Dublin, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The "Global Online Travel Market Forecast Report By Type, Service Type, Payment Mode, Gender, Booking Device, Countries and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The online travel market will reach a figure of US$ 1.97 trillion by the year 2032 from the US$ 659.08 billion in 2023, with a CAGR of 12.99 percent between 2024 and 2032. Main drivers influencing its growth include; aggressively rising solo traveling, access to high-speed internet, rising business travelers, and the smart device. 
Consumers can use the existing online travelling selling companies like Expedia, booking. online agencies such as Expedia, Orbitz, TripAdvisor, Trivago, and Airbnb, as well as the direct sites of airlines and hotels to get more tools for searching for the cheapest price, and reading the reviews to make the right decision.
People enjoy going on travel and this is favored by the following benefits associated with online travel. It is flexible for the users because they can make travel arrangements without necessarily being physically present with the agent. The opportunities to compare different options enable people to define the best offer and choose the kind of journey they would like to have. Recommendations from people and reviews online have enabled one to have a look at excellent services hence improving on the decision-making process.
Finally, convenience is seen in a way that internet travel platforms have promotions and combo prices that many are inexpensive. It also makes travel easier to organize since there are no physical tickets or papers to deal with; confirmations and changes are also real time and thus the experience of travelling is enhanced.
Driving Forces for the Online Travel Market
Digital Transformation
Digital technology advancement plays an influential role in encouraging the online traveling market at a very high rate. Technologies such as mobile applications, artificial intelligence, and machine learning enhance users' experience through customized travel guidance and increased convenience of the bookings. Owing to the portable technology that is available in the shape of smartphones and relatively open internet access, travelers can plan and buy depending on the time that is convenient for them.
The incorporation of active secure payment gateways makes for safe, effective, and efficient transactions. Digitalization also includes the use of big data to improve the understanding of client needs and preferences to deliver corresponding services. It is thus obvious that continuous advances in technology make the online business of travel more appealing and easily accessible hence expanding the market.
Consumer Convenience
The availability, flexibility, and easy access of online travel platforms are one of the strongest influencing factors of this market. These platforms enable the consumers to compare the prices, check the reviews, and even book for the travel services a comfort of their homes. The services like round-the-clock booking for other available time periods and immediately provided confirmation make the decision-making easier.
There is much information regarding the destinations, travel, and accommodations that can easily be access through multiple online platforms. Also, booking, changing, and getting the customer support online helps in improving the traveling experience. This convenient factor alone goes a long way to contribute towards the shift in consumers' preference from the traditional travel agencies to online travel services.
Rising Disposable Income
The market for online travel is rapidly growing worldwide because of increased disposable income, including growing economies. Consumers and households have more disposable income meaning they are willing to and can afford to travel and other leisure services. International and domestic trips are easily affordable by those who have attained better income levels, thereby increasing the travel services consumption.
Several budget choices exist in this regard, and online travel platforms are lucky to receive this benefit. The availability of unique promotions and offers directly through the internet enhances the attractiveness of travelling for consumers irrespective of their income and thereby boosts the market.
Asia Pacific Online Travel Market
The Asia Pacific online travel market is considered to be on the brink of a significant growth trajectory due to factors such as; Disposable income, Internet usage, and Smartphone usability. Major source markets like the China, India and South East Asia are experiencing a growing number of young people, technologically connected who are commissioning more through online tools. Technological advancement and a large middle class population with increased disposable income make for this expansion.
OTAs and mobile applications provide lower prices compared to other companies, target-specific features, and a convenient process of making a reservation. Further, people want to get back to normalcy and improved measures to deal with Covid and unlocking travel bans are fueling demand much more. This convenient market will grow as the number of travelers using technology for bookings and other travel requirements increases.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 225 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $0.66 Trillion |
| Forecasted Market Value (USD) by 2032 | $1.98 Trillion |
| Compound Annual Growth Rate | 12.9% |
| Regions Covered | Global |
Global Online Travel Company News
- In May 2024, Joyned announced the release of an AI planner. Users may share information using this AI planner, which also gives merchants more insight into what customers are looking for.
- In April 2024, MakeMyTrip revealed plans to launch a new exclusive charter route between Bhutan and Mumbai. The unique charter will leave once a week and is included in their holiday packages. The service was introduced because of Bhutan's growing appeal to Indian tourists.
- MARCH 2024: American Express GBT announced it entered into a definitive agreement to acquire global business travel and meetings solutions provider CWT, a deal some investors believe could foreshadow more mergers and acquisitions in the sector.
- In February 2024, Cleartrip launched a new offering for business travelers called Out of Office. According to a statement from Cleartrip, OOO is a corporate travel booking platform made for small, medium, and large organizations. About 300 SMEs and ten big enterprises are active traders on the platform. The new product can handle a 20crore rupee monthly business volume.
- July 2023, Tripadvisor and OpenAI have teamed up to create trip itineraries. The AI-powered planning tool will generate customized daily travel schedules using traveler evaluations.
Key Players Analysis: Business Overview, Recent Developments, Revenue Analysis
- Airbnb
- Expedia
- Booking Holding
- Trip Advisor Inc.
- Trip.com Group Ltd
- MakeMyTrip Limited
- Hostelworld Group PLC (HSW)
- Trivago N.V
- Despegar.com Corp
- Lastminute.com Group
Type- Market breakup in 2 viewpoints:
- Package
- Direct
Service Type- Market breakup in 3 viewpoints:
- Transportation
- Vacation Packages
- Travel Accommodation
Payment Mode- Market breakup in 4 viewpoints:
- UPI
- E-Wallets
- Debit/Credit Cards
- Other
Gender- Market breakup in 2 viewpoints:
- Male
- Female
Booking Device- Market breakup in 2 viewpoints:
- Mobile/Tablet
- Desktop
Country - Market breakup of 25 Countries:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of the world
For more information about this report visit https://www.researchandmarkets.com/r/b0scfa
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