Online Travel Agent Global Market Report 2024

Online travel agents (OTAs) are entities or firms with online platforms that enable consumers to book a range of travel-related services over the internet. These agents engage in marketing and advertising efforts to attract potential customers from around the world.

The primary services offered by online travel agents encompass vacation packages, transportation, and accommodation. A package tour, vacation package, or holiday package involves a bundled offering of transportation and lodging, typically advertised and provided by a tour operator. The platforms facilitating these services are accessible through mobile and tablet devices, desktop computers, and are categorized into various sections, such as hotel bookings, tickets, and more.

The online travel agent market research report is one of a series of new reports from The Business Research Company that provides online travel agent market statistics, including online travel agent industry global market size, regional shares, competitors with an online travel agent market share, detailed online travel agent market segments, market trends and opportunities, and any further data you may need to thrive in the online travel agent industry. This online travel agent market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The online travel agent market size has grown steadily in recent years. It will grow from $865.5 billion in 2023 to $905.89 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The expansion witnessed in the historical period can be ascribed to an increase in disposable income, robust economic growth in emerging markets, rapid population growth, demographic shifts, improved earning capacity, a surge in e-commerce, the acceptance of solo travel, and advancements in technology.

The online travel agent market size is expected to see strong growth in the next few years. It will grow to $1121.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to the rapidly growing urban population, increasing population growth, a shift in travel trends, the resurgence of staycations, faster economic growth, a surge in smartphone users, increased opportunities in car rentals, technological advancements, and government initiatives. Key trends in the forecast period encompass a focus on new technological developments, the launch of new and innovative products, an emphasis on offering attractive packages for solo travelers to optimize profits, a focus on customer acquisition through direct booking platforms, efforts to enhance search engine rankings for customer attraction, consideration of investments in chatbots to improve customer experiences, and contemplation of acquisitions to enhance user experiences and broaden the customer base.

The anticipated growth in the online tourism industry and the business for travel agents during the period is expected to be fueled by the surge in smartphone users and growing internet penetration. The increasing prevalence of the internet and the rise in the number of smartphone users have led consumers to shift towards online channels for booking travel tickets and hotels. According to a special report on Digital 2020 published by We Are Social in January 2020, the global number of internet users reached 4.54 billion in 2020, marking a 7% growth or an addition of 298 million new users compared to January 2019. Additionally, as of 2022, there are 6.65 billion smartphone users globally, and this figure is projected to increase to 7.34 billion by 2025, according to Zippia. Consequently, the increasing number of smartphone users, coupled with growing internet penetration, is expected to drive revenue growth in the online travel agent market in the coming years.

The growth of the online travel agent market is further expected to be propelled by increasing flexible payment options. The demand for flexible payment options is on the rise due to factors such as global customer bases, digital wallet adoption, contactless payments, evolving regulations, and the need for risk mitigation. Businesses are striving to offer convenient and secure payment methods to cater to diverse preferences. Online travel agencies are responding by providing various payment options, including credit cards, digital wallets, installment plans, and more. This ensures a convenient and secure booking and payment experience for travelers. For instance, as of 2022, 9 out of 10 users in the United States were using online payments, with about 66% of Americans regularly using mobile wallet payments. The flexibility offered by these payment options, with 89% of consumers in the US using digital payments and 60% preferring wallets, is expected to drive the growth of the online travel agent market in the forecast period.

A major trend driving the growth of the online travel agent market during the period is the growing initiatives by the governments of various countries to promote tourism and develop strong tourism infrastructure to enhance revenues from the tourism industry. For example, as per The Budget 2022, the Government of India allocated an additional amount of INR 2400 crores ($307.12 million) to the Ministry of Tourism, marking an 18.42% increase from 2021-22. This budget will be utilized by the Ministry of Tourism for the development of tourism infrastructure, marketing, promotion, and capacity building. Consequently, government initiatives and measures to boost tourism and build robust tourism infrastructure are identified as key trends in the online travel agent market over the specified period.

Major companies operating in the online travel agent sector are introducing innovative technological solutions such as Holiday Mate. Holiday Mate is a B2B solution designed to empower travel agent partners in enhancing customer service for their end clients. For example, in November 2022, Thomas Cook India, an India-based travel agent company, launched an online B2B tool called Holiday Mate. This tool enables Thomas Cook's travel agent partners to seamlessly manage end-to-end holiday bookings online, including product selection, customization, and payments.

In July 2023, EaseMyTrip, an India-based online travel agent company, completed the acquisition of three travel companies-Guideline Group, Tripshope Online, and Dook Travels-for an undisclosed amount. This strategic acquisition is aimed at strengthening EaseMyTrip's presence in both the Indian and overseas travel agency markets. Each of the three acquired firms contributes unique expertise, with Guideline Travels specializing in outbound and cruise travel segments, Dook Travels focusing on destination management services in CIS countries, and Tripshope Online offering a comprehensive range of travel products, including hotel and flight reservations.

Major companies operating in the online travel agent market report are Booking Holdings, Expedia Group, Airbnb, Trip.com Group Limited, TripAdvisor, eDreams Odigeo, Despegar, MakeMyTrip Limited, lastminute.com NV, Hostelworld Group, Agoda, Tiket.Com, Pegipegi.Com, Fliggy, Qunar, Qyer, Mafengwo, Cncn Travel, Elong, Lvmama, Tongcheng Network Technology Co, Tujia, Xiaozhu, Klook, Huangbaoche, Huoli, China International Travel Service Corporation Limited, Tuniu, Travelplan Australia, Traveloka, Utiket, Nusatrip, Yanolja, Daily Hotel, Hanatour, Mode Tour, Yatra, Cleartrip, Easemytrip, Goibibo, Thomas Cook India, Jtb (Japan Travel Bureau) Corporation, Jalan, Japanican.Com, Ikyu, Evolable, Ab-In-Den-Urlaub.De, Holidaycheck.De, Fluege.De, Opodo.De, Weg.De, Ltur.Com, Sherpa Expeditions, Stoke Travel, Topdeck Travel, Sicily Activities, Flag Travel Holidays, Soleto Travel, Busabout, Euroventure, Skyscanner Ltd., On The Beach Group PLC, Booking.Com Ltd., We Love Holidays Ltd., Secret Escapes Ltd., Voyage Prive Uk, Vola.Ro, Esky.Ro, Fly-Go, Oktogo, Travelata, Aviasales, Tutu.Ru, Anywayanyday, Onetwotrip, Ozon Travel, Ostrovok.Ru, Onlinetours, Hipway, Unitiki, Weatlas, Zenhotels, Hotwire, Intrepid Travel, G Adventures, Destination Services Mexico, On The Go Tours, Bel Air Travel, Canada Travels, Canuck Abroad, Flightcentre.Ca, Priceline, Lonely Planet Global Inc, Dxtravela, Decolar.Com, Submarino Viagens, Viajanet, Exodus Travels, Say Hueque Argentina Journeys, Almosafer, Contiki, Flyin, Holiday Me, Hoojoozat, Luxury Gold, Musafir, Peregrine Adventures, Rehlat, Tajawal, Trafalgar, Trexperience, Tucan Travelintrepid Travel, Yamsafer

Asia-Pacific was the largest region in the online travel agent market in 2023. Western Europe was the second largest region in the global online travel agent market Share. The regions covered in the online travel agent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the online travel agent market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain

The online travel agent market consists of revenues earned by entities that are engaged in selling travel services through online channels. Travel agents are engaged in the sales of travel services such as flights, buses, vacation packages, hotels, and rental cars via online networks. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Online Travel Agent Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on online travel agent market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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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 historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Service Type: Vacation Packages; Travel; Accommodation
• 2) By Platform: Mobile/Tablet Based; Desktop Based
• 3) By Category: Hotel Bookings; Tickets; Others
• Companies Mentioned: Booking Holdings; Expedia Group; Airbnb; Trip.com Group Limited; TripAdvisor
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.