Global Online Travel Market Forecast Report By Type (Package, Direct), Service Type (Transportation, Vacation Packages, Travel Accommodation), Payment Mode (UPI, E-Wallets, Debit/Credit Cards, Other), Gender (Male, Female), Booking Device (Mobile/Tablet, Desktop), Countries and Company Analysis 2024-2032

Driving Forces for the Online Travel Market

Growth in Mobile and Internet Usage-Online travel planning and booking has grown more widely available as more individuals get smartphones and internet connections. Additionally, in an effort to reach a wider audience, a number of travel agencies are heavily investing in developing an online presence through social medical platforms, which is favorably impacting the outlook for the online travel business. For example, 5.44 billion people used the internet globally as of April 2024, accounting for 67.1% of the world's population. 5.07 billion people, or 62.6% of the global population, used social media out of this total.

Furthermore, nearly 60% of all internet time was spent by consumers worldwide on mobile devices in the third quarter of 2023. Travelers may now quickly research places, compare rates, and make reservations through online platforms, which streamlines and expedites the process. This is made possible by the expanding availability of the internet.

Competitive Rates and Offers-The market's competitiveness is leading to aggressive pricing and alluring offers. Companies that arrange travel are making an effort to draw clients by providing special offers, subsidized packages, and last-minute discounts. Additionally, the ability to make reservations online enables tourists to evaluate costs on other websites in order to identify the greatest offers and obtain the most affordable rates. Travelers are further encouraged to book through these platforms through loyalty programs and reward systems, which increase client loyalty and engagement.

For instance, the Expedia Group redesigned its loyalty program in July 2023 to enable users to accrue and use points from its three most well-known brands: Hotels.com, Vrbo, and Expedia. Members of this streamlined loyalty program earn elite status based on each trip segment they book and receive 2% OneKeyCash for every dollar they spend.

Growing Interest in Studying at Foreign Universities- The growing inclination towards studying abroad is one of the key factors driving the online travel industry's earnings. This is explained by the desire for high-quality education, improved employability, and cultural enrichment, all of which draw students who are interested in learning foreign languages and gaining international experiences.

For example, the largest proportion of international students are studying in China and India, the two most populated countries in the world. In 2021, over a million Chinese students were studying overseas, according to UNESCO figures. India accounted for about half of this total, with about 508,000 of its students studying abroad. In 2021, there were over 833,000 students studying abroad, making the United States the most popular location. The UK, with almost 601,000 students; Australia, with about 378,000; Germany, with over 376,000; and Canada, with about 318,000, were the next countries in line. In order to meet the needs of student travelers, online travel agents take advantage of this trend by providing customized packages and flexible booking alternatives.

North America Online Travel Market

The North America's online travel market is expanding quickly. The convenience and financial benefits that come with making reservations online have led to a rise in online travel bookings in the area. The provision of more affordable flights, lodging, and other travel-related services is fueling the expansion of the internet travel industry. The development of mobile technology has also made it possible for tourists to plan their journeys while on the go, which has fueled the expansion of the online travel industry. Due to the expansion of the economy and the accessibility of more reasonably priced travel options, the number of travelers in the North American region is also rising.

Furthermore, in an effort to improve user experience and personalization, the industry giants in the United States are spending more and more in online booking platforms. For instance, TripAdvisor and OpenAI collaborated on a trip itinerary generator in July 2023. Using reviews from past visitors, the AI-powered planning tool will generate customized daily travel schedules.

Global Online Travel Market Company Analysis

The top online travel companies are Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd, MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com Corp and Lastminute.com Group.

Global Online Travel Company News

May 2024 - Joyned, a firm that books travel groups, announced the release of an AI planner. Users may share information using this AI planner, which also gives merchants more insight into the kinds of information customers are looking for.

April 2024 - MakeMyTrip, an online travel company, has revealed plans to launch a new, exclusive charter route between Bhutan and Mumbai. The unique charter will leave once a week, and this service is included in their holiday packages. The service was introduced as a result of Bhutan's growing appeal to Indian tourists.

February 2024 - Cleartrip, an online travel aggregator owned by Flipkart, has launched a new offering for business travelers called Out of Office (OOO). OOO is a corporate travel booking platform made for small, medium, and large organizations, according to a statement from Cleartrip. About 300 SMEs and 10 big enterprises are active traders on the platform. It is said that the new product can handle a 20 crore rupee monthly business volume.

November 2023 - Gameplanner is a startup that Airbnb acquired. AI in a $200 million transaction. Gameplanner will expedite a few of Airbnb's AI activities.AI.

July 2023 - Tripadvisor and OpenAI have teamed up to create trip itineraries. Using traveler evaluations, the AI-powered planning tool will generate customized daily travel schedules.

Type – Market breakup in 2 viewpoints:

1. Package
2. Direct

Service Type – Market breakup in 3 viewpoints:

1. Transportation
2. Vacation Packages
3. Travel Accommodation

Payment Mode – Market breakup in 4 viewpoints:

1. UPI
2. E-Wallets
3. Debit/Credit Cards
4. Other

Gender – Market breakup in 2 viewpoints:

1. Male
2. Female

Booking Device – Market breakup in 2 viewpoints:

1. Mobile/Tablet
2. Desktop

Country – Market breakup of 25 Countries:

North America

•    United States
•    Canada

Europe

•    France
•    Germany
•    Italy
•    Spain
•    United Kingdom
•    Belgium
•    Netherland
•    Turkey

Asia Pacific

•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Thailand
•    Malaysia
•    Indonesia
•    New Zealand

Latin America

•    Brazil
•    Mexico
•    Argentina

Middle East & Africa

•    South Africa
•    Saudi Arabia
•    UAE

Rest of the World
 

All the key players have been covered from 3 Viewpoints:

•    Business Overview
•    Recent Development
•    Revenue Analysis

Key Players Analysis:

1. Airbnb
2. Expedia
3. Booking Holding
4. Trip Advisor Inc.
5. com Group Ltd
6. MakeMyTrip Limited
7. Hostelworld Group PLC (HSW)
8. Trivago N.V
9. Despegar.com Corp
10. Lastminute.com Group

Report Details: