Flag Travel Holidays, Soleto Travel, Busabout, Euroventure, Skyscanner Ltd, On The Beach Group Plc, Booking.Com Ltd, We Love Holidays Ltd, Secret Escapes Ltd, Voyage Prive Uk, Vola.Ro, Esky.Ro, Fly-Go, Oktogo, Travelata, Aviasales, Tutu.Ru, Anywayanyday, Onetwotrip, Ozon Travel, Ostrovok.Ru, Onlinetours, Hipway, Unitiki, Weatlas, Zenhotels, Hotwire, Intrepid Travel, G Adventures, Destination Services Mexico, On The Go Tours, Bel Air Travel, Canada Travels, Canuck Abroad, Flightcentre.Ca, Priceline, Lonely Planet Global Inc, Dxtravela, Decolar.Com, Submarino Viagens, Viajanet, Exodus Travels, Say Hueque Argentina Journeys, Almosafer, Contiki, Flyin, Holiday Me, Hoojoozat, Luxury Gold, Musafir, Peregrine Adventures, Rehlat, Tajawal, Trafalgar, Trexperience, Tucan Travelintrepid Travel, Yamsafer

Market Drivers:

The surge in smartphone users along with growing internet penetration is anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of the 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, according to a special report on Digital 2020 published by We Are Social in January 2020, the number of internet users in 2020 augmented to 4.54 billion across the globe, recording a growth of 7% or 298 million new users compared to January 2019. Furthermore, according to Zippia, as of 2022, there are 6.65 billion smartphone users globally, and this number is expected to grow to 7.34 billion by 2025. Consequently, the rise in the number of smartphone users coupled with increasing internet penetration is forecast to propel the revenues for the growth of online travel agent market in the years to come ahead.

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The online travel agent market covered in this report is segmented -

1) By Service Type: Vacation Packages, Travel, Accommodation
2) By Platform: Mobile/Tablet Based, Desktop Based
3) By Category: Hotel Bookings, Tickets, Others

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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