According to the study published by Evolve Business Intelligence, 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. . Some of the major factors impacting the overall growth of the Online travel agency market include rising internet penetration and the rise of social media platforms for travel bookings. One of the factors hindering the growth of the market is the lack of interlinking between government bodies and private enterprises to share data. However, the introduction of big data analytics is expected to register a significant opportunity to market.
According to Parimal, “The COVID-19 pandemic had a negative impact on the online travel agency market. During the pandemic, the closure of non-essential business and strict quarantine measures taken by governments created a halt in worldwide operation and the impact is seen in the travel and tourism industry, all the airline and lodging, bookings had compelled the travel companies to stop their operations completely. With this online travel agents was also severely hit by pandemic and setback their operations.”
Booking Holdings to hold the highest market share in Online Travel Agent
The online travel agency market has witnessed several new additions to the number of players offering the product. Some of these players are Booking Holdings, TripAdvisor, Expedia, Thomas Cook Group, and MakeMyTrip. Expedia and Jonas team up to expand their travel. Expedia Group’s framework addresses partners, including the new Partner Central Chatbot, which is driven by the company’s AI Lab’s next-generation Centralized Conversational Artificial Intelligence Platform (CCAIP) architecture. This chatbot is a virtual assistant that provides partners with contextual assistance and support.
The online travel agency market report published today includes market revenue generated through the sale of types of platforms such as mobile and desktop. The report also includes the analysis of the market based on service types such as transportation, travel accommodation, and vacation packages. The report also includes the analysis of the market based on applications such as making reservations, translation service, directional guidance, and audio guidance, and the report also includes the analysis of the market based on age group include 22-31, 32-43, 44-56 and, >56.