Evolve Business Intelligence has released a new market research report on “Global Online Travel Agency Market with the Impact of COVID-19, Global and Segmental Analysis”. According to the report, the global online travel agency market is expected to grow from $101.93 billion in 2020, and is expected to reach $147.58 billion by 2028, growing at a CAGR of 4.58% from 2021 to 2028.
The major factor impacting the market is the initiatives taken by various governments of various countries to promote tourism and build sound tourism infrastructure to increase revenue generated from the tourism industry.
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The COVID-19 pandemic has led to supply chain disruption leading to lower demand or supply shortages in the online travel agency market. Travel restrictions and social distancing measures have led to a sharp drop in consumer and business spending and this trend is expected to continue for some time. The trend and preferences of end users have changed due to the pandemic and led manufacturers, developers, and service providers to adopt various strategies to stabilize the business.
In terms of the impact of COVID 19, the Online Travel Agency Market report also includes the following data points:
- Impact of COVID19 on the market size of online travel agencies
- End user/industry/application trend and preferences
- Government policies/regulatory framework
- Strategy of key actors to fight against negative impacts / post-COVID strategies
- Opportunity in the online travel agency market
According to Parimal, Principal Analyst, Evolve Business Intelligence, “Due to the lockdown imposed by all countries in the world with severe travel restrictions, there is a major setback and decrease in the growth of the travel industry. Due from the drop in transport demand, various industries like medium-sized airlines are closing their doors and the hospitality industry is facing mass cancellations, sporting and entertainment events are cancelled.
Some of the major online travel agency players with high market share are Booking Holdings, TripAdvisor, Expedia, and HomeAway. These players are using new product development/acquisition/partnership and collaboration/expansion as the key strategy to gain significant market share to compete with the market leaders.
The objective of the report is to provide a holistic overview of the market based on types and applications. On the basis of type, the online travel agency market is segmented into online and offline. The online travel agency market is segmented on the basis of application into reservations, translation services, wayfinding, audio guiding and others
The study also contains a complete value chain, along with details of the major factors affecting market growth (drivers, restraints, and opportunities). In addition, the report includes 10 key players in the Online Travel Agency market ecosystem that have been strategically profiled along with the ranking / market share of key players. In the Company Profile section, the company’s core competencies have been thoroughly analyzed along with the competitive landscape of market players and strategies such as partnerships and collaboration, acquisitions, launches and product developments, contracts and business expansion adopted by them. to grow in the market.
The key players profiled in the report are:
- IBM Corporation
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This research study makes substantial use of secondary sources, archives and databases (such as annual reports, press releases, magazines, Trademap, company websites and other databases paid) to classify and gather useful information for this analysis. The whole process involves a review of the financial records of key industry participants. After determining the overall market size, the total market was divided into several segments and sub-segments, and this information was further verified by key industry specialists such as CEOs, Directors, VPs. presidents and marketing managers.
- To define, describe and forecast the Online Travel Agency market, in terms of value, segmented on the basis of indication, type, technology and geography
- Forecast market size in 4 key regions: Asia-Pacific (APAC), North America, Europe and Rest of the World (RoW)
- To provide in-depth insights into drivers, restraints, and opportunities in the Online Travel Agency Market
- To provide an overview of the value chain analysis relating to the online travel agency industry
- To strategically analyze each segment and sub-segment with respect to individual overall growth trends and its contribution to the overall Online Travel Agency market
- To analyze market opportunities by identifying high growth segments of the Online Travel Agency Market
- To profile key players in the Online Travel Agency market and comprehensively analyze their key competencies
- To analyze competitive developments such as partnerships, product launches and developments, contracts, and mergers and acquisitions carried out in the global online travel agency market
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