Dallas, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) — The ability to serve as a crucial medium of connection between tour operators and travellers along with the availability of comparative price points will significantly boost the global online travel agencies market. The presence of online travel agencies allows travellers to explore multiple price ranges and helps to maintain the budget for the tour. Many travellers use online travel agencies as research tools to filter out the best tour plans and save time. Online travel agencies facilitate the phenomenon of the Billboard Effect allowing medium-scale tour operators to widen their market reach and expand sales with minimal investment. In 2032, the market for online travel agencies is anticipated to reach $900.15 billion, growing at a CAGR of 15.8% from 2032.
Online travel agencies also support low-price airline and railway bookings for travellers. Moreover, online travel agencies allow travellers to compare reviews of different tour operators and decide on choosing the best fit. The ability to provide quick sales of tours even during the low season will immensely benefit the global market.
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Furthermore, the online travel agencies market can be classified into accommodation, vacation packages and transportation based on the types of services. The ability to provide a discounted price range for various travel purposes and a smooth experience will drive the transportation segment in the global market. The travel agencies also provide quality food and lodging services to travellers at a discounted price. The providence of flexible booking dates and easy cancellation policies will drive the global online travel agencies market. Travellers get the benefit to search for luxuries as well as budget hotels listed on the travel agency platforms which allows multiple choices as per the needs and requirements of the traveller. Several marketing strategies used by travel agencies to attract tourists with discounted tour programs will serve as a major factor for the growth of the global market.
Report coverage & details:
|CAGR||CAGR of 15.8% during 2022-2032|
|Segment Covered||Service Type, Device Platform, Payment Modes, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Expedia Group, Ebury Partners UK, Fareportal, Hostelworld Limited, Hurb Co S/A, HRS, MakeMyTrip, Oracle Corporation, Priceline, SABS Travel Technologies, Tavisca Solutions, Thomas Cook India, travelomatix.com, Trip.com Group|
The global market has achieved greater heights owing to recent developments and innovations. A sightseeing tour of New York at less than $800 was announced by Travellium in June 2022. Two exclusive land experience to Alula was announced by Sky Vacation in August 2022 to witness the natural beauty of the world. Holiday factory announced the best Europe tour package in July 2022 to expand their sales and revenue. The latest launches to meet the Traveller’s luxury and streamline the tourism industry will significantly boost the growth of the global online travel agencies market.
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A significant proportion of the global market will be captured by the Asia Pacific in 2030. Constant initiatives and programs launched to connect tour operators and travel lovers will act as a catalyst for the growth of the regional market. The increasing disposable income conversion to a luxurious lifestyle will expand demand for online travel agencies. The collaboration of online travel agencies with several tour operators will help to expand the regional market demographics and maximize profitable sales. China holds one of the world’s top five online travel agencies market rapidly expanding regional growth.
Table of Contents:
2. Research Methodology
3. Market Outlook
4. By Service Type, 2019-2029 (USD Billion)
• Vacation Packages
5. By Device Platform, 2019-2029 (USD Billion)
6. By Payment Modes, 2019-2029 (USD Billion)
• Debit / Credit Card
• Others (Vouchers, Discount Codes)
7. Regional Overview, 2019-2029 (USD Billion)
o Rest of Europe
o Rest of Asia Pacific
o Rest of South America
Middle-East and South Africa
8. Competitive Landscape
9. Company Profiles
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