Dublin, June 04, 2020 (GLOBE NEWSWIRE) -- The "Online Travel Agent Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides the strategists, marketers and senior management with the critical information they need to assess the global online travel agent market.
This report focuses on the online travel agent market which is experiencing strong growth. the report gives a guide to the online travel agent market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global online travel agent market is expected to decline from $744.73 billion in 2019 to $595.78 billion in 2020 at a compound annual growth rate (CAGR) of -20%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, restriction on cross-border travel and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $820.18 billion in 2023 at CAGR of 11.24%.
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Where is the largest and fastest growing market for the online travel agent market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? the Online Travel Agent global market report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. it traces the market's historic and forecast market growth by geography. it places the market within the context of the wider online travel agent market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. it covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- the trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The online travel agent market section of the report gives context. it compares the online travel agent market with other segments of the online travel agent market by size and growth, historic and forecast. it analyses GDP proportion, expenditure per capita, online travel agent market indicators comparison.
The online travel agent market consists of sales of travel services through online channels. Online travel agents or agencies are those individuals or companies that have websites that allow consumers to book various travel related services via the internet. Travel agents are engaged in sales of travel services such as flights, buses, vacation packages, hotels, and rental cars via online networks.
North America was the largest region in online travel agent market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
In June 2018, Cleartrip, an online travel company based in India announced the acquisition of Flyin, an online travel company based in Saudi Arabia for an undisclosed amount. This acquisition is expected to help both the companies to obtain large consumer base and wider outreach along with expanding the presence across the Middle East and North African region. Both companies together are expected to hold 60% of the market share in future throughout the Middle East. Flyin.com provides internet-based travel services such as booking information, online ticket booking, hotel facilities, and various payment options.
The online travel agent market covered in this report is segmented by service type into vacation packages; transportation; accommodation and by platform into mobile/tablets based; desktop based.
Rising possibilities of uncertain events such as COVID-19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agents. According to the UNWTO estimates, the global international tourist arrivals in 2020 is predicted to fall by 20% to 30% compared to the previous year (2019), which translates into a loss of $30-50 billion in travel spending by the international visitors. Thus, the online travel agent market is to record a decline in 2020 owing to the impact of COVID-19 across the globe. Moreover, according to Travel Daily Media's new published in September 2018, the Typhoon Mangkhut jolts Hong Kong and China leaving tourism, aviation, and transportation industry at standstill. Therefore, possibilities of natural events are probably expected to restrain the growth of the tourism industry including the online travel agent market during the coming years.
Growing initiatives by the government of various countries to promote tourism and built strong tourism infrastructure in order to boost the revenues generated from the tourism industry is a major trend propelling the growth of the online travel agent market during the period. For instance, according to the Press Information Bureau - Ministry of Tourism, Government of India's report published in July 2019, ministry of tourism is providing financial assistance under National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) and Swadesh Darshan schemes to various state and union territories for the development of tourism-related infrastructure in the country. Therefore, similar government initiatives and steps to promote tourism and develop tourism infrastructure are expected to act as a key trend in the online travel agent market over the forecast period.
The surge in smartphone users along with growing internet penetration are anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of internet and growth in the number of smartphone users is contributing to the consumer shift towards online channels for travel ticket and hotel bookings. According to a special report on Digital 2019 published by We Are Social's in January 2019, the number of internet users in 2019 augmented to 4.39 billion than in January 2018, recording a growth of 9% or 366 million users across the globe. Furthermore, the number of smartphone users increased by 100 million or 2% to 5.11 billion in 2019 compared to the previous year. Consequently, the rise in the number of smartphone users coupled with increasing internet penetration is forecast to propel the revenues for the online travel agent market during the years to come ahead.
Key Topics Covered:
1. Executive Summary
2. Online Travel Agent Market Characteristics
3. Online Travel Agent Market Size and Growth
3.1. Global Online Travel Agent Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers of the Market
3.1.2. Restraints on the Market
3.2. Global Online Travel Agent Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers of the Market
3.2.2. Restraints on the Market
4. Online Travel Agent Market Segmentation
4.1. Global Online Travel Agent Market, Segmentation by Service Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Online Travel Agent Market, Segmentation by Platform, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Online Travel Agent Market Regional and Country Analysis
5.1. Global Online Travel Agent Market, Split by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Online Travel Agent Market, Split by Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
6. Asia-Pacific Online Travel Agent Market
7. China Online Travel Agent Market
8. India Online Travel Agent Market
9. Japan Online Travel Agent Market
10. Australia Online Travel Agent Market
11. Indonesia Online Travel Agent Market
12. South Korea Online Travel Agent Market
13. Western Europe Online Travel Agent Market
14. UK Online Travel Agent Market
15. Germany Online Travel Agent Market
16. France Online Travel Agent Market
17. Eastern Europe Online Travel Agent Market
18. Russia Online Travel Agent Market
19. North America Online Travel Agent Market
20. USA Online Travel Agent Market
21. South America Online Travel Agent Market
22. Brazil Online Travel Agent Market
23. Middle East Online Travel Agent Market
24. Africa Online Travel Agent Market
25. Online Travel Agent Market Competitive Landscape and Company Profiles
25.1. Online Travel Agent Market Competitive Landscape
25.2. Online Travel Agent Market Company Profiles
26. Key Mergers and Acquisitions in the Online Travel Agent Market
27. Online Travel Agent Market Trends and Strategies
28. Online Travel Agent Market Future Outlook and Potential Analysis
29. Appendix
29.1. Abbreviations
29.2. Currencies
29.3. Research Inquiries
29.4. About the Publisher
29.5. Copyright and Disclaimer
Companies Mentioned
- Booking.com
- Expedia, Inc.
- Ctrip
- Tripdvisor
- Trivago
- eDreams Odigeo
- Despegar
- MakeMyTrip
- Lastminute
- On the Beach
- Alibaba Group Holding Limited
- Hostelworld Group
- Hotel Urbano Travel and Tourism SA
- Fareportal, Inc.
- Trivago GmbH
- ThomasCook Group
- Priceline Group Inc.
- HRS
- Agoda
- Airbnb Inc.
- Hotel.de
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