Players Adopt Strategies to Appease Travellers as COVID-19 Hits Online Travel Market

Market Research Future has published a Cooked Research Report on the Global Online Travel Market.

Overview

The Online Travel Market is projected to grow from USD 658.38 billion in 2024 to USD 955.41 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period (2024 - 2032). Additionally, the market size for online travel was valued at USD 599.27 billion in 2023. Shifts in consumer behavior, social media, rising disposable income, increased government initiatives to spread tourism, and a growing inclination toward adventure travel ly are key factors driving the growth of the online travel market revenue.

Analysts have split the market into platform type, mode of booking, and service type segments based on products and services. Tourism based companies have been profiled. The increasing demand for highly skilled professionals is set to affect the global market during the forecast period 2024 to 2032. The report also provides the market’s performance forecasts till 2032. Analysts have studied the strategy of tourism segment based organizations to help new entrants and established businesses. The tourism sector itself is supported by high demand across industry verticals as well as increasing awareness levels. During the forecast period 2024 to 2032, the online travel market is set to witness a health growth across platform type, mode of booking, and service type segments as well as regional markets.

Market Segmentation

The tourism sector has seen growth across platform type, mode of booking, and service type segments owing to technological developments and the presence of effective communication. To study the market, analysts have further segmented platform type, mode of booking, and service type into mobile/tablets based and desktop-based platforms on the basis of platform type. The market is further segmented into a mode of booking sub segment which is split into online travel agencies and direct travel facilitators. Additionally, the online travel market on the basis of service type is segmented into transportation (air travel, bus travel and others, train travel), accommodation (hotels and guest house/dormitory) and vacation packages (in-country and outside country).

The segmental analysis presented in the report provides tourism field based organizations insights into key growth factors such as the rapidly growing population as well as challenges such as low research and development budgets the market will face from 2018 to 2023. A rise in disposable income and technological advancements are some of the key factors having an influence on tourism industry based companies, suggest analysts as per the online travel market report. But the report also identifies problems related to supply chain and concerns regarding high costs as major threats companies in tourism will face till 2023. 

Regional Overview

Tourism market based companies in the online travel market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The increasing disposable income will be a key growth driver for regional markets. However, the lack of skilled human resources will turn out to be a threat. For the forecast period 2018 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and tourism vertical based companies are spread across the United States, Canada, and Mexico. The low demand from developing countries will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.

The market in the region will be benefitted by consumers aiming for more convenience as well as the presence of untapped market opportunities, suggests the report. Similarly, the tourism sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the online travel market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.

Competitive Landscape

The global online travel market research report brings a comprehensive study of platform type, mode of booking, and service type market segments, regional analysis, and tourism vertical based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to favorable government policies and the growing urbanization, the market is set to grow at a compound annual growth rate of 13.16% and is predicted to reach a value of US$1,134.55 billion by 2023. With SWOT analysis of tourism sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as high initial investments and the lack of investments , companies in the tourism sector can change the way business is done.

Industry News

Wyndham Destinations, the holiday rentals and vacation home business spun off from parent Wyndham Hotels in 2018, has agreed to purchase Travel + Leisure for $100 million in cash, according to a statement issued Wednesday morning. In the first quarter of this year, the timeshare and travel club business will change its name to Travel + Leisure Co. Meredith Corp., the holding company of the television brand, will continue to run the media side of the business under a 30-year license arrangement. Wyndham Destinations' continued effort to extend the scope of its timeshare and holiday clubs into new markets and cater to millennial travelers has resulted in this purchase.