BANGALORE, India , April 7, 2022 /PRNewswire/ — The Global Online Travel Market is segmented by Type (Online Travel Agencies, Direct Travel Suppliers), by Application (Transportation, Travel Accommodation, Vacation Packages): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Travel Category.
The global Online Travel market size is projected to reach USD 1012890 Million by 2028, from USD 593480 Million in 2021, at a CAGR of 7.5% during 2022-2028.
Major factors driving the growth of the Online Travel Market:
The growth of the online travel market is expected to be fueled by factors such as increased internet penetration, rising disposable income, and government initiatives to promote tourism.
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TRENDS INFLUENCING THE GLOBAL ONLINE TRAVEL MARKET:
As the internet becomes more widely used, there is a growth in demand for online travel services. The majority of market end-users have access to mobile phones. Online travel is simple to access using devices and the internet. The demand for online travel is increasing as a result of innovative travel applications.
The population’s disposable income has increased as a result of economic growth in recent years. As a result, people have more money to spend on vacations to different places. Furthermore, emerging markets are among the first to embrace online travel markets. As existing key players invest more, emerging countries have a lot of potential. Integration of big data will also result in new developments. Travelers can get a real-life tourism experience using VR and AR technologies. They can imagine and view destinations using augmented reality and virtual reality. More online trade bookings will benefit from these developments. Expansion leads to a surge in market investment.
People have been heavily exposed to social media sites since the internet’s inception. Before making a purchase, people browse websites, gather detailed information, and review the required product or service. Furthermore, social media platforms like Facebook, Twitter, and travel blogs have become popular places for people to 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 to promote tourism. Many governments have developed their own online travel websites where citizens can book train and air tickets directly to their desired destinations.
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ONLINE TRAVEL MARKET SHARE ANALYSIS:
Based on type, Online travel agencies are expected to be the most lucrative segment.
Based on application, Travel Accommodation is expected to be the most lucrative segment.
As the world has become more integrated, businesses have expanded their operations globally, and travel accommodation has become the largest contributor to the online travel market.
Based on region, Asia-Pacific is expected to be the most lucrative region. The rise of the middle class, increased disposable income, and increased Internet penetration are all factors contributing to the growth.
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– The global leisure travel market size was valued at USD 1,006.5 Billion in 2019, and is projected to reach USD 1,737.3 Billion by 2027, registering a CAGR of 22.6% from 2021 to 2027.
– The global travel insurance market size was valued at USD 19.2 Billion in 2019 and is projected to reach USD 39.3 Billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.
– The global Business Travel Market size was valued at USD 695.9 Billion in 2020 and is projected to reach USD 2001.1 Billion by 2028 growing at a Compound Annual Growth Rate (CAGR) of 13.2% from 2021-2028.
– The global medical tourism market size accounted for USD 104.68 Billion in 2019, and is projected to reach USD 273.72 Billion by 2027, registering a CAGR of 12.8% from 2019 to 2027 in terms of value.
– The global Sports Tourism market size is projected to reach USD 2204220 Million by 2028, from USD 1564500 Million in 2021, at a CAGR of 5.2% during 2022-2028.
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