DUBLIN, Feb. 16, 2023 /PRNewswire/ — The “Online Travel Agent Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global online travel agent market will grow from $761.9 billion in 2022 to $865.5 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The online travel agent market is expected to grow to $1,060.01 billion in 2027 at a CAGR of 5.2%.
Asia Pacific was the largest region in the online travel agent market in 2022. Western Europe was the second largest region in the online travel agent market. The regions covered in the online travel agent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 online travel agent market in the years to come ahead.
Rising possibilities of uncertain events such as the COVID-19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agent. According to the UNWTO estimates, global international tourist arrivals in 2020 are predicted to fall by 20% to 30% compared to the previous year, which translates into a loss of $30-50 billion in travel spending by international visitors. Thus, the online travel agent market is to record a decline in 2020 owing to the impact of COVID-19 across the globe. Moreover, according to Travel Daily Media news, Typhoon Mangkhut jolts Hong Kong and China leaving the tourism, aviation, and transportation industry at standstill. Therefore, the possibility of natural events is probably restraining the growth of the tourism industry including the online travel agent market during the coming years.
Growing initiatives by the government of various countries to promote tourism and built strong tourism infrastructure to boost the revenues generated from the tourism industry is a major trend propelling the growth of the online travel agent market during the period. For instance, according to The Budget 2022, the Government of India allocated an additional amount of INR 2400 crores ($307.12 million) to the Ministry of Tourism. This budget is 18.42% higher than 2021-22, and it will be used by the Ministry of Tourism for developing tourism infrastructure, marketing and promotion, and capacity building. Therefore, the government initiatives and steps to promote tourism and develop tourism infrastructure are to act as a key trend in the online travel agent market over the period.
In January 2020, Despegar, a Latin America-based online travel company acquired Best Day Travel Group for USD 136 million. This acquisition allows Despegar to increase revenues by 25%, further strengthening its market position as the leading travel agency both in Mexico and Latin America. Best Day Travel Group is a Mexico-based online travel agency.
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1) By Service Type: Vacation Packages; Transportation; Accommodation
2) By Platform: Mobile/Tablets Based; Desktop Based
3) By Category: Hotel Bookings; Tickets; Other Categories
Key Topics Covered:
1. Executive Summary
2. Online Travel Agent Market Characteristics
3. Online Travel Agent Market Trends And Strategies
4. Online Travel Agent Market – Macro Economic Scenario
5. Online Travel Agent Market Size And Growth
6. Online Travel Agent Market Segmentation
7. Online Travel Agent Market Regional And Country Analysis
8. Asia-Pacific Online Travel Agent Market
9. China Online Travel Agent Market
10. India Online Travel Agent Market
11. Japan Online Travel Agent Market
12. Australia Online Travel Agent Market
13. Indonesia Online Travel Agent Market
14. South Korea Online Travel Agent Market
15. Western Europe Online Travel Agent Market
16. UK Online Travel Agent Market
17. Germany Online Travel Agent Market
18. France Online Travel Agent Market
19. Eastern Europe Online Travel Agent Market
20. Russia Online Travel Agent Market
21. North America Online Travel Agent Market
22. USA Online Travel Agent Market
23. South America Online Travel Agent Market
24. Brazil Online Travel Agent Market
25. Middle East Online Travel Agent Market
26. Africa Online Travel Agent Market
27. Online Travel Agent Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Online Travel Agent Market
29. Online Travel Agent Market Future Outlook and Potential Analysis
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/m79fou-travel?w=5
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