Dallas, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) — The ability to serve as a crucial means of connection between tour operators and travelers along with the availability of comparative pricing will significantly drive the global market online travel agency market. The presence of online travel agencies allows travelers to explore multiple price ranges and helps maintain the tour budget. Many travelers use online travel agencies as research tools to filter out the best travel plans and save time. Online travel agencies facilitate the phenomenon of the billboard effect allowing mid-sized tour operators to expand their market and increase sales with minimal investment. In 2032, the online travel agency market is expected to reach $900.15 billion, growing at a CAGR of 15.8% from 2032.
Online travel agencies also support cheap air and rail reservations for travelers. Moreover, online travel agencies allow travelers to compare reviews of different tour operators and decide which one is best for them. The ability to provide fast tour sales even during low season will greatly benefit the global market.
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Further, the online travel agency market can be categorized into accommodation, vacation packages and transportation based on service types. The ability to provide a range of discount prices for various travel reasons and a smooth experience will drive the transportation segment in the global market. Travel agencies also offer travelers quality catering and accommodation services at a reduced price. The providence of flexible booking dates and easy cancellation policies will drive the global online travel agency market. Travelers have the advantage of searching for luxury hotels as well as budget hotels listed on travel agency platforms, which allows multiple choices depending on the needs and requirements of the traveler. Several marketing strategies used by travel agencies to attract tourists with discount tour programs will act as a major driver for the growth of the global market.
Report coverage and details:
|CAGR||CAGR of 15.8% over the period 2022-2032|
|Segment covered||Service type, device platform, payment methods, regions|
|Regions covered||North America, Europe, Asia-Pacific, Middle East and Africa, South America|
|Profiled Key Players||Expedia Group, Ebury Partners UK, Fareportal, Hostelworld Limited, Hurb Co S/A, HRS, MakeMyTrip, Oracle Corporation, Priceline, SABS Travel Technologies, Tavisca Solutions, Thomas Cook India, travelomatix.com, Trip.com Group|
The global market has reached greater heights owing to the recent developments and innovations. A New York sightseeing tour under $800 was announced by Travellium in June 2022. Two Alula-exclusive land experiences were announced by Sky Vacation in August 2022 to showcase the world’s natural beauty. Holiday Factory announced the best package tour in Europe in July 2022 to expand sales and revenue. The latest launches to cater to the luxury of the traveler and streamline the tourism industry will significantly boost the growth of the global online travel agency market.
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A major share of the global market will be captured by Asia-Pacific in 2030. The constant initiatives and programs launched to connect tour operators and travel enthusiasts will act as a catalyst for the growth of the regional market. The increasing conversion of disposable income into luxury lifestyle will increase the demand for online travel agencies. The collaboration of online travel agencies with multiple tour operators will help expand regional market demographics and maximize profitable sales. China holds one of the world’s top five regionally growing online travel agency markets.
2. Research methodology
3. Market Outlook
4. By type of service, 2019-2029 (USD billion)
• Vacation Packages
5. By device platform, 2019-2029 (USD billion)
6. By Payment Methods, 2019-2029 (USD Billion)
• Electronic wallet
• Debit/credit card
• Others (vouchers, discount codes)
7. Regional Overview, 2019-2029 (USD billion)
o United States
o United Kingdom
o Rest of Europe
o Rest of Asia-Pacific
o Rest of South America
Middle East and South Africa
8. Competitive Landscape
9. Company Profiles
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