Dublin, April 02, 2024 (GLOBE NEWSWIRE) -- The "Case Study: OTAs' Influence on the Travel Industry" report has been added to ResearchAndMarkets.com's offering.
This case study looks at online travel agency (OTA) platforms in the travel and tourism industry. It discusses the concept of OTA platforms and the role it has in the travel industry by analyzing their use cases across multiple sectors within the tourism industry. The case study also discusses the challenges and opportunities facing OTA's.
Key Highlights
- During 2022, the OTA market value performance surpassed its pre-pandemic level by reaching $531.11 billion and reaching $764.69 million in 2023. It is expected that the OTA market is to grow strongly, to reach $1,214.88 billion in market value in 2027, with a CAGR of 12.27% from 2023 to 2027. The increasing penetration of the internet, the growing popularity of mobile devices, and the growing demand for personalized travel experiences are all expected to drive the growth of the market.
- According to the intermediaries database, the United States is the largest contributor to the overall global OTA's market value, contributing 46.33% ($354.26 billion) in 2023. The tourism sector is on a growth path in the United States, owing to the country's rising number of tourists.
- As per the Consumer Survey Q4 2021, 5,211 global respondents said that they prefer OTA's to book their holidays, of which 44.69% (2,329 respondents) belong to Gen Y (Millennials), followed by Gen X with 30.57% (1,593 respondents). Millennials and Gen X are influenced by digitally smart products, owing to which they are expected to look out for advanced booking systems that offer them a personalized experience.
- During 2023, as many countries started encouraging travelers to develop their tourism revenue, the OTA's market value grew to $764.69 billion, with a 71% contribution from domestic trips ($543.65 billion) and a 29% contribution from international trips ($221.04 billion). It is expected that the contribution of OTA's market value by domestic trips is expected to reach 72% ($871.65 billion) and 28% ($343.23 billion) by international trips due to the future positive growth of the tourism industry domestically and internationally.
- In 2022, the expenditure showed a positive sign, reaching $178.18 billion. However, it is lower than its pre-pandemic level. During 2023, the expenditure surpassed its pre-pandemic level, which grew to $252.55 billion and is expected to reach $404.76 billion in 2027, with a CAGR of 12.52% from 2023 to 2027.
Key Report Benefits
- Gain an understanding of OTA's in the tourism industry.
- Recognize the range of the potential challenges and associated opportunities of OTA's.
- Gain an understanding of consumer behaiour towards OTA's.
- Gain an understanding of how the market for OTA's changed.
Key Topics Covered:
- Evolution of OTA's
- OTA's Market Performance
- Key Trends and Business Models
- Industry Leaders
- SWOT Analysis
Company Coverage:
- Expedia group
- Booking.com
For more information about this report visit https://www.researchandmarkets.com/r/sg0co2
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