$711.23 Bn Online Travel (Accommodation, Transportation, Vacation Packages) Market by Platform, Services , Age Group, Mode of Booking, Modes of Travel - Global Forecast 2024-2030 - ResearchAndMarkets.com

The "Global Online Travel Market by Platform (Mobile/Tablets, Personal Computer), Services (Accommodation, Transportation, Vacation Packages), Age Group, Mode of Booking, Modes of Travel - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.

The Online Travel Market size was estimated at USD 606.95 billion in 2023, USD 711.23 billion in 2024, and is expected to grow at a CAGR of 17.46% to reach USD 1.87 trillion by 2030.

This encompasses a diverse range of services, such as researching travel destinations, booking flights, hotels, car rentals, and activities, as well as managing travel itineraries. Online travel services are offered by various platforms, including online travel agencies (OTAs), direct airline and hotel booking channels, and travel search engines. Increased internet penetration, convenience of online booking, higher levels of disposable income among middle-class households, and the proliferation of mobile applications have fuelled the demand for online travel.

Additionally, several government initiatives and incentives to promote tourism and travel activities have raised awareness about the benefits of frequent vacations. However, the difficulty of integrating online travel services with the existing legacy structures and the high cost of availing booking services can hinder the growth of online travel. Additionally, cybersecurity threats and the possibility of leaks of customer data pose significant risks to online travel agencies and their customers.

However, key players are investing in advanced encryption strategies and integrating novel technologies such as VR/AR and AI/ML to overcome hurdles associated with privacy, security, and technical limitations. There is also an increasing trend toward sustainable and eco-friendly travel options, which are being promoted through online travel.

Regional Insights

The Americas' online travel market is highly developed, with high digital penetration and a preference for self-service in travel planning. As a technologically advanced country, consumers tend to use online platforms for booking flights, accommodations, and experiential tours. Personalization and mobile optimization are key trends driving consumer satisfaction and loyalty. Frequent efforts by key players to integrate advanced technologies such as AI, ML, and AR/VR drive innovations in online travel.

The EU online travel space is highly regulated, with strong consumer protection laws. Travelers from the EU exhibit a strong preference for package deals and inclusive tours. General Data Protection Regulation (GDPR) has had a considerable impact on the way travel data is managed and utilized to tailor customer experiences.

The APAC region experiences high growth in the online travel sector due to the rising middle class, increased internet and mobile penetration, and a young population eager to travel. Countries such as China, South Korea, and India have witnessed a surge in domestic and outbound travel, fueling the need for online travel services. The region is characterized by the presence of several homegrown OTAs and global OTAs seeking to capture market share. Southeast Asia, in particular, has seen dynamic growth with a proliferation of budget airlines and mobile-first booking applications.

Recent Developments

Agoda and Meituan Enter Partnership to Elevate Overseas Travel Experience for Chinese Tourists

Digital travel platform Agoda partnered with Meituan to tap into the growing demand for outbound travel from China. The partnership facilitates resource sharing, intertwining Agoda's vast international hotel network with Meituan's extensive customer base, offering platform-exclusive lodging options, and launching Chinese Preferred hotels across a thousand global destinations tailored to the preferences of Chinese travelers. The partnership promises to enhance customer experiences through integrated technology and data analytics, including artificial intelligence (AI), to curate personalized hotel content.

EaseMyTrip Launches EasyDarshan, a Dedicated Platform for Spiritual Tourism in India

Online travel technology platform EaseMyTrip has launched EasyDarshan, a novel initiative designed to address the growing demand for spiritual tourism in India. The EasyDarshan platform is innovatively crafted to offer an array of carefully tailored packages, allowing travelers to immerse themselves in their devotional activities while minimizing concerns over travel logistics.

Yatra Online Launches Corporate Platform Partner Programme

Yatra Online has launched its innovative Corporate Platform Partner (CPP) programme, designed to usher in a new era of growth and revenue-generating opportunities for travel enterprises, both online and offline. With the provision of a cutting-edge, cloud-based travel platform, the programme is set to enrich partners with a robust, frictionless product that offers unparalleled value to their clientele.

Key Attributes:

Market Dynamics

Market Segmentation Analysis

• Platform: Growing ownership of mobiles fueling the demand for online travel booking services on mobile-based applications
• Services: Advancements to incorporate real-time updates in transportation services
• Age Group: Growing spending of the age group of 22-31 years on travel and touring experiences
• Mode of Booking: Increasing preference for direct agency booking for cost efficiency and convenience

Market Drivers

• Rising expenditure on vacations and traveling and demand for booking services
• Burgeoning government initiatives to promote travel and tourism activities
• Proliferation of airlines and railways across the world

Market Restraints

• Difficulty of integration with existing legacy structures

Market Opportunities

• Integration of advanced technologies to increase the ease and efficiency of online booking
• Incorporation of sustainable and eco-friendly goals and strategies in travel activities

Market Challenges

• Cybersecurity concerns and the possibility of data breach

Industry Insights

• Market Disruption Analysis
• Porter's Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

Key Company Profiles

• Airbnb Inc.
• AS Discover Car Hire
• Booking Holdings Inc.
• Cassidy Travel
• Cleartrip Pvt. Ltd.
• Despegar.com, Corp.
• eDreams Odigeo SA
• Expedia Group, Inc.
• Google LLC by Alphabet Inc.
• Hays Travel limited
• Hostelworld Group
• Hurb
• Ixigo by Le Travenues Technology Ltd.
• Kiss&Fly
• Lastminute.com Group
• MakeMyTrip Limited
• OneTravel
• Priceline Group Inc.
• Rental24H
• Thomas Cook Group PLC
• TravelPerk
• Travelpro Group
• Trip.com Group Limited
• TripAdvisor LLC
• Trivago N.V. by Expedia Group
• Vayama.ie
• Via.com
• Yatra Online Private Limited
• Zoomcar Ltd.

Market Segmentation & Coverage

Platform

• Mobile/Tablets
• Personal Computer

Services

• Accommodation
• Transportation
• Vacation Packages

Age Group

• 22-31 Years
• 32-43 Years
• 44-56 Years
• >56 Years

Mode of Booking

• Direct Agency
• Online Travel Agencies

Modes of Travel

• Air
• Rail
• Road
• Sea

Region

Americas

• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas

Asia-Pacific

• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam

Europe, Middle East & Africa

• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

For more information about this report visit https://www.researchandmarkets.com/r/qayhtc

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