Global Online Travel Agent Market To Reach Value Of $820 Billion In 2023
The global online travel agent market is expected to decline from $744.73 billion in 2019 to $595.78 billion in 2020 at a rate of -20%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, restriction on cross-border travel and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $820.18 billion in 2023 at a rate of 11.24%. The surge in smartphone users, along with growing internet penetration, is anticipated to boost the online tourism industry and the business for travel agents during the period. However, rising possibilities of uncertain events such as the COVID-19 outbreak or natural calamities is projected to limit the growth of the tourism industry and thus online travel agents.
The online travel agent market consists of sales of travel services through online channels. Online travel agents or agencies are those individuals or companies that have websites that allow consumers to book various travel related services via the internet. Travel agents are engaged in sales of travel services such as flights, buses, vacation packages, hotels, and rental cars via online networks.
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The global online travel agent market is further segmented based on type and geography.
By Service Type: Vacation Packages; Transportation; Accommodation
By Platform: Mobile/Tablets Based; Desktop Based
By Geography: The global online travel agent market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American online travel agent market accounts for the largest share in the global online travel agent market.
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Trends In The Online Travel Agent Market
Growing initiatives by the government of various countries to promote tourism and build strong tourism infrastructure is a major trend propelling the growth of the online travel agent market during the period. This is in order to boost the revenues generated from the tourism industry.
Online Travel Agent Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides online travel agent market overviews, analyzes and forecasts online travel agent market size and growth for the global online travel agent market, online travel agent market share, online travel agent market players, online travel agent market size, online travel agent market segments and geographies, online travel agent market trends, online travel agent market drivers and online travel agent market restraints, online travel agent market’s leading competitors’ revenues, profiles and market shares. The online travel agent market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.