Global Online Travel Market Anticipated to Exceed US$ 1,569.25 Billion by 2030 | Renub Research
15 Feb, 2024

In a report titled "Global Online Travel Market: Global Industry Trends, Share, Size, Trends, Growth, Opportunity, and Forecast 2024-2030," published lately by Renub Research, market share insights are blanketed and thorough enterprise analysis. The record also consists of studies on regions, competition, and the recent growth of the Global Online Travel Market.

The Global Online Travel Market is expected to witness a remarkable growth rate of 11.27% between 2023 and 2030. With the increasing digitalization and technological advancements, coupled with the rising demand for personalized and hassle-free travel booking experiences, the Global Online Travel Market is poised to reach value of around US$ 1,569.25 Billion by 2030.

Online travel bookings in the US have been consistently rising, with a rate of over 60% in 2022. The trend is expected to continue with a growth rate of up to 70% until 2025. The online travel market is rapidly evolving with increasing digital adoption.Travelers can now conveniently book trips from their homes using online and mobile platforms. The digital landscape offers a variety of options for comparing the costs and features of airlines, hotels, and tour companies. Personalization is vital, allowing travelers to tailor their search based on interests and budgets. Technology like blockchain enhances transparency and safety in the reservation process. The rise of online travel companies and mobile travel apps has streamlined the booking process. AI-powered platforms will continue to improve personalization and provide immersive experiences based on individual preferences.

Online platforms and travel tech have fuelled the growth of the global online travel market

Online travel agencies (OTAs) like Booking.Com, Expedia, and Airbnb are pivotal, imparting seamless flight and hotel reservations. Their prominence stems from mobile tool use and prolonged internet accessibility, easing online studies. Social media, specifically Instagram and Pinterest, inspires journey plans. Airbnb's alternative hotels disrupt conventional lodges. The demand for personalized reports drives OTAs to apply information and analytics. With upgrades like rate assessment websites, travel technology improves affordability and complements the tour experience with real-time records. It additionally opens opportunities to discover off-the-beaten- path places, shaping the worldwide travel market.

The travel accommodation booking segment is expected to attain the maximum rapid growth in the global online travel market

A surge in alternative accommodation alternatives has been tremendous in recent years. This trend is mainly embraced by millennials seeking real and local travel experiences, regularly at a more affordable price range than traditional hotels. Online travel agencies (OTAs) utilize information and analytics to meet the growing demand for personalized tours. They recommend lodges based on past behaviors and tailor suggestions to visitors' interests and preferences. Anticipating the future, AI is crucial for personalized recommendations and automating obligations; sustainability gains significance with eco-friendly alternatives, and the growing incidence of voice search is prompting OTAs to optimize for this rising trend.

Report Details:

The increasing integration of UPI with online travel platforms is expected to drive the adoption of UPI in the global online travel industry

UPI transactions are the remaining solution for speed and convenience, especially in online travel bookings. With UPI IDs, fund transfers are quick and hassle free, eliminating of the need for lengthy card data and complicated verifications. UPI is renowned for its strong security, subsidized by multi authentication layers that instill confidence in safeguarding sensitive economic information for online travel transactions. With the support of 200 banks and 150 payment apps, UPI has efficiently catered to many Indian tourists. The growing utilization of the internet has in addition amplified its increase, imparting a seamless payment experience tailor-made for smartphones. Its integration with main excursion systems like MakeMyTrip, Yatra, and Goibibo has appreciably boosted UPI adoption. Thanks to government initiatives along with the BHIM app and Digital India, UPI's use has been promoted throughout sectors, including online journey.

Mobile and tablets are poised to be increasingly important in the online travel industry

Mobile phones and tablets have revolutionized the travel industry by presenting seamless access to data and reservation offerings, making them animportant tool for tourists. With an expected increase in cell customers, projected to attain 6.13 billion in 2025, the future of online travel is looking brighter than ever. The rise of journey apps, actual-time updates, and direct reserving alternatives have made travel greater reachable. 

Mobile bills and platforms like Apple Pay and Google Pay have simplified the reserving system. Mobile-first travel manufacturers together with Hopper and Skyscanner have more advantageous the enterprise's rapid increase. By leveraging visitor statistics for customized experiences, mobile devices are poised for significant and speedy expansion in the online tour panorama.

China is poised for continued global online travel market growth in the coming years

The China online travel market has emerged as a true powerhouse on the global stage, pushed by the rapid growth of the middle-class and their increasing disposable earning, as well as pinnacle-notch internet and smartphone penetration rates. The Chinese government unwavering help for the tourism sector, evident in its infrastructure development and online platform enhancement, similarly strengthens the dominance of social media platforms including WeChat and Weibo, which closely influence travel choices.

China's travel industry is experiencing a big transformation, revolutionizing how Chinese tourists plan and enjoy their trips. Domestic travel, facilitated through the country’s enormous and sundry geography, accounts for over 80% of general spending. Pioneering platforms together with Ctrip, Alibaba's Fliggy, and Tencent's Travel lead the way, making sure an exceptional travel experience for Chinese travelers.

Competitive Landscape

The global online travel industry is currently being reshaped by several well-known companies, including Airbnb, Expedia Inc., Booking Holding, Trip Advisor Inc., Trip.Com Group Ltd, Hostelworld Group PLC (HSW), Trivago N.V., Despegar.Com Corp., MakeMyTrip Limited, and Lastminute.Com Group. These companies are making significant strides in the industry and are poised to continue leading the future.

Market Summary

• Type - A Renub Research report on the Global Online Travel Market looks at type from two angles (Package, Direct).
• Service Type - The report analyses the Global Online Travel Market by service type market analysis from three angles (Transportation, Vacation Packages, and Travel Accommodation).
• Payment Mode - A Renub Research report on the Global Online Travel Market looks at payment mode from four angles (UPI, E-Wallets, Debit/Credit Card, Other).
• Devices Type - The report analyses the Global Online Travel Market by device type market analysis from two angles (Mobile/Tablet, Desktop).
• Regions - The report analyses the Global Online Travel Market by regions from six different angles (North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, and Turkey), Asia Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, and New Zealand), South America (Brazil, Mexico, and Argentina), Middle East & Africa (Saudi Arabia, UAE, and South Africa) and Rest of World).
• Key Players - Every significant player in the Global Online Travel Market has been discussed from three perspectives (Overview, Recent Developments, and Revenue): Airbnb, Expedia Inc., Booking Holding, Trip Advisor Inc., Trip.Com Group Ltd, Hostelworld Group PLC (HSW), Trivago N.V., Despegar.Com Corp., MakeMyTrip Limited, and Lastminute.Com Group.

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