Online Travel Market Size, Share, Growth Analysis, By Platform Type(Mobile and Desktop), By Booking Mode(Online Travel Agencies and Direct Travel Agencies) - Industry Forecast 2024-2031

Online Travel Market size was valued at USD 1105.80 billion in 2022 and is poised to grow from USD 1237.39 billion in 2023 to USD 3041.92 billion by 2031, growing at a CAGR of 11.90% during the forecast period (2024-2031).

To increase their market share, increase profitability, and keep their position as the dominant players in the online travel sector, these companies have adopted a variety of developmental techniques. Online travel industry participants are developing updated smartphone applications that attract millennial travelers with fantastic travel offers and simple booking. Due to its usefulness, ease, and accessibility, mobile devices are also the preferred method of trip booking for the majority of young travelers. Players in the market are offering a greater variety of hotels at reasonable rates to travelers. Customers check lodging choices on numerous websites to find the greatest cost. 'Booking Holdings Inc. (United States)', 'Expedia Group, Inc. (United States)', 'Ctrip.com International, Ltd. (China)', 'Trip.com Group Ltd. (China)', 'Airbnb, Inc. (United States)', 'MakeMyTrip Limited (India)', 'eDreams ODIGEO (Spain)', 'Despegar.com, Corp. (Argentina)', 'TripAdvisor, Inc. (United States)', 'Trivago N.V. (Germany)', 'H.I.S. Co., Ltd. (Japan)', 'Agoda Company Pte. Ltd. (Singapore)', 'Rakuten Travel Inc. (Japan)', 'Yatra Online, Inc. (India)', 'Wotif.com Holdings Pty Ltd (Australia)', 'CheapOair.com (United States)', 'Traveloka (Indonesia)', 'Kiwi.com (Czech Republic)', 'Opodo Ltd. (United Kingdom)', 'eSky Group (Poland)', 'Goibibo (India)', 'Lastminute.com Group (United Kingdom)'

The advent of mobile applications has revolutionized the online travel market. Mobile apps allow travelers to access travel services on the go, providing real-time updates, itinerary management, and seamless booking experiences. Technological advancements such as augmented reality (AR) and virtual reality (VR) have further enhanced the online travel experience by offering immersive and interactive travel previews.

The increasing social media platforms have become integral in the travel planning and decision-making process. Travelers often seek inspiration, recommendations, and reviews through social media channels. Influencers and user-generated content contribute to shaping travel preferences and influencing online bookings.

During the study period, the Asia Pacific online travel market is anticipated to expand significantly, reaching 451.97% in 2022. People's increased purchasing power and greater living standards are two key elements luring them into the travel & tourism industry and driving the expansion of the regional internet travel market. Furthermore, the group travel industry has been significantly accelerated and encouraged by regional economic growth, the convenience of travel restrictions, growing competition, and aggressive promotion techniques used by the sector's involved players. These factors are anticipated to accelerate the growth of the online travel industry over the course of the assessment period.