The online travel market size is expected to reach USD 4.6 Trillion by 2030, according to a new report by GlobalData Plc. Growing trend of travel vlogging among young individuals, high internet penetration, proliferation of smart devices, and rising disposable income are some of the primary factors responsible for the growth of this market. Additionally, travel and tourism vendors are increasingly moving towards digitization by launching online travel booking platforms to offer enhance user experience and maintain a competitive edge in the market.
Global Online Travel Market Share, by Type, 2019 – 2030 (%)
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Online Travel Market FAQs
The online travel market size globally will be valued at $ 2.3 trillion in 2023.
The global online travel market is expected to grow at a CAGR of 10.3% over the forecast period (2023-2030).
The increasing population coupled with the rising disposable income and proliferation of mobile devices is expected to drive the market growth.
Type Segments: Transportation (Airlines, Car Rental, Others), Travel Accommodation, Travel Intermediation (Online Travel Agencies, Tour Operator Websites, Other Travel Intermediaries)
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Online Travel Market Dynamics
Travel and tourism vendors in the market are focused on integrating technologies such as artificial intelligence and machine learning into their websites and applications to automate the travel booking process. Additionally, several companies are leveraging the power of Big Data analytics to study consumer travel pattern, habits, and spending, which are utilized to build tailored travel and tour packages in the future. This is anticipated to offer a personalized experience to the user and helps in seamless travel booking and grievance handling, which bodes well for market growth.
Although online travel booking offers convenience, it also generates the risk of data and privacy concerns. Consumers are becoming highly conscious about how the businesses use their data due to the rise in number of cyberattacks. As such, the increasing usage of technology in travel booking is expected to pose of a challenge to market growth. However, travel vendors are investing in advanced cybersecurity solutions to mitigate cyberattacks and reassure customers about their data privacy.
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Online Travel Market Report Highlights
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Online Travel Market Scope
GlobalData Plc has segmented the online travel market report by type and region:
Online Travel Service Outlook (Revenue, USD Million, 2023-2030)
Online Travel Regional Outlook (Revenue, USD Million, 2023-2030)
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