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Online Travel Agencies Market
Exploring the Online Travel Agencies Market: A Comprehensive Examination by Transportation, Vacation Packages, Accommodation
Transforming the Travel Landscape- Exploring the Expanding Online Travel Agencies Market and the Influence of Artificial Intelligence on Personalized Travel Experiences. Find more with FMI
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Online Travel Agencies Market Outlook (2023 to 2033)
As per newly released data by Future Market Insights (FMI), the online travel agencies market is estimated at US$ 465.1 million in 2023 and is projected to reach US$ 1,694.2 million by 2033, at a CAGR of 13.8% from 2023 to 2033.
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Revenue of Online Travel Agencies from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033
As per the FMI analysis, the market for online travel agencies secured a 6.70% CAGR from 2018 to 2022, touching US$ 355.4 million in 2022.
The technological development in the tourism industry has digitalized the entire process of travel bookings. Nowadays traveler makes more use of online services for travel booking as they feel it is a convenient and hassle-free process.
The online process has led to the growth of the tourism and hospitality industry. Therefore, online travel agencies play a significant role in the tourism industry.
Online travel agencies comprise various travel bookings, hotel bookings, transportation service bookings, and many more.
Online travel agencies serve the purpose of selling travel services on online platforms. In the last few years, there is a significant rise in the growth of online travel agencies. The growth has helped to revolutionize the tourism industry.
The above-mentioned factors augur well for the online travel agencies market future trends, where it is predicted that the market likely reaches US$ 1,694.2 million by 2033 at 13.8% CAGR through 2033.
What are the Features and Convenience of Use that Drive the Demand for the Online Travel Agencies?
- Online travel agencies offer a range of services either directly from their own companies or act as intermediaries between travel and booking agencies and end users.
- The main purpose of online travel agencies is to provide booking services online, covering everything from selecting a service to the point of sale on the Internet.
- Online portals offered by these agencies provide various services including price comparison, cost estimation, accommodation options, destination information, transportation modes, and even tour packages.
- The convenience, speed, and ease of booking provided by online travel services attract travelers, offering a convenient and efficient way to plan their trips.
- By utilizing online travel services, travelers can save both time and money, making it an appealing option for those seeking efficient and cost-effective travel arrangements.
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What is Fostering the Expansion of the Market Size: The Rise in Disposable Income and New Development Initiatives?
- Increasing disposable income among individuals has played a significant role in driving the demand for online travel agencies, as people now have more financial resources to explore and travel to various destinations worldwide.
- Online travel agencies have successfully established a global reach, expanding their services and operations across different regions and countries, catering to the diverse travel needs and preferences of customers.
- To meet the evolving demands of the market, online travel agencies continuously adopt new strategies and upgrade their technologies, ensuring enhanced service offerings and improved customer experiences.
- The inclusion of travel insurance and baggage insurance by online travel agencies provides an added layer of security and peace of mind for travelers, contributing to the overall convenience and reliability of their services.
- Transparency throughout the booking process is a key focus for online travel agencies, ensuring customers have access to comprehensive information and pricing details, fostering trust and confidence in their decision-making.
- The initiatives taken by online travel agencies, such as integrating advanced technologies and providing comprehensive travel solutions, have successfully attracted the new generation of tech-savvy travelers, generating a strong demand in the market.
- Despite the challenges faced during the pandemic, the online travel agencies market remains resilient and continues to evolve, adapting to changing customer expectations and emerging market trends.
What Impact Does the Increasing Number of Solo Travelers Have on the Growth of the Online Travel Agencies Industry?
- There has been a significant increase in the number of solo travelers in recent years, driven by specific reasons such as leisure, recreation, and engaging in activities like water sports, hiking, riding, skiing, and more.
- The influence of social media has played a major role in attracting a wide audience to explore different regions, leading to a rise in online travel agencies' booking transactions.
- Online travel agencies offer comprehensive tour plans, including vacation packages, and assist solo travelers in making travel, food, and accommodation arrangements through convenient platforms such as phones or other devices.
- This convenience and affordability make online travel agencies a preferred choice for solo travelers, who may lack extensive knowledge or prefer cost-effective options.
- In recent years, online travel agencies have surpassed offline tour operators and travel agents in terms of popularity and usage among solo travelers.
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Country-wise Insights
What is the growth outlook for the europe online travel agencies industry.
The growth outlook for the Europe online travel agencies industry is positive, with a value share of 22.30% in 2022. The industry is expected to continue growing steadily, supported by various factors such as increasing online travel bookings, technological advancements, and evolving customer preferences.
The CAGR of the United Kingdom at 5.00% from 2023 to 2033 indicates a promising growth trajectory for the market. The rising adoption of online platforms for travel planning and booking, along with the convenience and extensive range of services offered by online travel agencies, are driving the industry's growth.
The industry is likely to witness further advancements in mobile applications, personalized travel experiences, and innovative marketing strategies, contributing to the expansion of the Europe online travel agencies market in the coming years.
How Online Travel Agencies Market is Progressing in India?
In India online leading companies like Yatra.com, Kesari Tours, Veena World, Make My Trip, others are dominating the tourism industry in India, contributing to the country’s anticipated CAGR of 6.0% from 2023 to 2033.
India attracts many foreigners to discover and explore its culture and diversity. Foreigners find Indian travel agencies more affordable than booking tours from abroad. Hence, they use Indian online travel agencies’ websites for booking accommodation and transportation.
Meanwhile, India being one of the leading countries in the count of internet users, it can be concluded that the vast majority of the population is tech-savvy. Thus, online travel agencies try various marketing tools to connect with travelers and encourage them to avail of their services.
The attractive advertisements, loyalty programs, and offers from leading online travel agencies have influenced the domestic market. Therefore, the known online agencies have gained the trust of domestic travelers of the country over the years.
What are the Factors Driving the Online Travel Agencies Industry in the United States of America?
As per the FMI analysis, the market for online travel agencies in the United States was predicted to garner a value share of 5.50% in 2022.
United States is one of the major markets of tourism with millions of travelers visiting every year. Domestic travelers in the United States of America use online travel agencies’ websites and applications extensively.
Apart from this, the airline service is availed by United States citizens majorly. Therefore, there is a high demand for travelers using online travel agencies’ websites for airline travel booking.
With the high standard of living and high disposable income due to the high value of currency travelers are ready to spend a high amount of money on traveling and exploring new adventures. Thus, there is a high demand from travelers for luxury tourism, adventure sports, and various type of outdoor activities.
Category-wise Insights
Which service type is more preferred by travelers in online travel agencies market.
According to the analysis, in terms of service type the transportation service is widely preferred by travelers with the sub-segment holding a 22.0% value share in 2022.
Transportation services generate a high demand for their services. Few the transport services such as car rentals or bus travel agencies are in heavy demand as they are the part of daily mode of transport for many travelers.
Apart from this the attractive offers and schemes from the transportation services attract travelers to use these online services more often. Lastly, the transportation services are having a wide coverage of travelers as compared to the tour/vacation packages or accommodations as they generate demand only when there is a need.
How is the Competitive Landscape in the Market for Online Travel Agencies?
Leading players operating globally in the market are focusing on the expansion of their business. Also working on their service and creating advanced technology to attract new customers.
The competitive landscape in the market for online travel agencies is intense and dynamic. Numerous players, ranging from established companies to emerging startups, compete for market share.
Key industry players strive to differentiate themselves by offering unique features, enhanced user experiences, and a wide range of travel services.
They invest in advanced technologies, such as artificial intelligence and machine learning, to provide personalized recommendations and streamline booking processes. Additionally, partnerships with airlines, hotels, and other travel service providers are crucial to expand their offerings and provide competitive pricing.
Continuous innovation, customer-centric strategies, and effective marketing campaigns are vital for online travel agencies to gain a competitive edge in this rapidly evolving market.
Key Players
- Expedia Group Inc.
- Booking Holding Inc.
- Trip Advisor Inc.
- MakeMyTrip Pvt. Limited
- Hostelworld Group PLC (HSW)
- Trivago N.V
- Thomas Cook India Ltd.
- Lastminute.com Group
- Orbitz Worldwide
- Walt Disney World
For instance:
- In the year 2018, Booking.com announced a new product version of the booking.com application and website at Vacation Rental Management Association (VRMA). The new product features allow users to select the product of a partner’s brand beyond booking.com own products. Also, they introduced group connect, guest management, and enhance connectivity features in their new application.
- Recently in 2022, Expedia Group announced an Open World Technology platform. The technology is developed for partner agencies. The platform has a complete e-commerce suit, with various blocks like payments, chatbot, services, and fraud detection, and is perfect for the agency planning to enter the newly in online travel business.
Segmentation Analysis
By service type:.
- Transportation
- Vacation Packages
- Accommodation
By Device Platform:
By payment modes:.
- Debit / Credit Card
- Others (Vouchers, Discount Codes)
By Booking Type:
- Online Travel Agents
- Direct Travel Agents
By Customer Segment:
- Corporate Traveller
- Individual Traveller
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
- North America
- Latin America
Frequently Asked Questions
How is the historical performance of the market.
During 2018 to 2022, the market grew at a 6.70% CAGR.
Who are the Key Market Players of this market?
Airbnb, Trip Advisor Inc., and Trivago N.V. are key market players.
What factors contribute to the attraction of this market in Europe?
Increasing online travel bookings raises the market.
How Big is this market?
This market is valued at US$ 465.1 million in 2023.
How Big will be this Market by 2033?
This market is estimated to reach US$ 1,694.2 million by 2033.
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Online Travel Market
Online travel market report by service type (transportation, travel accommodation, vacation packages), platform (mobile, desktop), mode of booking (online travel agencies (otas), direct travel suppliers), age group (22-31 years, 32-43 years, 44-56 years, above 56 years), and region 2024-2032.
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Global Online Travel Market:
The global online travel market size reached US$ 512.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,267.1 Billion by 2032, exhibiting a growth rate (CAGR) of 10.4% during 2024-2032. The escalating penetration of smart devices, easy access to high-speed internet connectivity, the rising popularity of solo travel, and an increasing number of business travelers are some of the major factors propelling the online travel market growth.
Online Travel Market Analysis
- Major Market Drivers: The widespread adoption of the internet and mobile technology, making it easier for travelers to find the best deals online and make informed decisions, is primarily driving the growth of the market.
- Key Market Trends: The ongoing innovation, the development of user-friendly online travel booking platforms, and the integration of advanced search functionalities and personalized recommendations are creating a positive outlook for the overall market.
- Competitive Landscape: Some of the leading online travel market companies are Expedia Group Inc., Fareportal Inc., Hostelworld Group plc, HRS, Hurb, MakeMyTrip Pvt. Ltd., priceline.com LLC (Booking Holdings Inc.), Thomas Cook India Ltd. (Fairfax Financial Holdings Limited), Tripadvisor Inc., and Yatra.com, among others.
- Geographical Trends: According to the report, North America was the largest market. The region has a highly developed and digitally advanced economy, with a large population of tech-savvy consumers. Moreover, North America has widespread internet access and a high level of smartphone penetration, making it conducive for online travel activities.
- Challenges and Opportunities: Challenges in online travel booking include ensuring data security, maintaining competitive pricing amid fluctuating demand, and addressing customer service issues effectively. However, opportunities arise from technological advancements such as AI-driven personalization, mobile booking convenience, and expanding markets in emerging economies, enhancing user experience and market reach.
Online Travel Market Trends:
Increase in Internet and Mobile Penetration
The increasing penetration of the internet and mobile technology has been a significant driver of the market. With more people gaining access to the internet and owning smartphones, the ability to plan and book travel online has become increasingly accessible. Moreover, various travel companies are extensively investing in creating an online presence via social medical platforms in order to expand their reach, which is positively influencing the online travel market outlook. For instance, as of April 2024, there were 5.44 billion internet users worldwide, which amounted to 67.1% of the global population. Of this total, 5.07 billion, or 62.6% of the world's population, were social media users. Moreover, during the third quarter of 2023, global users spent almost 60% of their online time browsing the web from their mobile phones. The increasing availability of the internet is allowing travelers to easily research destinations, compare prices, and make bookings through online platforms, making the process more convenient and efficient.
Increasing Desire for Education in International Universities
The rising preference for overseas education is one of the significant trends propelling online travel market revenue. This can be attributed to the quest for quality education, enhanced employability, and cultural enrichment, which attract students seeking global experiences and language proficiency. For instance, the world's two most populous nations, China and India, have the highest numbers of students studying overseas. According to data published by UNESCO, more than 1 million Chinese students were studying abroad in 2021. India’s total was close to half of this, with around 508,000 students living in other countries. The United States was the largest destination country for students studying abroad, with over 833,000 students there in 2021. It was followed by the United Kingdom with nearly 601,000 students, Australia with around 378,000 students, Germany with over 376,000 students, and Canada with nearly 318,000 students. Online travel agencies capitalize on this trend by offering tailored packages and flexible booking options to cater to the needs of student travelers. Additionally, the global reach of international universities attracts a diverse pool of students, driving the online travel market demand for cross-border travel services and cultural experiences.
Competitive Pricing and Deals
The competitive nature of the market is resulting in aggressive pricing and attractive deals. Travel booking companies are taking initiatives to attract customers by offering exclusive promotions, discounted packages, and last-minute deals. Moreover, the facility to book online allows travelers to compare prices across multiple platforms to find the best available options and secure the most cost-effective deals. Additionally, loyalty programs and reward systems offered by these platforms further incentivize travelers to book through their platforms, enhancing customer loyalty and engagement. For instance, in July 2023, the Expedia Group revamped its loyalty program to allow members to earn and redeem rewards across its three most popular brands: Expedia, Hotels.com, and Vrbo. This simplified loyalty program rewards members with 2% OneKeyCash for every dollar they spend, and elite status based on every travel segment they book. Moreover, various financial institutions are also offering rewards and discounts for online travel bookings in order to increase the utilization of their financial products, like credit cards, which are anticipated to augment the online travel market share. For instance, in March 2024, Wells Fargo launched a transferable travel rewards program, in which a card user will be able to transfer Wells Fargo Rewards points to six travel loyalty programs. Moreover, in April 2023, Expedia launched a New Feature Powered by ChatGPT to help plan travel. This innovative integration aims to enhance the travel planning experience for Expedia users by providing them with a personalized and conversational approach to trip planning. With this new feature, users can engage in natural language conversations with the ChatGPT system, similar to chatting with a virtual assistant.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Global Online Travel Industry Segmentation
IMARC Group provides an analysis of the key trends in each segment of the global online travel market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on service type, platform, mode of booking and age group.
Breakup by Service Type:
- Transportation
- Travel Accommodation
- Vacation Packages
Travel accommodation dominates the market
The report has provided a detailed breakup and analysis of the market based on the service type. This includes transportation, travel accommodation and vacation packages. According to the report, travel accommodation represented the largest segment.
The dominance of travel accommodations as the primary service type in the market is driven by several key factors. The widespread presence of online travel platforms has made it easier for travelers to access a range of accommodation options, which is positively influencing the online travel market’s recent prices. Similarly, online travel accommodations are also making it easier for hotels and resorts to list and market their properties and attract a wider consumer base. For instance, in April 2024, Spree Hospitality, a subsidiary of EaseMyTrip, announced the opening of its newest property, ZiP by Spree Hotels Bella Heights, nestled in the picturesque hill station of McLeod Ganj, Himachal Pradesh, India. Besides this, the travel accommodations segment of online travel platforms offers a comprehensive inventory of hotels, resorts, vacation rentals, and other types of accommodations, providing travelers with extensive choices and convenience. Apart from this, the ability to compare prices, read reviews, and view photos of accommodations that empower travelers to make informed decisions is contributing to the market growth.
Breakup by Platform:
- Desktop
Desktop holds the largest share in the market
A detailed breakup and analysis of the market based on the platform has also been provided in the report. This includes mobile and desktop. According to the online travel market report, desktop accounted for the largest market share.
The desktop platform typically involves accessing travel websites through web browsers installed on desktop computers, which offer larger screens, full-sized keyboards, and a mouse or trackpad for navigation. Desktop platforms provide travelers with a robust and comprehensive online experience for researching, planning, and booking their travel arrangements. Moreover, various online travel agencies install desktops on a large scale for their employees to easily navigate clients’ travel bookings. In addition to this, desktop platforms provide greater processing power and stability, enabling faster loading times and smoother functionality for complex booking processes, thereby accelerating the product adoption rate.
Breakup by Mode of Booking:
- Online Travel Agencies (OTAs)
- Direct Travel Suppliers
Direct travel suppliers are the most popular mode of booking
A detailed breakup and analysis of the market based on the mode of booking has also been provided in the report. This includes online travel agencies (OTAs) and direct travel suppliers. According to the report, direct travel suppliers accounted for the largest market share.
Direct booking allows travelers to have a direct relationship with the travel supplier, whether it's an airline, hotel, or car rental company. The online travel market overview by IMARC indicates that this direct interaction gives travelers more control and the ability to personalize their travel experience, including selecting specific preferences, customizing packages, and accessing loyalty programs or exclusive offers. For instance, according to a data report by Statista Consumer Insights 2023, 72% of travelers prefer booking directly from online platforms, whereas only 12% favor booking through a travel agency.
Breakup by Age Group:
- 22-31 Years
- 32-43 Years
- 44-56 Years
- Above 56 Years
32-43 years dominates the market
A detailed breakup and analysis of the market based on the age group has also been provided in the report. This includes 22-31, 32-43, 44-56, and above 56 years. According to the report, 32-43 years accounted for the largest market share.
The dominance of the 32-43 years age group in the market is driven by several key factors. This age group represents individuals in their prime working and earning years, typically with more disposable income to spend on travel. They are often at a stage in their lives where they have fewer family responsibilities and greater flexibility to plan and embark on trips. Moreover, online travel market statistics by IMARC indicate that the 32-43 years age group is tech-savvy and comfortable with using digital platforms for various activities, including travel planning, and booking, thereby accelerating the product adoption rate.
Breakup by Region:
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United States
- South Korea
United Kingdom
- Middle East and Africa
North America exhibits a clear dominance in the market
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market.
The dominance of North America as the leading region in the market is driven by several key factors. North America has a highly developed and digitally advanced economy, with a large population of tech-savvy consumers. The region has widespread internet access and a high level of smartphone penetration, making it conducive for online travel activities. Moreover, familiarity and adoption of online platforms for various transactions, including travel bookings, are contributing to the dominance of North America in the market. In addition to this, the presence of prominent market players in the region is also contributing to the market growth. Furthermore, these market leaders are increasingly investing in online booking platforms to make them more personalized and user-friendly. For instance, in July 2023, TripAdvisor partnered with OpenAI on a travel itinerary generator. The AI-powered planning tool will create personalized day-by-day trip itineraries using traveler reviews.
Competitive Landscape:
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Expedia Group Inc.
- Fareportal Inc.
- Hostelworld Group plc
- MakeMyTrip Pvt. Ltd.
- priceline.com LLC (Booking Holdings Inc.)
- Thomas Cook India Ltd. (Fairfax Financial Holdings Limited)
- Tripadvisor Inc.
- Yatra.com
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Online Travel Market Recent Developments:
- May 2024: Travel group booking startup, Joyned, announced the launch of an artificial intelligence planner. This AI planner allows users to share information while providing vendors with additional insight into what information consumers are seeking.
- April 2024: Online travel agency, MakeMyTrip, announced a new exclusive charter service between Mumbai and Bhutan. This service is a part of its holiday packages, and the exclusive charter will depart once a week. The service has been launched due to the increasing popularity of Bhutan among Indian travelers.
- February 2024: Flipkart-owned online travel aggregator, Cleartrip, rolled out a new product, Out of Office (OOO), for corporate travelers. Cleartrip said in a statement that OOO is a corporate travel booking tool designed for small, medium, and large enterprises. The platform houses around 300 SMEs and 10 large corporations as active transactors. The new product claims to handle a monthly business volume of INR 20 crore.
Global Online Travel Market Report Scope:
Key benefits for stakeholders:.
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the online travel market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global online travel market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the online travel industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
Key Questions Answered in This Report
The global online travel market was valued at US$ 512.5 Billion in 2023.
We expect the global online travel market to exhibit a CAGR of 10.4% during 2024-2032.
The expanding travel and tourism industry and the rising utilization of online travel agencies across numerous hotels to ensure more visibility and increase their overall sales and profitability are some of the online travel market recent opportunities, bolstering the growth of the market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary restrictions on national and international travel activities, thereby limiting the overall demand for online travel.
Based on the service type, the global online travel market has been segmented into transportation, travel accommodation, and vacation packages. Among these, travel accommodation holds the majority of the total market share.
Based on the platform, the global online travel market can be divided into mobile and desktop, where desktop currently exhibits a clear dominance in the market.
Based on the mode of booking, the global online travel market has been categorized into Online Travel Agencies (OTAs) and direct travel suppliers. According to the online travel market forecast by IMARC, direct travel suppliers account for the majority of the global market share.
Based on the age group, the global online travel market can be segregated into 22-31 years, 32-43 years, 44-56 years, and above 56 years. Among these, 32-43 years age group currently holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global online travel market include Expedia Group Inc., Fareportal Inc., Hostelworld Group plc, HRS, Hurb, MakeMyTrip Pvt. Ltd., priceline.com LLC (Booking Holdings Inc.), Thomas Cook India Ltd. (Fairfax Financial Holdings Limited), Tripadvisor Inc., and Yatra.com.
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Global Online Travel Market by Service type (Transportation, Travel Accommodation, and Vacation Packages), by Platform (Mobile and Desktop), Mode of Booking (Online Travel Agencies (OTAs) and Direct Travel Suppliers); By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030
The Global Online Travel Market size was valued at USD 354.2 Bn in 2021. The market is projected to grow USD 1,835.6 Bn in 2030, at a CAGR of 14.8 %. Review sites and travel e-commerce sites make up the majority of the internet travel sector. It provides the convenience of reserving from the comfort of one's own home and frequently entices customers with package deals and cost-cutting choices. As a result, many tourists are opting to book their trips online rather than through traditional brick-and-mortar travel firms. Furthermore, the primary global online travel market is being driven by greater consumer spending power, a government initiative to promote tourism, growing internet and credit card usage, and the creation of new online segments. The increasing penetration of international flight and hotel bookings supplied by online portals such as Booking.com, TripAdvisor.com, .
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The emergence of the travel and tourism business, as well as shifting patterns in standard of life, has resulted in a steady increase in the online travel market. The demand for online travels varies depending on the property type and is impacted by factors including location, size, and on-site amenities. The market is likely to be driven by rising disposable income, popularizing weekend culture, the introduction of low-cost airline services, and the developing service industry. The rise in spending power and the style of living are two of the most important factors driving people to luxury resorts. The demand for online travels is also fueled by a city's or country's hosting of sporting events. The development of the market has been hastened by the emergence of online lodging booking services. Marriott International, for example, published a new edition of its mobile app, Marriott Bonvoy, on February 10, 2021, with new features like better booking possibilities, greater personalized experiences, and customizations in earning and redeeming points. As a result, the industry is expected to consolidate due to growing demand for premium services with better booking options.
COVID-19 Analysis
The epidemic of COVID-19 has had a significant influence on the tourism and travel industries. The global implementation of social distancing, stay-at-home, and travel restrictions has stifled the expansion of the online travel industry. According to the American Hotel and Lodging Association 2021 study, hotel occupancy in the United States fell from 66 percent to around 40 percent in 2020, compared to the previous year. As a result of the pandemic, the hotel industry is likely to suffer a severe slowdown; nevertheless, the market is expected to return to its prior growth trajectory in the coming years.
Service Type Outlook
The travel accommodation segment accounted largest market share for the global online travel market in 2020. Market competitors are gradually providing travellers with a varied selection of hotel options at reasonable prices. Customers evaluate lodging options across multiple websites in order to get the most cost-effective option. Because they offer a diverse range of housing options, travelers prefer specialized online accommodation providers such as Airbnb, Inc. and OYO Rooms. As a result, the aforementioned reasons are responsible for the market's rise in the travel accommodation segment. These hotels usually have high-end designer interiors created with cutting-edge technology propels the demand for the growth of the global online travel market.
Global Online Travel Market Report Coverage
Platform Outlook
The mobile segment accounted largest market share for the global online travel market in 2020 owing to the expansion of the market through the mobile sector is mostly due to an increase in mobile usage and the development of novel mobile travel apps. The way people communicate and travel throughout the world has changed as a result of technological advancements. With the advancement of technology and the increased usage of mobile phones, simple and effective techniques are being developed to make travelling simple and comfortable, hence boosting the travel industry's growth. Travelers prefer to make their travel reservations using mobile travel apps, which are gradually gaining traction in the market. As a result, the expansion of the internet travel business is projected to be fueled by an increase in smart phone usage and a rise in digital literacy.
Mode of Booking Outlook
The online travel agencies (OTAs) segment accounted largest market share for the global online travel market in 2020. Online travel firms are becoming the most popular method of making reservations around the world. The rise of online travel agencies has been one of the most striking examples of industry and society's digital revolution in the last 25 years. OTAs have evolved into digital marketplaces that provide direct access to a wide range of online travel options for both B2B and B2C consumers. OTAs can be thought of as a cross between an e-commerce platform and a travel agency. Expedia, Booking.com, and Trip.com, among others, have dominated the global online travel business (hotels, airlines, packaged tours, rail and cruises).
Regional Outlook
Asia Pacific dominated largest market share for the global online travel market in 2020 owing to has the most potential for growth in the internet travel business, with India and China being the most profitable areas. The increase in discretionary income, rise in the middle-class section, and increasing penetration of internet facilities are all factors contributing to the expansion. In China, Ctrip is the most popular online travel agency (OTA), whereas in India, MakeMyTrip, Yatra, and Cleartrip are the most popular OTAs.
Europe is anticipated to emerge as the fastest-growing region over the forecast period. This is due to the presence of some of the world's most popular tourist spots. According to the UNWTO's Foreign Tourism Highlights 2019 Edition, Europe accounted for half of all international visitor arrivals in 2018. The survey also reveals that five major European countries are among the top ten destinations based on foreign tourist arrivals in 2018.
Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities.
In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market.
Market Segmentation of Global Online travel Market
By Service Type
- Transportation
- Travel Accommodation
- Vacation Packages
By Platform
By Mode of booking
- Online Travel Agencies (OTAs)
- Direct Travel Suppliers
Key Players:
- Alibaba Group
- Elong, Inc.
- Tuniu Corporation
- AirGorilla, LLC
- Hays Travel limited
- Airbnb, Inc.
- Yatra Online Private Limited, India
- Trip Advisor Inc.
- MakeMyTrip Limited
- Hostelworld Group PLC (HSW)
- Trivago N.V
- Despegar.com, Corp
- Lastminute.com Group
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- Online Travel Agency (OTA) Market Report | Global Forecast From 2024 To 2032
Online Travel Agency (OTA) Market
Segments - by Type (Online and Offline), Application (Making Reservations, Translation Services, Direction Guidance, Audio Guidance, Currency Conversion, Trip Planning, Review Services, Loyalty Programs, Special Offers & Discounts, and Emergency Assistance), Platform (Desktop and Mobile), Service Type (Transportation, Accommodation, Vacation Packages, and Travel Insurance), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024 – 2032
Debadatta Patel
Fact-checked by:
Partha Paul
Online Travel Agency (OTA) Market Outlook 2032
Impact of artificial intelligence (ai) in the online travel agency (ota) market, online travel agency (ota) market dynamics, major drivers, existing restraints, emerging opportunities, scope of the online travel agency (ota) market report, market segment insights, type segment analysis, application segment analysis, platform segment analysis, service type segment analysis, regional analysis.
- For instance, according to a published report, China's internet penetration rate reached approximately 76% in 2023 , up from 73% in 2021 .
Application
- Making Reservations
- Translation Services
- Direction Guidance
- Audio Guidance
- Currency Conversion
- Trip Planning
- Review Services
- Loyalty Programs
- Special Offers & Discounts
- Emergency Assistance
Service Type
- Transportation
- Accommodation
- Vacation Packages
- Travel Insurance
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key Players
- Booking Holdings
- Sabre Corporation
- TripAdvisor LLC
- Travelgenio
Key players competing in the global online travel agency (OTA) market are Booking Holdings; Ctrip; Expedia; HomeAway; Kayak; MakeMyTrip; Opodo; Orbitz; QUNR; Sabre Corporation; TripAdvisor; Travelgenio; Trip.com; Voyages; and Webjet. These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
In December 2023 , Alipay, the leading digital payment and lifestyle service platform, partnered with top online travel agencies, including Trip.com, a global one-stop travel service provider, and Tuniu, an integrated leisure travel service provider in China, to launch selected tour packages and travel guide on the Alipay app for international tourists traveling to China.
In July 2023 , Tripadvisor, the world's largest travel guidance platform, announces a significant upgrade to Trips - its core trip planning product - with the introduction of a new AI-powered travel itinerary generator. It leverages human insights from over a billion reviews and opinions of the more than eight million businesses listed on Tripadvisor, delivering reliable, trustworthy guidance from its community of real travelers.
Research Design
Research site, data collection, data analysis, research limitations.
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Travel agency industry - statistics & facts
The biggest players of the ota market, the travel agency and tour operator retail market, key insights.
Detailed statistics
Online travel market size worldwide 2017-2028
U.S. travel agency industry market size 2012-2022
U.S. tour operator industry market size 2012-2022
Editor’s Picks Current statistics on this topic
Tour Operators & Travel Agencies
Market size of the travel agency services industry worldwide 2011-2024
Online Travel Market
Revenue of leading OTAs worldwide 2019-2022
Further recommended statistics
Industry overview.
- Premium Statistic Market size of the tourism sector worldwide 2011-2024
- Premium Statistic Online travel market size worldwide 2017-2028
- Premium Statistic Key information on the global travel agency industry January 2024
- Basic Statistic Market cap of leading online travel companies worldwide 2023
- Premium Statistic Leading travel companies worldwide 2022, by sales
- Premium Statistic Number of employees at leading travel companies worldwide 2022
Market size of the tourism sector worldwide 2011-2024
Market size of the tourism sector worldwide from 2011 to 2023, with a forecast for 2024 (in trillion U.S. dollars)
Online travel market size worldwide from 2017 to 2023, with a forecast until 2028 (in billion U.S. dollars)
Key information on the global travel agency industry January 2024
Key data on the travel agency industry worldwide as of January 2024
Market cap of leading online travel companies worldwide 2023
Market cap of leading online travel companies worldwide as of September 2023 (in million U.S. dollars)
Leading travel companies worldwide 2022, by sales
Leading travel companies worldwide in 2022, by gross sales (in billion U.S. dollars)
Number of employees at leading travel companies worldwide 2022
Number of employees at selected leading travel companies worldwide in 2022
Online travel agencies (OTAs)
- Premium Statistic Revenue of leading OTAs worldwide 2019-2022
- Premium Statistic Marketing expenses of leading OTAs worldwide 2019-2022
- Premium Statistic Marketing/revenue ratio of leading OTAs worldwide 2019-2022
- Basic Statistic Revenue of Booking Holdings worldwide 2007-2023
- Premium Statistic Revenue of Expedia Group, Inc. worldwide 2007-2023
- Premium Statistic Airbnb revenue worldwide 2017-2023
- Premium Statistic Total revenue of Trip.com Group 2013-2023
- Premium Statistic Revenue of Tripadvisor worldwide 2008-2023
- Premium Statistic Despegar: revenue 2015-2022
Leading online travel agencies (OTAs) worldwide from 2019 to 2022, by revenue (in million U.S. dollars)
Marketing expenses of leading OTAs worldwide 2019-2022
Marketing expenses of leading online travel agencies (OTAs) worldwide from 2019 to 2022 (in million U.S. dollars)
Marketing/revenue ratio of leading OTAs worldwide 2019-2022
Marketing to revenue ratio of leading online travel agencies (OTAs) worldwide from 2019 to 2022
Revenue of Booking Holdings worldwide 2007-2023
Revenue of Booking Holdings worldwide from 2007 to 2023 (in billion U.S. dollars)
Revenue of Expedia Group, Inc. worldwide 2007-2023
Revenue of Expedia Group, Inc. worldwide from 2007 to 2023 (in billion U.S. dollars)
Airbnb revenue worldwide 2017-2023
Revenue of Airbnb worldwide from 2017 to 2023 (in billion U.S. dollars)
Total revenue of Trip.com Group 2013-2023
Total revenue of Trip.com Group Ltd. in China from 2013 to 2023 (in billion yuan)
Revenue of Tripadvisor worldwide 2008-2023
Revenue of Tripadvisor, Inc. worldwide from 2008 to 2023 (in million U.S. dollars)
Despegar: revenue 2015-2022
Revenue of Despegar.com, Corp. from 2015 to 2022 (in million U.S. dollars)
Travel websites and apps
- Premium Statistic Most popular travel and tourism websites worldwide 2024
- Premium Statistic Total visits to travel and tourism website booking.com worldwide 2021-2024
- Premium Statistic Total visits to travel and tourism website tripadvisor.com worldwide 2020-2024
- Premium Statistic ACSI - U.S. customer satisfaction with online travel websites as of 2024
- Premium Statistic Number of aggregated downloads of leading online travel agency apps worldwide 2023
- Premium Statistic Number of aggregated downloads of leading online travel agency apps in the U.S. 2023
- Premium Statistic Leading travel apps in the U.S. 2022, by market share
- Premium Statistic Leading travel apps in Europe 2022, by market share
Most popular travel and tourism websites worldwide 2024
Most visited travel and tourism websites worldwide as of April 2024 (in million visits)
Total visits to travel and tourism website booking.com worldwide 2021-2024
Estimated total number of visits to the travel and tourism website booking.com worldwide from December 2021 to March 2024 (in millions)
Total visits to travel and tourism website tripadvisor.com worldwide 2020-2024
Estimated total number of visits to the travel and tourism website tripadvisor.com worldwide from August 2020 to March 2024 (in millions)
ACSI - U.S. customer satisfaction with online travel websites as of 2024
U.S. customer satisfaction with online travel websites from 2000 to 2024 (index score)
Number of aggregated downloads of leading online travel agency apps worldwide 2023
Number of aggregated downloads of selected leading online travel agency apps worldwide in 2023 (in millions)
Number of aggregated downloads of leading online travel agency apps in the U.S. 2023
Number of aggregated downloads of selected leading online travel agency apps in the United States in 2023 (in millions)
Leading travel apps in the U.S. 2022, by market share
Market share of leading travel apps in the United States in 2022
Leading travel apps in Europe 2022, by market share
Market share of leading travel apps in Europe in 2022
Travel agencies and tour operators
- Premium Statistic U.S. travel agency industry market size 2012-2022
- Premium Statistic U.S. tour operator industry market size 2012-2022
- Premium Statistic Revenue of TUI AG worldwide 2004-2023
- Premium Statistic Leading travel agents ranked by number of outlets in the UK 2024
- Premium Statistic Leading ATOL-licensed tour operators in the UK 2024, by passengers licensed
- Premium Statistic Turnover of Hays Travel Limited in the UK 2008-2023
Market size of the travel agency sector in the United States from 2012 to 2022 (in billion U.S. dollars)
Market size of the tour operator sector in the United States from 2012 to 2022 (in billion U.S. dollars)
Revenue of TUI AG worldwide 2004-2023
Revenue of TUI AG worldwide from 2004 to 2023 (in billion euros)
Leading travel agents ranked by number of outlets in the UK 2024
Leading travel agencies in the United Kingdom (UK) as of February 2024, by number of travel shops
Leading ATOL-licensed tour operators in the UK 2024, by passengers licensed
Leading ATOL-licensed tour operators in the United Kingdom as of February 2024, ranked by number of passengers licensed
Turnover of Hays Travel Limited in the UK 2008-2023
Turnover of Hays Travel Limited in the United Kingdom from 2008 to 2023 (in million GBP)
Cruise companies
- Premium Statistic Worldwide cruise company market share 2022
- Premium Statistic Revenue of Carnival Corporation & plc worldwide 2008-2023
- Premium Statistic Revenue of Royal Caribbean Cruises worldwide 1988-2023
- Premium Statistic Revenue of Norwegian Cruise Line worldwide 2011-2023
- Premium Statistic TUI cruise brand revenue worldwide 2015-2023, by brand
- Premium Statistic Percentage change in revenue of leading cruise companies worldwide 2020-2023
Worldwide cruise company market share 2022
Worldwide market share of leading cruise companies in 2022
Revenue of Carnival Corporation & plc worldwide 2008-2023
Revenue of Carnival Corporation & plc worldwide from 2008 to 2023 (in billion U.S. dollars)
Revenue of Royal Caribbean Cruises worldwide 1988-2023
Revenue of Royal Caribbean Cruises Ltd. worldwide from 1988 to 2023 (in billion U.S. dollars)
Revenue of Norwegian Cruise Line worldwide 2011-2023
Revenue of Norwegian Cruise Line Holdings Ltd. worldwide from 2011 to 2023 (in billion U.S. dollars)
TUI cruise brand revenue worldwide 2015-2023, by brand
Revenue of TUI cruise brands worldwide from 2015 to 2023, by brand (in million euros)
Percentage change in revenue of leading cruise companies worldwide 2020-2023
Percentage change in revenue of leading cruise companies worldwide from 2020 to 2023 (compared to 2019)
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What 2023 Will Hold for Travel: New Skift Research
Seth Borko, Skift Research
December 21st, 2022 at 10:30 AM EST
The new year will give no rest to a weary travel industry. After years of work to dig out of the hole the pandemic put us in, travel in 2023 may find that the hardest part still lies ahead. The groundwork for growth is in place but achieving success will be no simple task.
In its annual outlook for the travel industry, Skift Research has created 2023 global revenue forecasts for airlines, hotels, short-term rentals, cruise lines, and online travel agencies. Skift also built an estimate for international cross-border travel from 2023–2025. This outlook is meant as a companion piece to our recent State of Travel report that offers in-depth coverage of all travel segments.
Heading into 2023 the state of travel remains a mixed bag. Pent-up demand has catapulted the Americas back to 2019 levels even as Asia is just beginning its recovery run. Short-term rentals are larger than they were pre-pandemic while passenger airlines remain smaller.
We still see potential for significant catch-up growth in travel to continue in every region of the world even as that optimism is tempered by gathering economic storm clouds.
What You’ll Learn In This Report:
- Forecasts of cross-border trips 2023–2025, globally and for North America, Europe, and Asia-Pacific regions
- Estimates of 2023 industry revenue for airlines, hotels, short term rentals, cruises, and online travel agencies (OTAs)
- Skift Travel Health Index Scores by country and sector
- How the evolving economic outlook may impact travel
Skift Research Global Travel Outlook 2023
Purchase this report, or subscribe to Skift Research to read our latest analysis on the performance of the travel industry.
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Global Online Travel Market Size By Service Type, By Platform Type, By Booking Mode, By Geographic Scope And Forecast
- Description
- Table of Contents
- Methodology
Online Travel Market Size And Forecast
Online Travel Market size was valued at USD 519.79 Billion in 2023 and is projected to reach USD 1.01 Trillion by 2030 , growing at a CAGR of 8.9% during the forecast period 2024-2030.
The Emergency Online Travel Market refers to the segment of the travel industry focused on providing immediate travel solutions and services to individuals or groups facing unforeseen circumstances or emergencies. This market encompasses various online platforms, applications, and services that facilitate last-minute travel arrangements, including transportation, accommodation, and other essential travel needs.
Global Online Travel Market Drivers
The market drivers for the Online Travel Market can be influenced by various factors. These may include:
- Convenience and Accessibility: A variety of travel alternatives, such as flights, lodging, vehicle rentals, and activities, are easily accessible through online travel platforms. Travellers on the go who want a hassle-free booking process may find this convenience appealing.
- Mobile Technology: Travellers can now plan and organise their vacations more easily than ever thanks to the widespread use of smartphones and mobile apps. The expansion of the online travel industry can be attributed in large part to mobile technologies.
- reasonable Pricing : Travellers on a tight budget may be drawn to online travel platforms since they frequently offer reasonable pricing and promotions. Features that compare prices make it simple for customers to locate the greatest offers.
- Increased Internet usage : Online travel platforms are now more widely accessible due to the increasing worldwide internet usage. With more people having access to online booking choices, these platforms are serving a bigger consumer base.
- Growth of Remote Work and Digital Nomads : These two travel trends have given rise to a new traveller demographic that prefers online booking and flexible travel schedules.
- Personalisation : To provide individualised travel recommendations, online travel companies leverage AI and data analytics. This allows for a more customised booking experience that caters to individual interests.
- Growing Middle-Class Population : As the middle class grows in emerging nations, disposable money rises and travel demand rises as well, propelling the internet travel industry’s expansion.
- Environmental Concerns : As people become more conscious of climate change, there are more environmentally friendly travel options available. Travellers who care about the environment are likely to be drawn to online destinations that provide sustainable travel options.
Global Online Travel Market Restraints
Several factors can act as restraints or challenges for the Online Travel Market. These may include:
- Security Issues: For online travel platforms, fraud and security lapses are major issues. Customers’ reluctance to divulge financial and personal information online may affect adoption and trust rates.
- Regulatory Obstacles: Depending on the location, the internet travel sector may be subject to a number of different rules and regulations. Adherence to these regulations augments operational intricacy and expenses.
- Infrastructure Restrictions: The expansion of online travel services may be hampered in some areas by a lacklustre internet infrastructure. Online travel platforms may have limited reach and usefulness if high-speed internet connection is restricted.
- Payment Difficulties: Different countries have different preferences and ways of payment. It can be difficult to manage the variety of payment methods that online travel platforms need to offer in order to meet the needs of their diversified clientele.
- Competitive Landscape: There are many companies fighting for market share in the very competitive online travel industry. Reduced profit margins and pricing pressure are two outcomes of intense competition.
- Seasonal Demand: Demand in the travel sector varies with the seasons and holidays. For online travel platforms, off-peak inventory and pricing management can be difficult.
- Expectations for Customer Service: In the travel sector, customers have high standards for customer service. Reaching these standards might be difficult, particularly during periods of high travel demand.
- Data Privacy Concerns: Online travel platforms need to make sure that consumer data is handled securely in light of the growing emphasis on data privacy. Failing to do so may result in legal repercussions and harm to one’s reputation.
- Political and Economic variables: Consumer confidence and travel habits can be impacted by political unrest, economic downturns, and other external variables, which can have an impact on the online travel industry.
- Environmental Concerns: As people become more conscious of environmental issues, their tastes and habits are shifting. Travel websites may have to modify their services to accommodate environmentally conscientious tourists.
Global Online Travel Market Segmentation Analysis
The Global Online Travel Market is Segmented on the basis of Service Type, Platform Type, Booking Mode and Geography.
Online Travel Market, By Service Type
- Online Travel Agencies (OTAs) : These are platforms that allow users to book various travel services such as flights, hotels, car rentals, and vacation packages through their websites or mobile apps. OTAs often aggregate offerings from multiple suppliers and provide users with comparison tools and booking convenience.
- Direct Travel Suppliers : These are travel service providers like airlines, hotels, and car rental companies that offer their services directly to consumers through their own websites or mobile apps, bypassing intermediaries like OTAs.
- Meta Search Websites : Meta search engines allow users to search multiple travel websites simultaneously to find the best deals on flights, hotels, and other travel services. They typically display prices and availability from various OTAs and direct suppliers, enabling users to compare options easily.
Online Travel Market, By Platform Type
- Desktop : Refers to online travel bookings made through desktop or laptop computers.
- Mobile : Refers to online travel bookings made through smartphones or tablets via dedicated mobile apps or mobile-responsive websites.
Online Travel Market, By Booking Mode
- Online : Bookings made directly through websites, mobile apps, or third-party platforms connected to the internet.
- Offline : Bookings made through traditional channels such as phone calls, travel agencies, or in-person visits to booking counters.
Online Travel Market, By Geography
- North America: Market conditions and demand in the United States, Canada, and Mexico.
- Europe: Analysis of the ONLINE TRAVEL MARKET in European countries.
- Asia-Pacific: Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa: Examining market dynamics in the Middle East and African regions.
- Latin America: Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Online Travel Market are:
- Booking Holdings Inc.
- Expedia Group, Inc.
- Trip.com Group
- Tripadvisor
Report Scope
Analyst’s take.
In conclusion, the Emergency Online Travel Market is poised for significant growth in the coming years, driven by the increasing demand for rapid and efficient travel solutions during unforeseen events such as natural disasters, medical emergencies, or unexpected travel disruptions. As technology continues to evolve and consumer expectations for instant services rise, businesses operating in this market have opportunities to innovate and expand their offerings to meet the evolving needs of travelers facing urgent travel requirements.
Research Methodology of Verified Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors • Provision of market value (USD Billion) data for each segment and sub-segment • Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled • Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players • The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions • Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis • Provides insight into the market through Value Chain • Market dynamics scenario, along with growth opportunities of the market in the years to come • 6-month post-sales analyst support
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Frequently Asked Questions
What is the projected market size & growth rate of the online travel market, what are the key driving factors for the growth of the online travel market, what are the top players operating in the online travel market, what segments are covered in the online travel market report, how can i get a sample report/company profiles for the online travel market.
1. Introduction · Market Definition · Market Segmentation · Research Methodology
2. Executive Summary · Key Findings · Market Overview · Market Highlights
3. Market Overview · Market Size and Growth Potential · Market Trends · Market Drivers · Market Restraints · Market Opportunities · Porter's Five Forces Analysis
4. Online Travel Market, By Service Type • Online Travel Agencies (OTAs) • Direct Travel Suppliers • Meta Search Websites
5. Online Travel Market, By Platform Type • Desktop • Mobile
6. Online Travel Market, By Booking Mode • Online • Offline
7. Regional Analysis · North America · United States · Canada · Mexico · Europe · United Kingdom · Germany · France · Italy · Asia-Pacific · China · Japan · India · Australia · Latin America · Brazil · Argentina · Chile · Middle East and Africa · South Africa · Saudi Arabia · UAE
8. Market Dynamics · Market Drivers · Market Restraints · Market Opportunities · Impact of COVID-19 on the Market
9. Competitive Landscape · Key Players · Market Share Analysis
10. Company Profiles • Booking Holdings Inc. • Expedia Group, Inc. • Airbnb • Trip.com Group • Tripadvisor
11. Market Outlook and Opportunities • Emerging Technologies • Future Market Trends • Investment Opportunities
12. Appendix • List of Abbreviations • Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
Econometrics and data visualization model.
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
Online Travel Market
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A year in review: Top trends influencing the OTA industry
To ensure you’re able to strategize and build the best distribution mix for your property, it’s a good idea to keep up to date with the latest news and opportunities. Here, we share some of the major OTA trends from 2023 that we expect to impact the distribution landscape into 2024.
1. OTAs are back and stronger than ever
After a brief lull during the pandemic, OTAs are once again reporting strong growth and a remarkable pace of recovery. In 2022, OTA business represented almost one quarter or 22% of the total U.S. travel market .
OTA market share is dominated by two behemoths, Expedia Group and Booking Holdings, which collectively generated over $250 billion USD in travel bookings in the twelve months leading into Q1 2023.
For Booking Holdings, which owns and operates Priceline.com, KAYAK, and Agoda, as well as Booking.com and other travel sites, 2022 was its biggest year ever . The company generated almost 900 million room nights globally, a 6% increase over 2019. In 2023, the company generated $39.7 billion USD in gross bookings in the second quarter alone, the highest quarterly figure in the company’s history.
As for Expedia Group, which owns and operates Hotels.com, Vrbo, Travelocity, Hotwire.com, and Orbitz, among other travel sites, the numbers are lower but still formidable. In Q2 2023, the value of the company’s gross bookings was $19.2 billion USD, a record level for any second quarter in the company’s history.
Regional OTAs have been performing well, too. In Latin America, for example, Despegar reported $1.3 billion USD in gross bookings in the second quarter of 2023, a 16% increase over the same quarter the previous year. As for Trip.com, a leading OTA for Chinese travelers, our data shows a huge jump in revenue generated in 2023 across several countries, indicating the return of this segment to international travel.
“Many booking sites have fully recovered, or even grown, from pre-Covid levels,” Skift reported in July 2023. “Airbnb leads the online travel agency recovery, powered by the surge in demand for short-term rentals during the pandemic.” Skift also noted that, now that pandemic concerns have subsided, U.S. travelers have shifted away from direct hotel booking channels and returned to third-party booking sites.
2. Mobile bookings are a top priority for OTAs
To encourage travelers to book more hotel rooms from mobile devices, OTAs have been channeling their resources into promoting their mobile apps. The strategy seems to be working. Data from Booking.com shows that almost half of room nights (48 percent) were booked on its mobile app in the second quarter of this year, an all-time high.
Last year, Booking.com was the most downloaded OTA app in the world , with 80 million downloads. In second place was Airbnb, with 52 million downloads, followed by Expedia, with 27 million downloads. Also ranked within the top ten were Agoda, Vrbo, Skyscanner, Hotels.com, Trip.com, and Trivago.
Meanwhile, relative newcomer Hopper is taking the travel world by storm. Ranked in the sixth position on apptopia’s list, with 19.8 million downloads, the app-only OTA is especially popular among Gen Z travelers. And the big OTAs are taking notice. Earlier this year, Expedia ended its supply relationship with Hopper, and in October, Hopper ended its hotel partnership with Booking Holdings, perhaps as a preemptive move.
3. Leisure travel is softening, but other segments are poised for growth
There are signs that leisure travel is slowing down, and the pent-up demand that has fueled travel since the pandemic may have run its course. Fortunately, group and corporate travel are primed to pick up the slack.
“With less chance to bump into coworkers in the office, companies are focused on retaining their culture with more team trips and conferences,” says Booking.com .
Lodging operators who wish to take advantage of the upswing in corporate travel need to be active on the channels where business travelers go to book rooms. And that includes the GDS and OTAs.
“[Hotels] need to widen OTA distribution into a question of third-party distribution,” said Matt Varabkanich, Sr. Research Analyst at Cleveland Research, during Cloudbeds’ 2023 Passport User Conference in October . “I would break it down into four buckets: global OTAs like Booking.com, Expedia, Hotels.com, and Airbnb; regional direct-to-consumer OTAs like Agoda, Traveloka, Makemytrip, and Vrbo; wholesale B2B distribution; and closed user groups.
“Closed user groups is where we’re seeing the most emergence of new channels. In North America, that takes shape through the form of banks, credit card companies, retailers, or phone service providers creating travel portals that their customers can exclusively book through, a lot of times supplied by the OTAs, but we’re seeing an emergence of that taking place more here in North America and Asia Pacific. My guess is that would be more skewed towards super apps.”
Other expected growth drivers include international travel and events. In a survey of travel managers in the U.S. and Europe from Deloitte, more than half of respondents said they expect industry events to spur travel growth this year. The popularity of remote and hybrid work may act as an impetus, with meetings, conferences, and events providing an opportunity for coworkers, clients, and prospects to connect in person, Deloitte speculates.
4. OTAs and fintech companies unite forces
Across the travel industry, there has been a steady rise in investment in fintech products and services to boost revenue and enhance the traveler experience. Fintech, which stands for financial technology, refers to the new wave of finance services companies that employ innovative technology to compete with traditional financial methods and institutions.
Booking.com, which has traditionally operated on an agency model, has recently been shifting toward the merchant model , taking payments for hotel rooms from guests rather than requiring guests to pay the hotel directly.
Agoda has partnered with Sunrate, a global payment platform based in Singapore, and Airwallex, a fintech company that reduces fees charged for processing overseas transactions.
And the buy now, pay later (BNPL) craze has also taken root in OTAs. Airbnb has partnered with Klarna to allow customers to pay for bookings in four payments over a six-week period. Expedia has partnered with Affirm to allow guests to pay for flights and hotels in installments over three, six, or twelve months.
At the same time, financial institutions are partnering with OTAs to sell travel. For example, Nubank formed a partnership with Hopper to provide a comprehensive travel portal for its customers, and Citi launched Citi Travel in collaboration with Booking.com and Rocket Travel to allow Citi ThankYou card members to access inventory on the bank’s website and app.
5. OTAs embrace a future of AI-powered travel planning
Another big shift in 2023 was the widespread adoption of ChatGPT, the generative chatbot built by OpenAI. More than one million users signed up to the service within just five days following the launch, and that number has since grown to over 100 million users.
OTAs have been quick to jump on the bandwagon. Trip.com was the first OTA to partner with ChatGPT, introducing TripGen in March, a ChatGPT-powered chatbot. Soon after, Expedia Group announced an Expedia plug-in for ChatGPT. The following month, Expedia released a ChatGPT-powered AI chatbot on its mobile app, allowing users to ask the chatbot for help and get trip ideas while planning travel.
Since then, KAYAK has also formed an integration with ChatGPT. And in June, Booking.com added conversational chat capabilities to its mobile app.
While the adoption of AI by OTAs has come rapidly, the usefulness of these tools has yet to be proven. Rathi Murthy, Chief Technology Officer for Expedia Group, said in March 2023 , “honestly, the travel industry as a whole has a lot of legacy technology, and it’s not super easy to move in and adopt some of this. But I do see players like us — players that have core technology in the background, large OTAs — start jumping in to experiment and try things out.”
Moving into 2024, OTAs will further develop these technologies to deliver more personalized experiences that will significantly impact how travelers research and book accommodations.
6. Loyalty and retention are also top priorities for OTAs
If there’s a downturn in the economy and inflation remains high, travelers are expected to take fewer trips and will be more price-sensitive when choosing destinations and hotels. This will make it more challenging for hotels to attract repeat guests and build guest loyalty .
To combat this challenge, OTAs have made significant efforts to secure traveler loyalty. Booking.com’s Genius loyalty program is wildly popular, with first-tier members receiving a 10% discount on accommodation at participating hotels – and even bigger discounts for higher tiers. Those discounts come at the expense of hotels in the form of lower rates and higher commissions.
Earlier this year, Expedia Group launched the One Key loyalty program, which consolidates its previous programs, allowing members to earn points and use rewards on Expedia, Hotels.com, and Vrbo. Already, the program has an estimated 168 million members worldwide. While Expedia claims the program will help hoteliers accelerate demand and attract high-value travelers across its brands, hotels can expect to carry some of the costs of the perks.
“Uber has expanded into rides and food delivery and travel services in the UK, and I imagine those super apps are looking into more ways to sell travel services,” said Varabkanich during Passport. “On the global OTA side, the biggest two have taken different avenues, with Booking Holdings on the consolidation side, having acquired wholesaler Getaroom and is currently battling the European Commission to buy the number two flight OTA in Europe.
“Whereas Expedia has put its eggs in the baskets of Hotels.com, Expedia.com, and Vrbo and is pushing to drive more customer loyalty to the group of those brands. So, there’s different forms taking place of emergences vs. consolidation, something I think would be interesting to keep an eye on in terms of the emergence of new channels.”
7. OTAs are finding new ways to entice travelers
OTAs are also making it easier for travelers to discover new destinations and properties that might not otherwise be on the radar. In 2022, Airbnb introduced Categories, a new way for guests to discover unique places to stay. The site now lists over 60 categories based on the accommodation style, location, and proximity to activities, including tiny homes, luxe locations, and beachfront spots.
On Vrbo, visitors can visit the “Get inspired” section and browse categories such as family trips, the beach, pet-friendly accommodations, and places with swimming pools. Booking.com has a “pick a vibe” section with options like relax, outdoors, romance, city, beach, food, and skiing.
In May 2023, Airbnb also introduced Rooms, a product that takes the company back to its roots as a platform for finding shared accommodation. With Rooms, travelers can browse ‘Host Passports,’ an expanded profile with photos and fun facts to choose the host they’ll connect with best.
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Make it better, not just safer: The opportunity to reinvent travel
We remember the first time we jumped in a cold lake on a hot summer day with our siblings. The first time we ate street food walking the streets of a new country with college roommates. We even remember the first business trip we took—straight out of college, and too nervous to enjoy the ride.
This desire to build memories, to connect with people, and to see new places drove 1.4 billion of us to travel internationally in 2019. 1 International tourism highlights: 2019 edition, World Tourism Organization, 2019, e-unwto.org. Creating safer travel experiences is now paramount to protect this privilege.
Now is clearly a moment of crisis for the travel industry. Available seat miles on US airlines were down 71 percent in April 2020 from the previous year. 2 Andrew Curley, Alex Dichter, Vik Krishnan, Robin Riedel, and Steve Saxon, “ Coronavirus: Airlines brace for severe turbulence ,” April 2020. Globally, hotels are at 29 percent occupancy, compared with 72 percent over the same period in 2019. 3 STR occupancy data for May 17 through May 23, 2020. However, we are seeing green shoots of demand in areas that are opening up, highlighting an enduring desire to travel; our April survey of Chinese leisure travelers shows that many people are already planning their next trip. 4 Xiang Mi, “Big data from Tongcheng: The average room rate of domestic hotels during the ‘May Day’ rose by about 42% year-on-year,” DoNews , April 27, 2020, donews.com; Kay Chen, Will Enger, Jackey Yu, and Cherie Zhang, “ Hitting the road again: How Chinese travelers are thinking about their first trip after COVID-19 ,” May 2020.
But the future of the travel industry will depend on more than just travelers’ pent-up demand. For some, the romance that travel used to inspire was already wearing thin even before the crisis. We spoke to people across multiple geographies who have traveled in the last two months, 5 Recent traveler interviews conducted May 4 to May 15, 2020, with travelers aged 25–55 from China, Germany, Sweden, and the United States. and the one constant across their experiences was added stress—whether due to limited entry points, multiple new checkpoints, or fellow travelers’ inconsistent compliance with published safety measures.
Safety must be the first priority. Wherever possible, however, intensified health and hygiene protocols should be implemented in ways that avoid making journeys more difficult in the aftermath of the pandemic—for example, the way that travel became logistically more complex after 9/11 because of additional security measures. The imperative to move fast has often meant unilateral decision making, rather than solutions developed through quick, iterative feedback. Any further advance of cold or sterile experiences as a result of the (appropriate) pursuit of safety could radically shift behaviors toward simpler experiences, such as choosing to drive instead fly, or could even dampen the overall recovery.
Travel companies need to excite and attract customers as well as reassure them. To achieve this, leaders should focus on making travel better—not just safer—which means giving travelers more control, offering greater authenticity and personalization, and taking a customer-centric, agile approach.
Moving beyond table-stakes safety initiatives
Many travel companies have already announced a series of health and hygiene measures, often promoted with well-known cleaning brands or health experts. But not all of these measures will survive in their current forms: some won’t be effective, some won’t resonate with travelers, and some will prove impossible to deliver consistently and at scale. Constant one-upmanship on cleanliness, though well-intentioned, can be problematic for two reasons. First, each new announcement resets the bar on hygiene standards, leaving industry players scrambling to keep up with initiatives—whether or not they actually improve employee or traveler safety. Second, the travelers we interviewed told us that the fragmentation across new cleanliness programs creates anxiety and confusion about what works and who to trust to keep them safe. If one airport claims that its security process is safer than another’s, for example, why would travelers trust that any airport is safe? Travelers should have confidence in the whole system, rather than be anxious about pieces within it (Exhibit 1).
In fact, a focus on health and hygiene only scratches the surface of the changes that are necessary in the aftermath of the current crisis. Companies can consider three types of interventions to reinvent and reinvigorate travel over the coming years (Exhibit 2).
In addition to table-stakes safety initiatives, a second category of actions can reassure and comfort the public. Brands might differentiate themselves and re-engage their travelers with visible, communications-based cues—such as notifications about the health status of the destination city and personalized notes about the importance of testing and other safety measures. Finally, companies need to move beyond reassuring customers to exciting them, perhaps by looking for opportunities to create exceptional travel experiences.
Making travel better, not just safer
As travel companies redesign their traveler experiences to address risks and anxieties related to COVID-19, they should remember that the pain points and trends that existed before the crisis—such as the shift toward a more digital and personalized journey, and an increased emphasis on wellness and sustainability—have not gone away (Exhibit 3). Airports, for example, are going to have to rethink customer experience in the coming years, but many already understood the importance of improved service and contactless operations. 6 For more, read Melissa Dalrymple and Kevin Dolan, “ Beyond contactless operations: Human-centered customer experience ,” May 2020; “ How customer experience takes flight at the Orlando airport ,” February 2017.
Another example is the high-anxiety purchase journey for flights and lodging, meaningful purchases that often cannot be returned. Simplifying these experiences represents a significant opportunity: before the crisis, we estimated (in partnership with the International Air Transport Association) that the value at stake in making airline ticket retail easier might be $40 billion 7 Riccardo Boin, Alex Cosmas, and Nina Wittkamp, “ Airline retailing: The value at stake ,” November 2019. —equivalent to 4 percent of 2019 revenues—by 2030.
Many initiatives can make the travel experience simultaneously better and safer. Housekeeping services, for instance, will need to adjust for safety concerns, but revised protocols can also reduce environmental impact (such as through less-frequent laundering of sheets during each stay), decrease cost, and give guests more flexibility (by letting them choose their own housekeeping schedule).
Companies will also need to look outside the industry to understand changing consumer expectations. Travelers develop preferences and needs based on their interactions with all companies, not only when they’re on airplanes or in hotels. Companies should consider, for example, how travelers interact with grocery-store clerks, food-delivery persons, or virtual-shopping experts.
Admittedly, the current economic context makes it difficult to expect companies to do more. Indeed, not every good idea will be economically feasible, and there’s little slack in the system for big launches that fail. The good news is that some of the necessary changes will require no significant capital outlay but instead a change in mindset toward customer experience–centric behaviors. Where investment is needed, developing a clear perspective on which actions to prioritize will require balancing of the travelers’ needs with consistent delivery (perhaps with a smaller organization) and the business case’s viability.
Travel companies should bear three principles in mind when designing new protocols and experiences.
Give customers more choice and control
Companies should empower customers to build their own itinerary using smarter, connected digital tools and make it easier for them to modify or cancel their plans. In addition, companies must recognize that the factors that promote customer loyalty may now have shifted; near-term uncertainty may mean, for example, that the ability to cancel a reservation matters more than brand choice or price. The moments that matter might mean more digital than ever and in new places within the customer journey. Solutions and policies that provide choice and control will help to build the trust and confidence necessary to get travelers back on the road and in the air.
Be human and genuine, and personalize the experience
Before the crisis, personalized and unique experiences constituted a dominant trend. Boutique hotels, for instance, were the fastest-growing hotel segment in the United States, with supply increasing 10.6 percent between 2018 and 2019, compared with an overall hotel supply growth of 2.0 percent. 8 Kim Bardoul, “Boutiques can give hoteliers rebound opportunities,” Hotel News Now , April 22, 2020, hotelnewsnow.com. Travelers are drawn to those hotels that put a human face on the institution, that can combine the high standards and consistency of a hotel chain with the personality and privacy of a vacation rental. Major hotel chains have recognized these changing preferences and launched new “soft brands” that serve as a collection of boutique hotels.
Travel companies now have an opportunity to take this personalization a step further, but—in a world where formerly welcoming smiles are behind masks—they will need to find new ways to connect. We have heard hotel staff calling first responders who were quarantining in their hotels to check on them and including notes of encouragement in their bagged lunches, and of airline pilots addressing passengers pre-flight to reassure them and answer any questions about safety.
Getting this right is a balance: mass emails from the CEO can only go so far, and consumers are already reporting fatigue around “we’re all in this together” messaging that is beginning to ring hollow. According to a recent Adobe study, brand marketers are 20 percent more likely than consumers to believe that consumers want to see ads on companies’ COVID-19 responses. 9 Adobe Blog , “Navigating advertising strategy during the COVID storm,” blog entry by Keith Eadie, May 21, 2020, theblog.adobe.com. The bar for authenticity in brand communication and behavior across channels (including in person) must remain high. As such, communication should be focused on what a company is doing for the traveler, rather than delivering superficial platitudes.
Frontline staff can also be powerful messengers and are a great source of insight for improvements or opportunities that a home office will not spot as quickly. Travel workers have been through a lot since the start of the crisis, both professionally and personally, and maintaining an open dialogue around their experiences—and acting upon their feedback—will be vital to ensuring that they feel safe and confident.
To move forward, the industry can actually look backward and take inspiration from a time when airline travel was exciting and new, and travel companies went out of their way to solve for traveler needs rather than just optimizing against the competition.
Listen to customers, and take an agile approach
We have found that companies that surpass their peers in customer-experience design tend to share a set of features 10 Benedict Sheppard, Hugo Sarrazin, Garen Kouyoumjian, and Fabricio Dore, “ The business value of design ,” McKinsey Quarterly , October 2018. : they have agile, cross-functional teams that develop and iterate with end users and deliver seamlessly across touchpoints. Companies that deliver at the highest level across those themes recognize real returns, outperforming their peers by nearly 3:1 in revenue and 1.5:1 in return to shareholders. In this time of great uncertainty and fluid demand, it will be more important than ever to listen to travelers and understand their rapidly evolving needs.
While many travel companies have begun to embrace agile principles in IT and digital, these principles are becoming a useful tool across the entire enterprise as we go into the “next normal.” As travel companies manage their new reality, they will need to be nimble. Cross-functional agile squads that break down traditional silos and collaborate more efficiently can help their companies move quickly to address changing traveler needs across the journey. When launching a new initiative, for example, these teams can conduct quick, one-on-one customer interviews—even in the hotel lobby or boarding area—that can be used to cocreate and pilot solutions at a relatively low expense, using metrics like adoption rate and rapid-fire feedback to course correct in real time. 11 For more on agile principles, see Hugo Sarrazin and Belkis Vasquez-McCall, “ Agile with a capital ‘A’: A guide to the principles and pitfalls of agile development ,” February 2018.
Picture yourself in your favorite vacation spot. Perhaps you’re lying on a beach towel, hiking up a mountain, or skiing down one. Your journey there was different, but the new measures gave you more control and flexibility while ensuring your safety.
The companies that thrive after this crisis will likely be those that work with travelers and employees to cocreate distinctive solutions in a rapid and agile manner, that find new ways to enable choice across the customer experience, and that communicate progress in an authentic and transparent way.
No crystal ball can tell us what the future of travel will be, and we will not find the right solutions to today’s fluid situation overnight. This will take time, patience, and probably many attempts as we learn together. But travel companies need to embrace the challenge to come back better.
Melissa Dalrymple is a partner in McKinsey’s Chicago office, where Ryan Mann is an associate partner. Melinda Peters is a consultant in the New Jersey office and Nathan Seitzman is a partner in the Dallas office.
The authors wish to thank Vik Krishnan, Ellen Scully, Nate Lagacy, Kyle Snyder, Andrew Leon Hanna, Anna Obed, and Luis Diego Cabezas for their contributions to this article.
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Coming off a year of steady growth with rosy outlooks and big plans for 2020, U.S. online travel agency bookings plummeted as a pandemic brought the world to a standstill. OTAs suffered a steep 59% drop in gross bookings. Adapting quickly during volatile times, OTAs highlighted the power of being nimble and innovative to continue servicing both customers and partners. This report provides an overview of the U.S. online travel agency landscape, including market sizing and projections through 2024, analysis, key trends, major players and more.
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- U.S. Hotel & Lodging Market Report 2020-2024
- U.S. Car Rental Market Report 2020-2024
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Top 7 best travel agency software in 2024
What is travel agency software and who is it useful for, what benefits does travel agent software offer.
- Simplified booking processes: Customers can compare and book flights, accommodation, and services from various suppliers via a user-friendly travel booking system.
- Automation of back-office tasks: Automated itinerary creation, invoicing, and payments help businesses save time and boost productivity.
- Real-time inventory management: Centralized inventory data enables businesses to make customized recommendations and prevent overbooking.
- Built-in Customer Relationship Management (CRM): Businesses can better manage customer relationships by tracking interactions and preferences.
- Immediate cost savings: Businesses can access negotiated rates and discounts to provide competitive pricing.
- Enhanced decision-making: Businesses can easily access insights into sales, revenue, and other key metrics to help inform future business strategies.
What features and functionality to look for in travel agency software
The best travel agency software in 2024, 1. travelperk.
Core strengths:
How customers rate travelperk, travelperk pricing.
- Starter: This plan is completely free to use, with no monthly subscription fee. The first 5 bookings each month are completely free too (with a 5% booking fee thereafter). You’ll have access to consolidated invoicing, unlimited cost centers, one policy and approval workflow, and travel restriction information and alerts.
- Premium: For $99/month and a 3% booking fee, you’ll have access to concierge services and savings of up to 25% with VAT-ready invoices.
- Pro: For $299/month and a 3% booking fee, you'll unlock unlimited policy and approval workflows, unlimited budgets by cost center, custom reports and insights, and access to corporate rates.
- Enterprise: This option is designed for enterprise businesses that want to customize their requirements. To find out more about this plan, get in touch with an expert .
Discover today how to give your execs a top-notch travel experience that will have them smiling every step of the way.
- A centralized booking platform provides travel agents with access to a range of travel options, including flights, accommodations, car rentals, and more.
- Sabre’s GDS allows travel agents to search, compare, and book travel services for their clients.
- A mobile app enables travel management companies (TMCs), corporate travel managers, and travelers to access, manage and organize their business trips and itineraries.
- CRM tools help travel agencies manage customer information, preferences, and communication history.
- Reporting and analytics features provide insights into booking patterns, sales performance, and other key metrics to help travel agencies make informed business decisions.
How customers rate Sabre
Sabre pricing.
- Businesses can publish mini websites for each project to help their clients visualize the whole trip in one go.
- Businesses can consolidate suppliers within a personal catalog for easy management.
- Budgets can be adjusted flexibly using dynamic pricing to align with each client's requirements.
- Ezus automates trip costing to help agencies stay within each client's budget.
- Travel proposal documents and quotes can be customized and tailored to an agency’s unique branding.
How customers rate Ezus
Pricing information.
- Starter: $139 per month.
- Professional: $399 per month.
- Premium: $849 per month.
- Enterprise: Customized subscription prices are available for larger enterprises.
4. Dolphin Dynamics
- Tools to help manage and book travel services, including flights, accommodations, tours, car rentals, and cruises.
- A travel CRM helps agencies manage customer information, preferences, communication history, and interactions to boost targeted marketing efforts.
- Integrations with suppliers, including airlines, hotels, and car rental companies help agents access real-time product availability and accurate pricing information.
- Reporting and analytics features enable travel agencies to gain insights into sales, revenue, booking trends, and other key performance metrics.
- Each platform and its workflows and processes are customizable to meet the unique needs of each business.
How customers rate Dolphin Dynamics
Learn more about travelperk, 5. travelport.
- Travel agents can access booking platforms where they can search, compare, and book flights, accommodation, car rentals, and other travel services from multiple suppliers.
- Travelport provides APIs that enable travel agencies to integrate Travelport's data and booking capabilities into their own systems and websites.
- The platform’s “Productivity Automator” feature streamlines workflows and reduces the number of manual back-office tasks.
- Businesses can process payments, manage commissions, and handle financial transactions within the platform.
- Travel agencies can access reporting and analytics tools to gain insights into sales, revenue, booking trends, and other important performance metrics.
How customers rate Travelport
Travelport pricing.
- Businesses can improve efficiency and reduce costs with completely automated sales workflows.
- A reporting engine helps businesses access accurate profitability reports for each tour and package product.
- Reports on supplier performance help companies understand the revenue generated for each supplier, aiding in renegotiations for better commissions.
- Businesses can access multilingual quotes, invoices, and travel itineraries.
- Automated payment reminders enable quicker reconciliation.
How customers rate Lemax
Lemax pricing.
- Juniper’s booking engine enables businesses to create personalized vacation packages for their customers.
- Businesses can access yield management tools and adjust prices and offers according to market conditions.
- A flexible booking system enables customers, travel agencies, and affiliates to offer products at discounted or commission-based rates.
- Wholesale tour operators can easily offer a wide range of products from a single platform to reach thousands of clients.
- Businesses can manage their product portfolios and update availability, change prices, and sell complementary products directly from the platform.
How customers rate Juniper
Juniper pricing.
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Expedia starts testing AI-powered features for search and travel planning
In an effort to get ahead of its competitors in the travel ecosystem, online travel agency Expedia said it will soon launch an AI assistant to bolster features like search, itinerary building, trip planning and real-time updates like flight delays.
The company, which runs a variety of online travel aggregators and metasearch engines, is debuting a bot named Romie that’s been trained on a mix of in-house and OpenAI models. The bot can help users search for hotels, build itineraries for their trips and make small changes. The bot can be included in iMessage chat groups, or you can talk to it one-on-one on WhatsApp. For these apps, the bot sits behind a phone number and leverages ChatGPT.
You can chat with Romie by mentioning the bot on iMessage and ask it to summarize an itinerary it has built or suggest restaurants. The bot can take you directly to the Expedia app with links to an itinerary or suggestions.
Expedia is also introducing smart search on its site, which lets users describe what kind of hotels they want instead of selecting filters. For instance, you can type “Rooftop and view of the sea” while searching for hotels, and the search will return the best hotels with those features.
The company is testing all these features with a limited audience through its EG Labs program, which allows U.S.-based users to try the new features.
Expedia said it pulls in data from various sources like AccuWeather and Yelp to tailor the search and the bot. The company said this allows it to update travelers on flight changes or changes in weather. It can also suggest, for example, hotels near the airport in case of a canceled flight.
Expedia started experimenting with AI last year when it introduced an in-app travel planning experience that used ChatGPT . It seems the company is now working on integrating AI into its core feature set.
Expedia’s rivals have also made some moves. Booking.com introduced AI-powered trip planning features in June 2023, and Airbnb has tested AI-aided review summaries and is aiming to build what it calls the “ultimate concierge.” In March, Kayak launched a new conversational tool and a screenshot-based price comparison feature.
Startups are also banking on AI-powered features to take on incumbent travel platforms. Costanoa Ventures-backed Mindtrip is building an AI travel agent for users , while Vancouver-based Pilot is using AI to make travel planning more social .
Layla, which counts firstminute capital, M13, Booking.com’s co-founder Andy Phillipps, Skyscanner co-founder Barry Smith and Paris Hilton as investors, is building an end-to-end travel recommendation app with the help of existing data and creator content. The company also acquired FLYR.com and Jason Calacanis-backed AI itinerary builder Roam Around earlier this year .
Rathi Murthy, CTO of Expedia Group, told TechCrunch over a call that despite a ton of competition in the space, the company is confident that its solution will stand out because it plays multiple roles.
“While everybody talks about AI assistants, for me, having an AI assistant that is a travel agent, personal assistant, concierge, and always there at the ready for you to make changes, remedy your trip, and remove fit across the entire process proactively is a game changer. […] We have been able to take the Expedia experience outside of our ecosystem and into channels like iMessage or WhatsApp and take advantage of that, which I think is unique,” he said.
Murthy said that the only reason Romie can’t be used in WhatsApp group chats yet is they have not yet figured out the dynamics of how the bot would work in that setting rather than any technical challenges.
Expedia also said it would launch a cross-date price comparison tool, an AI-powered help page, and guest review summaries as part of its spring update.
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Should I Use a Travel Agent? Our Travel Expert Says It Makes All the Difference.
The new age of travel agents know how to find deals, book off-the-beaten path adventures, and get you out of any jam. Especially if you know who to use.
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I’ve always thought that planning my own trips was the most cost-effective way, but I’ve been hearing more about travel agents making a comeback and saving their clients a lot of money. What kinds of outdoor trips should I turn to a travel agent for, and are there any who specialize in working with adventurers like me?
Technically, I’m a professional traveler. As a journalist, it’s my job to research and connect with locals to get beneath the surface of a destination. So I have never really used travel agents. What could they plan better than I could?
A lot, it turns out. Over the years, I’ve gotten to know many travel specialists, and I consider them magicians. My big aha moment happened two winters ago on a trip to Iceland . A massive storm shut down internal flights for a day, causing me to miss my return flight to the U.S. Normally, I would have spent frustrating hours on hold with the airline. But because I’d paid $65 to have Ana Gloria Garcia, an air-support specialist at the travel agency EmbarkBeyond, find and book the most affordable and convenient flight option for me, she handled the rebookings while I soaked in the Blue Lagoon.
During the pandemic, agents became advocates helping travelers get refunds on canceled flights and trips. As travel has come roaring back, an agent’s superpower is now their access to the best hotel rooms, most in-the-know guides, free amenities, and more, says Cory Hagopian, senior vice president of sales and partnerships for Virtuoso , a global network of travel agencies.
And they’re attracting a young clientele. According to a recent industry survey , 38 percent of millennials and Gen Zers are opting to use travel agents as opposed to booking on their own trips. That number is far greater than Gen Xers and baby boomers, of whom only 12 and 2 percent respectively use agents.
What Do I Gain from Using a Travel Agent?
I recently had a friend tell me she spent close to 40 hours researching a family trip online. She probably could have gleaned the same intel from an hourlong conversation with a travel adviser. Knowledge is priceless, and advisers act as your insiders. They know what you don’t and fill in the blanks for things you might not have considered, says Erika Richter, a spokesperson for the American Society of Travel Advisors (ASTA). Their firsthand knowledge, vast network, and on-the-ground connections all combine to provide a unique perspective for crafting the perfect itinerary for you.
Most travel advisers specialize in certain regions and countries and travel to them frequently, so they have up-to-date intel on not only the best safari camps but the perfect tent to book for the most incredible views and the best local restaurants you won’t find on Tripadvisor. They want their client’s trips to go well to keep them coming back, so it’s in their interest to have sussed out hotels and itineraries before they send you out into the world.
Nicole Forster, 29, considers herself a savvy traveler. She’s been to 20-plus countries and enjoys destination research. But when it came to planning her honeymoon in Africa, she felt overwhelmed, so she reached out to Danielle Meyer at Coastline Travel Advisors , which specializes in bespoke itineraries. “Originally, I wanted to go to South Africa, Victoria Falls, and Madagascar,” Forster recalls. “Danielle convinced me that if we wanted to relax, we should stay in South Africa and save the other countries for separate trips.”
Over five phone conversations and multiple emails, they crafted a 15-night itinerary that included Cape Town, the winelands, the Cape Peninsula, and a safari at the Thornybush Game Reserve. Forster established her budget early in the process, and Meyer sent her a variety of lodge options to choose from.
“I initially wanted to start with the safari, but she pointed out that we’d be jet-lagged and would need to wake at sunrise for game drives,” says Forster. “The safari was our highlight, so it was a perfect way to end the trip.”
Not only did Meyer book all of the flights, hotels, and transfers, but she created a detailed, day-by-day trip app for the couple that included useful information like check-in times at hotels and how much to tip guides .
Agents also act as advocates. If something goes wrong during your travels, they’re on call 24/7 to handle it. When Forster left the battery and charger for her camera at a hotel, Meyer arranged for an on-the-ground contact to go to a camera store and buy new ones that would be delivered to her hotel the next day.
The cost for the honeymoon planning: $150 per person. “I wouldn’t use a planner for a trip to Hawaii ,” Forster says, “but if I ever took a big trip like this again, I’d 100 percent work with an expert.”
When to Consider Using a Travel Agent
For savvy trip planners, the best time to use a travel agent is for complicated international travel. It can save you hours of planning and peace of mind that if anything goes wrong in your chosen far-flung destination, there’s someone a What’sApp message away to handle it.
Domestically, I’d consider using a travel agent when planning a multi-week national park trip or multi-island trip in Hawaii. They will save you time, guarantee you get the best guides, and help you land reservations at always-booked lodges and hotels.
Dream Trips Delivered
Jessica Cook and her husband both work in the travel industry. Decision fatigued, they handed their honeymoon logistics over to the team at Askari Travel , an agency that specializes in South Africa. Their original plan was also an African safari, but just as they were about to put a deposit down, the Omicron variant of the coronavirus made headlines. Worried about getting stuck abroad, they reached out to Askari’s founder, Muriel Truter, who is from Zimbabwe, and upon her advice, changed their focus to South America.
Knowledge is priceless, and advisers act as your insiders. They know what you don’t and fill in the blanks of things you might not even have considered.
Truter suggested they stick to Colombia rather than country-hop. Cook supplied a budget and a wish list: 12 days, no more than three destinations, a barefoot-luxe feel, and adventures like horseback riding and mountain biking. The rest was a surprise that Askari pretty much nailed, with the exception of one hotel.
“Everything felt so authentic, but this one hotel on Barú island felt really fabricated and was full of American tourists,” recalls Cook. She immediately messaged the Askari team, saying, “Hey, this place really isn’t our vibe,” and within an hour they were on a water taxi headed to Blue Apple, a B Corp hotel—and an Outside pick for tropical adventures —on Tierra Bomba island. “It was honestly the best trip we’ve ever taken,” she says.
Are Travel Agents Expensive?
It depends. Cost varies. Some travel agencies won’t charge any fee, as they receive a commission from the bookings, while some high-end agencies will charge pricey annual membership fees for their services. Still others charge nominal “professional” fees starting at $150. Fees often fluctuate based on the length and intricacy of a trip and how far out you do the planning (6 to 12 months is recommended). You may occasionally come across agents who charge a percentage of the total trip price or hourly rates.
Basic travel enquiries are generally free. In 2016, Leah Smith, founder of Tafari Travel , opened an old-school brick-and-mortar location in Denver’s Cherry Creek neighborhood so her services would feel less intimidating to first-time users. “With our retail-office location, we’ve become part of the community, and both clients and non-clients are welcome to pop in and ask whatever questions they may have, no charge,” she says.
Matt Lindsay, founder of the surf-guiding and travel company LuxSurf Travel , builds relationships with resorts and property owners to get discounted rates that he can then pass on to guests.
Dominic Allan, the founder of Real Latin America , specializes in travel to Belize and Nicaragua and caters to independent travelers who are happy to book their own flights and hotels but are seeking his local intel. Allan’s three-tier pricing structure starts at $300 for up to three hours of phone calls, during which he might weigh in on where to eat (or not to), the best room to request in a certain lodge, or whether you really need a guide to hike.
Value Versus Savings
If you’re just looking for deals and steals, you might not be ready to work with a travel adviser, says Richter of the ASTA. “Anything you invest in with a travel adviser comes back to you in the form of amenities, customer service, peace of mind, better access to unique experiences, and handcrafted itineraries,” she says. “You could save money by cutting your own hair, too, but most people go to someone who knows what they’re doing.”
Agents work with preferred partners who can guarantee perks for clients, such as free upgrades, early check-in or late check-out, and resort credits. Those add-ons often translate into savings, says Justin Huxter, cofounder of the UK-based Cartology Travel . “We had a client go to Maui for a week, and because of our partnership with the resort, breakfast was included,” he says. When breakfast costs $120 for two, that’s a savings of $840.”
Some of the Best Travel Agents in the Adventure World
Some of my go-to resources for finding a person to work with include travel expert Wendy Perrin’s annual Wow List of tried and trusted agents, the Adventure Travel Trade Association’s adviser network , and the ASTA’s advisor directory .
In addition to the agents mentioned throughout this story, others I highly recommend for adventurous travelers include:
- Dan Achber of Trufflepig , for Africa and the Middle East
- Miguel Cunant of Sri Lanka in Style
- Javier Echecopar of Journey Costa Rica
- Daniel Fraser of Smiling Albino , for Southeast Asia
- Elizabeth Gordon of Extraordinary Journeys , for Africa
- Kleon Howe of the Art of Travel , for French Polynesia
- Jay Johnson of Coastline Travel , for Hawaii and California
- Antonello Losito of Southern Visions Travel , for Puglia, Italy
- Rabia Malik of Fora Travel , for general worldwide travel
- Robyn Mark of Mayamaya Travel , for Africa, the Alps, Patagonia, and Japan
- Marisol Mosquera of Aracari , for Peru and Bolivia
- Zach Rabinor of Journey Mexico
- Raluca Spiac of Beyond Dracula , for Romania
Travel-advice columnist Jen Murphy is now a believer in using a travel agent. Thanks to their expertise and connections, she’s avoided dozens of trip catastrophes.
- South Africa
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