Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Online Travel Agent Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The online travel agent market size is expected to see strong growth in the next few years. It will grow to $1121.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to the rapidly growing urban population, increasing population growth, a shift in travel trends, the resurgence of staycations, faster economic growth, a surge in smartphone users, increased opportunities in car rentals, technological advancements, and government initiatives. Key trends in the forecast period encompass a focus on new technological developments, the launch of new and innovative products, an emphasis on offering attractive packages for solo travelers to optimize profits, a focus on customer acquisition through direct booking platforms, efforts to enhance search engine rankings for customer attraction, consideration of investments in chatbots to improve customer experiences, and contemplation of acquisitions to enhance user experiences and broaden the customer base.
The growth of the online travel agent market is further expected to be propelled by increasing flexible payment options. The demand for flexible payment options is on the rise due to factors such as global customer bases, digital wallet adoption, contactless payments, evolving regulations, and the need for risk mitigation. Businesses are striving to offer convenient and secure payment methods to cater to diverse preferences. Online travel agencies are responding by providing various payment options, including credit cards, digital wallets, installment plans, and more. This ensures a convenient and secure booking and payment experience for travelers. For instance, as of 2022, 9 out of 10 users in the United States were using online payments, with about 66% of Americans regularly using mobile wallet payments. The flexibility offered by these payment options, with 89% of consumers in the US using digital payments and 60% preferring wallets, is expected to drive the growth of the online travel agent market in the forecast period.
A major trend driving the growth of the online travel agent market during the period is the growing initiatives by the governments of various countries to promote tourism and develop strong tourism infrastructure to enhance revenues from the tourism industry. For example, as per The Budget 2022, the Government of India allocated an additional amount of INR 2400 crores ($307.12 million) to the Ministry of Tourism, marking an 18.42% increase from 2021-22. This budget will be utilized by the Ministry of Tourism for the development of tourism infrastructure, marketing, promotion, and capacity building. Consequently, government initiatives and measures to boost tourism and build robust tourism infrastructure are identified as key trends in the online travel agent market over the specified period.
Markets Covered:
1) By Service Type: Vacation Packages; Travel; Accommodation
2) By Platform: Mobile/Tablet Based; Desktop Based
3) By Category: Hotel Bookings; Tickets; Others
Key Companies Mentioned: Booking Holdings; Expedia Group; Airbnb; Trip.com Group Limited; TripAdvisor
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
For more information about this report visit https://www.researchandmarkets.com/r/4u5igj
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