The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.Īllied Market Research provides one-stop solution right from data collection to investment advice. Which are the top companies in the Online Travel Market?Īllied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises.
What would be forecast period in the market report Market? How can I get sample report of Online Travel Market? What is the CAGR of Online Travel Market? What is the total market value of Online Travel report? was the most prominent market in North America in 2020, and is projected to reach $93.2 billion by 2031, growing at a CAGR of 12.0% during the forecast period. In 2020, by mode of booking, the direct travel suppliers segment was valued at $197.3billion, accounting for 55.7% of the market share.
On the basis of platforms, the mobile segment acquired $108.8 billion, exhibiting 30.7% of the global market share. In 2020, depending on service types, the transportation segment acquired $145.8 billion, garnering 41.2% of the global market share. The online travel market size was valued at $354.2billionin 2020, and is estimated to reach $1,835.6billionby 2031, registering a CAGR of 14.8% from 2022 to 2031. Growth in number of trip per year and emergence and increase in demand for agro tourism, eco-tourism are further attributable for the growth of the market in North America. Surge in demand for travelers seeking perfectly clean sites and personalized services in a normal environment also increases the demand for tourism packages in the North America. Get detailed COVID-19 impact analysis on the Online Travel Market :- Īccording to the online travel market opportunities, region-wise, North America dominated online travel market share and is expected to be dominant during the forecast period. Ltd., Thomas Cook India Ltd.,, Group, Tripadvisor, Inc., and WEX Inc , Limited, Hurb Co S/A, HRS, Make MyTrip Ltd., Oracle Corporation, Priceline (Booking Holdings Inc.), SABS Travel Technologies, Tavisca Solutions Pvt. The key players profiled in this report include Expedia Group, Inc., Ebury Partners UK Ltd, Fareportal Inc. The players operating in the online travel industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. Frequent lockdown practices, social distancing and ban on travel and tourism in most of the countries were some of attributes for decreased growth of the market in 2020. Furthermore, low digital literacy and unavailability of the internet connection in remote areas are expected to limit the growth of the market.Outbreak of COVID-19 negatively affected the growth of the online travel market in 2020. Political disturbance and natural calamities are some of the factors that restrain the growth of the online travel market. Market players introduce innovative travel and vacation package deals to assist travelers' in making sound travel decisions as per their spending capability, such as affordable packages for international destination, discounts on car rentals and cash back on international flights. Growth of the online travel market is driven by increase in internet penetration, rise in disposable income of people in emerging markets, and ease of comparing a variety of travel options online. Furthermore, for convenience and easy transactions, people have started availing online travel services, thus saving time &resources, fostering the growth of the online travel market. People now opt for more than one trip every year with the growth in living standards and increased purchasing power. Globally, the number of people in the middle and upper middle classes is increasing rapidly. According to a new report published by Allied Market Research, titled, "Online Travel Market by Service types, Platforms, Mode of booking and Age Group: Global Opportunity Analysis and Industry Forecast, 2022-2031," The global online travel market was valued at $354.2billion in 2020, and is estimated to reach $1,835.6 billion by 2031, registering a CAGR of 14.8% from 2022 to 2031.
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