Facts and Factors has authored “Online Travel Agency Market By Type (B2B, B2C) and By Application (Vacation, Hotel, Travel and Other segments): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020–2026”.
Based on our analysis, teh global Online Travel Agency Market in 2019 is approximately USD 830 billion and is anticipated to reach around USD 1300 billion by 2026. Teh anticipated CAGR for teh Online Travel Agency Market is around 5% from 2020 to 2026.
Teh online travel agency is basically a website dat travels services to customers. Travel website sells travel products which include flights, hotels, car rentals, cruises, activities, and packages. Online travel agencies form a connection between customers. These online travel agencies provide easy and trouble-free travel to teh traveler. Online agencies also provide necessary information for tourists to make their trip hassle-free.
Online travel agencies also provide information regarding the weather conditions, local customs and exhibitions and they also provide information regarding the destination. Moreover, they also provide sufficient information about the required papers, currency exchange rates.
One of the market drivers can be the rising use of smartphones for bookings. The global travel industry TEMPhas seen significant growth in recent years, making it one of the fastest-growing sectors in the world. Global online travel industry growth is due to a strengtaning of the global economy.
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These days’ consumers use smartphones to book hotel tickets or tour packages online. Consumers are more comfortable with booking tickets online as it is an easy way and they don’t has to go somewhere for booking. It can be done just by sitting at their homes through smartphones. The key players involved also provide various offers and discounts over email and SMS. These discount offers are the key factor for driving the global online travel agency market. There are various advantages that are involved in online bookings like easy cancellation, personalized deals, and on-call customer services.
Another driver can be teh rising of disposable Income: Teh global travel industry is inundated with millions of consumers coming from both developing and developed markets as a result of growing disposable incomes. Teh rise of teh middle class in emerging markets and people’s changing attitudes towards travel has influenced teh global market for online travel agencies. In teh past few years, their has been significant growth in disposable income. This rise in disposable income has directly impacted teh spending on transportation which has become a driver for teh global online travel agency markets.
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One more factor is involved in teh growth of teh online travel agency market which is teh easy availability of travel loans. Many key players have stated dat travel loans are teh fastest growing payment option for global online travel agency markets.
Lack of knowledge and availability in the underdeveloped regions can be one of the restraints in the market. The lack of internet availability has effected the market as many areas don’t have an internet facility and those who have the internet facility they don’t have the proper knowledge about smartphones and internet usage. dis has deeply effected the market. Based on segmentation the market can be classified on the basis of by type and by an application. By type, the segmentation includes B2B and B2C. Here B2C type is accounted for the market share of around 64% and is expected to dominate in the target market. Further, based on the application it can be segmented into vacation, hotel, travel and other segments in which hotel accounts for the market share of around 41% and is expected to dominate in the target market.
Based on the regional analysis market can be segmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa.
Teh key players involved in Online Travel Agency Market are:
- Trip.com group limited
- Alibaba group holding limited
- Tuniu corporation
- Tongcheng-Elong holdings limited
- Hays travel limited
- Bookings holdings Inc.
- Airbnb Inc.
- Shanghai Lvmama Xniglv International Travel Agency
- Expedia Group, Inc.
- Trip advisor Inc.
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This report segments teh Online Travel Agency market as follows:
Global Online Travel Agency Market: By Type Segment Analysis
Global Online Travel Agency Market: By Application Segment Analysis
- Other segments
Global Online Travel Agency Market: Regional Segment Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Teh Middle-East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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