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Online travel market
Globally, the number of people in the middle and upper middle classes is increasing rapidly.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220U, United States, September 8, 2022 /EINPresswire.com/ — The travel market has evolved significantly due to the digitization of travel services and its growth intervention. trend, worldwide. The proliferation of mobile devices will largely increase the growth of this market. The market is witnessing consolidation, with online travel agencies (OTAs) acquiring start-ups and other smaller players, creating tough competition for established direct travel providers and travel agents.
According to a new report published by Allied Market Research titled “Online Travel Market by Service Type, Platform, Booking Method and Age Group: Global Opportunity Analysis and Industry Forecast, 2022-2031”, the global online travel market was valued at 354.2% in 2020. billion USD, and is estimated to reach USD 1,835.6 billion by 2031, registering a CAGR of 14.8% from 2022 to 2031. Globally, the number of people in the middle and upper middle classes is increasing rapidly.
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People now opt for more than one trip each year due to rising living standards and increased purchasing power. In addition, for convenience and easy transactions, people have started using online travel services, thereby saving time and resources, thus boosting the growth of the online travel market. The growth of the online travel market is driven by increasing internet penetration, rising disposable incomes of people in emerging markets, and the ease of comparing different travel options online. Market players promote innovative travel and vacation package deals to help travelers make healthy travel decisions based on their spending capacity, such as affordable packages for international destinations, car rental discounts and cashback on international flights.
Political unrest and natural disasters are some of the factors hindering the growth of the online travel market. In addition, low digital literacy and lack of internet connectivity in remote areas are expected to limit the growth of the market. It has influenced the growth of the online travel market in 2020. Frequent lockdown practices in most countries, social disruption and travel and tourism bans were some of the attributes for market growth in 2020.
Players operating in the online travel industry have adopted product launches and business expansion as their key growth strategies to expand their market share, increase profitability and remain competitive in the market. Key players profiled in this report include Expedia Group, Inc., Ebury Partners UK Ltd, Fareportal Inc., Hostelworld.com Limited, Hurb Co S/A, HRS, Make MyTrip Ltd., Oracle Corporation, Priceline (Booking Holdings Inc.) . ), SABS Travel Technologies, Tavisca Solutions Pvt. Ltd., Thomas Cook India Ltd., Travelomatix.com, Trip.com Group, Tripadvisor, Inc. and WEX Inc.
Find an analysis of the impact of Covid-19 on the online travel market: https://www.alliedmarketresearch.com/request-for-customization/1743?reqfor=covid
According to the online travel market prospects, region-wise, North America dominated the online travel market share and is expected to dominate during the forecast period. Increasing demand from travelers looking for immaculately clean sites and personalized services in a formal environment will increase the demand for tourism packages in North America. Increasing number of annual trips and emerging and growing demand for agro-tourism, eco-tourism in North America are additional factors for market growth.
Key findings of the study
The online travel market size is estimated at USD 354.2 billion in 2020 and is expected to reach USD 1,835.6 billion by 2031, registering a CAGR of 14.8% from 2022 to 2031.
In the year In 2020, depending on the type of service, the transportation segment earned $145.8 billion, which accounted for 41.2% of the global market share.
According to the platform, the mobile segment earned 108.8 billion dollars, which represents a 30.7% share of the global market.
In the year By 2020, the booking, direct travel providers segment is estimated at $197.3 billion, accounting for a market share of 55.7%.
The US was the most popular market in North America in 2020, and is expected to reach USD 93.2 billion by 2031, growing at a CAGR of 12.0% during the forecast period.
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