Market Research Report
Impact of Online Travel - Thematic Research
|Published by||GlobalData||Product code||919459|
|Published||Content info||32 Pages
Delivery time: 1-2 business days
|Impact of Online Travel - Thematic Research|
|Published: November 26, 2019||Content info: 32 Pages||
In order to succeed within today's travel industry, the importance of holding an online platform could not be more crucial. Global online travel agent market value is forecast to reach US$372bn by 2023 in comparison to US$258bn in 2018. Evolving consumer attitudes are driving the increasing power behind the online travel industry. All destinations, whether identified as technologically advanced or still a developing economy are gradually adapting to online travel trends.
The UK is one of the most technologically advanced destinations and the growth rates for Online Travel Agents (OTA) market value is over double the rates for in-store travel agents during 2018 to 2023. In the UK, 2018 marked the year when the market value of Online Travel Agents (OTA's) overtook in-store travel agents. Online Travel Agents (OTA) had a CAGR of 2.6% while in-store travel agents had a CAGR of 0.8%.
Online Travel Agents (OTA's) are now the most typically booked provider with close to 39% of UK travelers using an Online Travel Agents (OTA) in 2019. Travelers can now generally handle all aspects of the booking themselves. Pre-booking, arranging accommodation, hotels, transport, in-destination navigation and post vacation reviews highlight that the 21st century traveler is not only more independent, but also more powerful than ever before.
With the devastating collapse of Thomas Cook earlier this year, the UK travel market experienced a mighty blow. One of the key factors that contributed to the companies collapse looks to lack of innovation and investment in online travel trends. Hays Travel has now overtaken a large majority of their in-store agencies. However, in order to be a success, the agency needs to ensure that continual innovation and digitization are at the core of strategies in order to engage the UK traveler market as the market value of Online Travel Agents (OTA's) continues to expand over in-store travel agents.
The research report "Impact of Online Travel - Thematic Research" takes an in-depth look at the theme of Online Travel including the major impacts it will have on the industry, across the key players and tourists. This report analyzes the key trends within online travel, and then presents an array of case studies, observing the impacts and offering recommendations for travel & tourism companies. In addition, the major companies that are and have been involved within online travel are then discussed.