The Global Online Travel Agency (OTA) market is estimated to be $147.58 billion in 2028 and is anticipated to grow at a CAGR of 4.58% from 2021 to 2028. The main purpose of an online travel agency is to arrange and sell transportation, trip, tour, and accommodation via the online platform. OTA ensures to ease out travel planning and bookings for travelers. Nowadays, the ease of booking through mobile applications has anticipated the growth of the OTA market globally.
The major factors that have impacted the growth of the OTA is Rise of social media, and growing middle and upper middle class.
Rise of social media
Since the revolution of social media, many e-commerce companies have gained popularity and attention. Nowadays, online travel agencies post their most frequently booked locations and locations which must be visited on their blogpost. This type of post is seen very frequently on social media which has increased awareness among people. Also, the ease of booking through mobile applications has expected to grow in the market.
Growing middle and upper middle class
The growth of middle and upper middle class has considerably expected to affect the online travel agency (OTA) market. Nowadays, middle class people can pay for transportation or trip for very economical packages which are pre-made by online travel agencies. Further, vacation packages made by online travel agency (OTA) can be very budget friendly and wholesome as travel, food and accommodation is pre-organized.
Transportation with safety is now a big concern in 2021 due to the global pandemic of COVID-19 in 2019-2020. This factor has caused awareness in online travel agency (OTA) to prioritize public safety and comfort while travelling.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the global online travel agency market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the global online travel agency market report also includes following data points:
- Impact on global online travel agency market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in global online travel agency market
Key Insight in the report:
The Global Online Travel Agency (OTA) market report covers Executive Summary, Market Dynamics, Trend Analysis, Market Size and Forecast, Competitive Intelligence, Market Positioning, Product Benchmarking, and Opportunity Analysis.
The report covers extensive competitive intelligence which includes following data points:
- Business Overview
- Business Model
- Financial Data
- Financial – Existing
- Financial – Funding
- Product Segment Analysis and specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Online Travel Agency (OTA) Market is analyzed across below-mentioned different segments:
- By Service Type
- Travel Accommodations
- Vacation Packages
- By Types of Platform
- By Age Group
- By Application
- Translational Service
- Directional Guidance
- Audio Guidance
Online Travel Agency (OTA) Market is also analyzed across below-mentioned regions/countries
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in of Online Travel Agency (OTA) Market include:
- Booking Holdings
- com International, Ltd.
- THOMAS COOK GROUP PLC
- TRIVAGO GMBH
- Hostel World Group
- In June 2020, Hostel World Group had developed a digital space Virtuallyahostel.com to bring the customers and hostels around the world together. Virtuallyahostel.com features five themed video chatrooms, where hostel owners are running interactive events that mirror the real-life experiences they host for guests.
- In September 2020, Thomas Cook India & SOTC tap into the demand for offbeat/unique experiences Launch India’s Hidden Gems starting at INR. 11,500.
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- OTA market historical market size for year 2020, and forecast from 2021 to 2028
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Global Travel Agency market