Reopening of Tourist Destinations to Boost Global Online Travel Market
The global online travel market size can reach USD 2214.70 billion by 2030, asserts Market Research Future (MRFR) in its report. It can exhibit 11.8% CAGR over the forecast period. MRFR’s report on the online travel market focuses on need for rapid development for ramping up pending projects and focus on sustainability for the forecast period (2020-2030). The COVID-19 pandemic and its implications are explored in depth in the market.
Market Scope
The global online travel market is driven by the convenience offered by websites and travel mobile applications. Reopening of borders after shutdown of various tourist spots and renewed business opportunities by tour operators can drive market growth. Use of social media platforms to influence customers to proceed with online travel agencies is a major strategy of various companies. The transparency offered by reviews and tour package prices can persuade customers.
But vaccine resistances and lack of interlinking of data between government bodies and private operators can pose a challenge to market growth.
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Competitive Analysis
TripAdvisor Inc. (US), FlixMobility GmbH (Germany), Ctrip.com International Ltd (China), Booking Holdings Inc. (US), eDreams ODIGEO SA (Luxembourg), MakeMyTrip (India) Pvt. Ltd (India), Airbnb Inc. (US), Alibaba Group Holding Limited (China), Thomas Cook Group PLC (UK), Ryanair DAC (Ireland), and Expedia Inc. (US) are key players in the global online travel market.
COVID-19 Impact Analysis
The COVID-19 pandemic has deeply impacted the functioning and revenues of the online travel market owing to restrictions placed by countries to curb infection rates. Online players have faced losses due to frequent cancellations and impromptu shutdown of airports. This has raised grievances among customers and led to layoffs among companies. But efforts of vaccinations by countries and spending on exotic destinations may lead to a resurgence of demand for the global market.
Segmentation
Online Travel Agencies (OTAs) to Attain Solid Lead
Online travel agencies are expected to maintain its lead in the online travel market owing to convenience on its websites and mobile applications. Recently, Copolo entered the U.S. travel market by providing recommendations and flexibility to travelers. It has even partnered with CHOOSE to offset carbon emissions caused by their travels.
Mobile/Tablets Based Platform to Dominate
The mobile/tablets platform is expected to dominate the market share owing to penetration of smartphones and access to mobile applications. Promotional deals and other lucrative tie-ups to sell packages through mobile phones can attract customers.
Regional Analysis
North America to Register 11.8% CAGR till 2027
North America is set to lead in the global online travel market due to players adapting latest technologies such as AI and RPA to automate a major part of their processes and save on exorbitant expenses. High consumer confidence and spending levels among citizens in the U.S. is expected to boost market revenues of the region. Rising penetration rates of internet and smartphones has also supported regional online travel market growth.
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Industry News
SmarterTravel, previously known as HopJump, has raised USD 9.5 million in funding in 2021. It aims to provide valuable information to travelers while connecting them with appropriate options with the help of its proprietary AI.
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