BangaloreIndia , April 7, 2022 /PRNewswire/ — The Global Online travel market is segmented by Type (Online Travel Agencies, Direct Travel Providers), by Application (Transportation, Travel Accommodation, Vacation Packages): Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Appreciate the reports under the Travel Category.
The size of the global online travel market is expected to reach 1012890 million USD by 2028, $593,480 million in 2021, at a CAGR of 7.5% over the period 2022-2028.
Key Factors Driving Online Travel Market Growth:
The growth of the online travel market is expected to be fueled by factors such as increased internet penetration, increasing disposable income, and government initiatives to promote tourism.
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TRENDS AFFECTING THE GLOBAL ONLINE TRAVEL MARKET:
As the internet becomes more widely used, the demand for online travel services increases. The majority of end users in the market have access to mobile phones. Online travel is simple to access using devices and the internet. The demand for online travel is increasing thanks to innovative travel apps.
The disposable income of the population has increased due to the economic growth of recent years. As a result, people have more money to spend on vacations in different places. Additionally, emerging markets are early adopters of online travel markets. While existing key players are investing more, emerging countries have a lot of potential. The integration of big data will also lead to new developments. Travelers can have a real tourist experience using VR and AR technologies. They can imagine and visualize destinations using augmented reality and virtual reality. More online commercial bookings will benefit from these developments. Expansion leads to increased investment in the market.
People have been heavily exposed to social media sites since the inception of the internet. Before making a purchase, people browse websites, gather detailed information, and review the required product or service. Additionally, social media platforms such as Facebook, Twitter, and travel blogs have become popular places where people can discuss their travel plans. During the forecast period, social media serves as a platform for online travel service providers to advertise their services and special offers for online bookings, resulting in an increase in the online travel market.
Moreover, during the forecast period, the online travel market is expected to be fueled by government initiatives aimed at promoting tourism. Many governments have developed their own online travel websites where citizens can book train and air tickets directly to desired destinations.
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ONLINE TRAVEL MARKET SHARE ANALYSIS:
By type, online travel agencies are expected to be the most lucrative segment.
Based on the application, travel accommodation is expected to be the most lucrative segment.
As the world has become more integrated, companies have expanded their operations globally and travel accommodation has become the largest contributor to the online travel market.
Based on the region, Asia Pacific should be the most lucrative region. A growing middle class, rising disposable income and increased internet penetration are all contributing factors to growth.
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- Price line
- Ctrip.Com International
- Hotel Urbano
- thomas cook
- Hays Tourist attractions
- yatra In line
- Ali Baba
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– The Global leisure travel market size was estimated at $1,006.5 billion in 2019, and should reach $1,737.3 billion by 2027, registering a CAGR of 22.6% from 2021 to 2027.
– The Global travel insurance market size was estimated at $19.2 billion in 2019 and is expected to reach $39.3 billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.
– The Global Business travel market size was estimated at $695.9 billion in 2020 and is expected to reach 2001.1 billion by 2028 at a compound annual growth rate (CAGR) of 13.2% from 2021 to 2028.
– The Global medical tourism market size taken into account $104.68 billion in 2019, and should reach $273.72 billion by 2027, registering a CAGR of 12.8% from 2019 to 2027 in terms of value.
– The Global Sports tourism market the size should reach 2204220 million USD by 2028, $1564500 million in 2021, at a CAGR of 5.2% over the period 2022-2028.
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