PUBLISHER: The Business Research Company | PRODUCT CODE: 1753848
PUBLISHER: The Business Research Company | PRODUCT CODE: 1753848
An online travel agent (OTA) is an individual or a company that provides a web-based marketplace, which allows consumers to research and book travel products and services, such as hotels, flights, cars, tours and cruises, among other travel-related services, directly with travel suppliers.
The online travel agent market consists of sales, by entities (organizations, sole traders or partnerships), of travel services through online channels. Online travel agents or agencies are those individuals or companies that have websites that allow consumers to book various travel related services via the internet. Travel agents are engaged in the sales of travel services such as flights, buses, vacation packages, hotels and rental cars, via online networks.
The global online travel agent market was valued at $744.73 billion in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Increasing Internet Penetration And The Rising Number Of Smartphone Users
During the historic period, increasing internet penetration and rising number of smartphone users propelled the growth of the online travel agent market. Higher internet penetration enhances the accessibility, reach, convenience, information sharing, personalization and mobile adoption of online travel services, ultimately benefiting online travel agencies and contributing to their growth and success in the competitive travel industry. This also facilitates the collection and analysis of vast amounts of data related to consumer preferences, behaviors and booking patterns. For instance, in 2022, according to the International Telecommunication Union, a Switzerland-based government agency, an estimated 5.3 billion people, or 66% of the world's population, use the internet. Internet penetration increased with a growth rate of 6.1% over 2021, up from 5.1% for 2020-2021. Therefore, increasing internet penetration and rising number of smartphone users drove the online travel agent market.
OTA Platform Redefines Personalized Travel Booking Experience
Major companies operating in the online travel agents market are focusing on developing travel agents for social-first travelers to enhance personalization, leverage social media integration, and create community-driven travel experiences. The personalized platforms allows travelers to easily share their plans, get recommendations from peers, and book trips through platforms seamlessly blending social engagement with travel booking, improving the overall customer experience and fostering brand loyalty. For instance, In August 2024, Travly, a Canada-based travel media network for social-first discovery and curated experiences, launched an online travel agent (OTA) platform, integrating seamless travel booking with its vast social media influence. With over 25 million followers and 1,000 content creators, Travly leverages user-generated videos and influencer-driven recommendations to redefine the booking experience. The platform prioritizes authentic, engaging content over traditional static images, allowing travelers to instantly book curated vacations and discover alternative destinations through Travly Dupes. It also introduces a revenue-sharing model, rewarding travelers for creating high-quality content that enhances engagement. By merging social discovery with direct booking, Travly sets a new standard in digital travel experiences while strengthening its position as a key player in the evolving travel industry.
The global online travel agent market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 6.66% of the total market in 2023.
Online Travel Agent Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global online travel agent market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for online travel agent? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? the online travel agent market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider online travel agent market; and compares it with other markets.