According to the report, the global online travel agency (OTA) market is estimated to be worth $ 147.58 billion in 2028 and is expected to grow at a CAGR of 4.58% from 2021 to 2028. This growth is attributed to
Growing middle and upper classes:
The growth of the middle and upper class adds great value to the online travel agency (OTA) market. Nowadays, middle class people can afford the costs of vacation packages advertised by online travel agencies (OTAs). Additionally, travel packages purchased directly from an OTA can be very economical and healthy due to the way everything like transportation, accommodation, and even food tends to be pre-arranged.
The market is held back by lack of awareness and online fraud.
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Recently released research report on Global Online Travel Agency Market by Evolve Business Intelligence examines the industry against the background of key aspects of the market including market size and forecast, market share in terms of revenue and volume, major players and SWOT analysis. The market is analyzed on the basis of 4 distinct indications in the chapter on market dynamics: drivers, restraints, key trends and challenges. The sum total of these sections will help you understand what strategies will be the best to adopt in order to thrive in this industry over a few short years. Quantitative analysis includes our actual results from this research study where we have provided additional insight into what our readers can do to seize new opportunities or plan against threats that may hamper the market.
The COVID-19 pandemic has resulted in a disruption in the supply chain resulting in 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 end user preferences have changed due to the pandemic and have caused manufacturers, developers and service providers to adopt various strategies to stabilize the business.
The new normal
As businesses recover from the COVID-19 pandemic, they face a new set of priorities. Throughout this crisis, they were forced to deal with changing situations and often failed to achieve their ultimate goals. Now that a cure has been found and the pandemic is fading, they will need to recover from this epidemic by setting new goals for themselves to be successful in the future.
In terms of COVID 19 impact, the Online Travel Agency Market report also includes the following data points:
• Impact of COVID19 on the size of the online travel agency market
• Trend and preferences of end user / industry / applications
• Government policies / regulatory framework
• Strategy of the main actors to fight against negative impact / post-COVID strategies
• Opportunity in the online travel agency market
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Some of the major online travel agency players with high market share include Booking Holdings, TripAdvisor, Expedia, HOMEWAY. These players use the development and expansion of new products as a key strategy to gain significant market share in order to compete with market leaders.
The main players presented in the report are:
• Reserve assets
• THE HOUSE
• MAKEMY TRIP
• com International, Ltd.
• THOMAS COOK GROUP PLC
• TRIVAGO GMBH
• Hostel World Group
Market segmentation by type of service with emphasis on market share, consumption trend and growth rate of Online Travel Agency Market:
o Travel accommodation
o Vacation packages
Market segmentation by Platform Types with an emphasis on market share, consumption trend and growth rate of Online Travel Agency Market:
Market segment by age group with emphasis on market share, consumption trend and growth rate of Online Travel Agency Market:
Market segmentation by application with emphasis on market share, consumption trend and growth rate of Online Travel Agency Market:
o Translation service
o Directional guidance
o Audio guidance
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Global geographic coverage of online travel agencies:
• North America
o United States
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia-Pacific
• Rest of the world
o South America
o Middle East and Africa
North America holds the largest share of the market due to the population of people who use social media.
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