According to the latest report, the global
online travel market size reached US$ 512.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,267.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.4% during 2024-2032.
Global Online Travel Industry Trends and Drivers:
The global online travel market is primarily being driven by the steady expansion of the travel and tourism industry due to decreasing airline fares and favorable government policies. Moreover, the shifting consumer preference for online travel services, influenced by information and communication technologies (ICTs) that enable quick and easy flight and hotel bookings, enhance customer trust in online payment, and provide multiple options for comparison, is propelling the market growth. Additionally, the proliferation of online travel agencies (OTAs) offering market insights and tools for targeting tourists, securing and processing bookings, communicating with guests, and managing reviews is creating a positive outlook for the market. Furthermore, the launch of various mobile-based websites and apps by leading market players, combined with the adoption of aggressive promotional activities through online and television (TV) advertising, billboards and sponsorships, and social media marketing channels, is driving the market growth. Other factors, such as increasing disposable incomes among individuals, the escalating penetration of smart devices, easy access to high-speed internet connectivity, the rising popularity of solo travel, and an increasing number of business travelers, are presenting lucrative growth opportunities for the market.
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On the basis of the service type, the market is segregated into transportation, travel accommodation, and vacation packages.
Based on the platform, the market has been bifurcated into mobile and desktop.
On the basis of the mode of booking, the market has been divided into online travel agencies (OTAs) and direct travel suppliers.
Based on age group, the market is categorized into 22-31 years, 32-43 years, 44-56 years, and above 56 years.