The Business Research Company’s Online Travel Agent Market. The report covers market size, key players, market share and trends to 2023.
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Online Travel Agent Market is one of a series of new reports from The Business Research Company that provide Online Travel Agents market overviews, analyze and forecast market size and growth for the whole market, Online Travel Agents market segments and geographies, Online Travel Agents market trends, Online Travel Agents market geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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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 the sales of travel services such as flights, buses, vacation packages, hotels, and rental cars via online networks. The online travel agent market covered in this report is segmented by service type into vacation packages; transportation; accommodation and by platform into mobile/tablets based and desktop based. An online travel agent (OTA) is an individual or a company that provides a web-based market place, which allows consumers to research and book travel products and services, such as hotels, flights, cars, tours, and cruises, among others, directly with travel suppliers.
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The global online travel agent market reached a value of nearly $744.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 7.9% since 2015. The market declined from $744.7 billion in 2019 to $595.8 billion in 2020 at a rate of -20.0%. The decrease is mainly due to COVID-19 pandemic across all countries in the world as most countries went into lockdown with severe travel restrictions. Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The market is expected to grow at a CAGR of 14.8% from 2021 and reach $902.2 billion in 2023.
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