Online Travel Market 2022: Evolving Technology, Trends and Industry Analysis to 2030

Online Travel Market

Market Overview

In its research report, Market Research Future (MRFR), emphasizes that the global online travel market is poised to grow exponentially over the review period, securing a substantial market valuation from USD 1100.78 billion in 2022 to more than USD 2403.22 billion by 2030, and a healthy CAGR over the review period.

Drivers and Restraints

During the past decade, the online travel industry has undergone many changes owing to developments in technology. Despite of the use of mobile devices and the growing proliferation of the Internet, the adoption of technology in the travel industry has come a long way from the global distribution system (GDS). Travelers use social media sites to express their travel experience and post their feedback, helping other clients choose travel agencies based on their needs. With the addition of more social media sites, the trend is expected to increase. In addition, the proliferation of big data and other complementing technologies such as robotics and Augmented and Virtual Reality (AR/VR) is expected to create travel agency opportunities. We can offer a better user experience by integrating these innovations into their current platforms and applications. There is, however, no centralized system that can streamline data between government agencies and private travel companies, thus creating a void. This, in effect, can hamper global online travel market growth.

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Segmental Analysis

The global online travel market has been analyzed based on the platform type, books, ad service type. The platform type segment comprises of mobile/tablets based, and desktop-based.

Based on the mode of booking, the market has been bifurcated into online travel agencies and direct travel facilitators.

Regional Analysis

The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.

North America assessed as the largest market share of 33.75% in 2017, with a market value of USD 192.46 billion and is slated to register a CAGR of 11.8% over the forecast period. Europe was the second-largest market in 2017, assessed at USD 178.72 billion; the market is anticipated to exhibit a CAGR of 12%. The online travel market in North America and Europe are driven by the steady economic factors and improved lifestyle conditions, increased disposable income of consumers, among others. These regions will witness higher growth driven by these factors over the review period.

On the other hand, the market in Asia-Pacific is expected to register the highest CAGR of 15.9%. In the near future Asia Pacific resonates with good development prospects. The emergence of rapidly growing economies coupled with rapid industrialisation is likely to drive regional market growth. In addition, developing Asia-Pacific economies have concentrated on implementing solid waste management solutions which are expected to spread knowledge and increase the utility of these systems in the near future. In addition, the region’s emergence as a manufacturing hub has intensified the need to implement dedicated approaches to industrial waste disposal.

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Competitive Analysis

The major market players operating in the global market as identified by MRFR are Expedia Inc. (US), Booking Holdings Inc. (US), International Ltd (China), TripAdvisor Inc. (US), FlixMobility GmbH (Germany), Thomas Cook Group PLC (UK), Ryanair DAC (Ireland), MakeMyTrip (India) Pvt. Ltd (India), Airbnb Inc. (US) Alibaba Group Holding Limited (China), and eDreams ODIGEO SA (Luxembourg).

Other companies including Hostelworld Group (Ireland), CheapOair.Com (US), Hotel Urbano Travel and Tourism SA (Brazil), Hays Travel limited (UK), AirGorilla, LLC (California), Tuniu Corporation (China), Yatra Online Private Limited (India), among others also have a prominent presence in the market.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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