The global online travel market reached a value of US$ 407.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 843.52 Billion by 2027, exhibiting a CAGR of 11.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Online travel agencies (OTAs) enable tourists to research and book travel services, including hotel accommodations, flights, cars, tours, and cruises, after comparing the prices, offers, discounts and access reviews. They can reduce the response time from organizations to customers with rapid online data transmission, which enhances the booking experience of the travelers. At present, hotels across the globe are relying on OTAs to obtain more visibility and increase their overall sales and profitability.
Online Travel Market Trends:
The thriving travel and tourism industry on account of the decreasing airline fares and favorable governmental policies represents one of the key factors propelling the growth of the market. OTAs offer market insights and tools for targeting tourists, securing and processing bookings, communicating with guests, and managing reviews. Moreover, leading players are focusing on aggressive promotional activities using online and television (TV) advertising, billboards and sponsorships, social media, and other marketing channels. This, coupled with the increasing sales of laptops, tablets, and smartphones, is positively influencing the market. Besides this, the Internet provides virtual representations like 3D interactive tours to convey a clear impression of the travel destinations, thereby allowing an indirect experience that surpasses the possibilities of conventional travel agents. As a result, the traditional booking method through travel agents has evolved into a fast-paced, last-minute booking approach facilitated by information and communication technologies (ICTs). This, along with the rising popularity of solo travel, is creating a positive outlook for the market. Other factors, such as rapid advancements in communication and transportation and the increasing number of business travelers worldwide, are projected to facilitate the growth of the market in the upcoming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global online travel market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service type, platform, mode of booking and age group.

Breakup by Service Type:
Transportation
Travel Accommodation
Vacation Packages

Breakup by Platform:

Mobile
Desktop

Breakup by Mode of Booking:

Online Travel Agencies (OTAs)
Direct Travel Suppliers

Breakup by Age Group:

22-31 Years
32-43 Years
44-56 Years
Above 56 Years

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Expedia Group Inc., Fareportal Inc., Hostelworld Group plc, HRS, Hurb, MakeMyTrip Pvt. Ltd., priceline.com LLC (Booking Holdings Inc.), Thomas Cook India Ltd. (Fairfax Financial Holdings Limited), Tripadvisor Inc. and Yatra.com.

Key questions answered in this report:
How has the global online travel market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global online travel market?
What are the key regional markets?
What is the breakup of the market based on the service type?
What is the breakup of the market based on the platform?
What is the breakup of the market based on the mode of booking?
What is the breakup of the market based on the age group?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global online travel market and who are the key players?
What is the degree of competition in the industry?