The Business Research Company Online Travel Agents Market Report – Opportunities and Strategies – Global Forecast to 2030
LONDON, GREATER LONDON, UK, April 26, 2021 /EINPresswire.com/ – Our reports have been revised based on market size, forecast and strategies for 2021 following the impact of COVID-19: https: //www.thebusinessresearchcompany. com / global-market-reports
The increasing initiatives of the governments of various countries to promote tourism and build a solid tourism infrastructure in order to increase the revenue generated by the tourism industry is a major trend which is propelling the growth of the online travel agents market. For example, according to the Press Information Office of the Ministry of Tourism, the Indian government report released in July 2019, the Ministry of Tourism provides financial assistance under the National Mission’s programs on pilgrimage rejuvenation and the increase of spiritual heritage (PRASHAD) and Swadesh Darshan for various territories of the State and the Union for the development of infrastructure related to tourism in the country. Therefore, government initiatives and measures to promote tourism and develop tourism infrastructure are expected to be a key trend in the OTA market during the forecast period.
Other trends in the online travel industry include mergers and acquisitions. In January 2020, Despegar, a Latin America-based online travel company, acquired Best Day Travel Group for $ 136 million. Best Day Travel Group, an online travel agency based in Mexico. This acquisition enables Despegar to increase its revenues by 25%, thereby strengthening its leading position in the travel agency market in Mexico and Latin America.
The main players in the online travel agent market are Booking.com, Expedia Inc., Ctrip, TripAdvisor, Trivago, eDreams Odigeo, Despegar, MakeMyTrip, Lastminute and On the Beach.
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The global online travel agent market is expected to grow from $ 432.14 billion in 2020 to $ 561.36 billion in 2021 at a compound annual growth rate (CAGR) of 29.9%. The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The online travel agency market size is expected to reach $ 833.52 billion by 2025 at a CAGR of 10%.
The TBRC Online Travel Agency Market Analysis Report Segmented By Type Of Service In Vacation Packages, Transportation, Accommodation, By Platform In Mobile / Tablet, Desktop And By Category In Hotel Reservations, Tickets , others.
Online Travel Agents Market – By Service Type (Vacation Packages, Travel, Accommodation), By Platform (Mobile / Tablet, Desktop) and By Region, Opportunities and Strategies – Global forecast to 2023 makes Part of a series of new reports from The Business Research Company that provides an overview of the Online Travel Agents market, forecasts on the size and growth of the Online Travel Agents market for the entire market, Online travel agents market segments and geographies, online travel agents market trends, online travel agents market drivers, restraints, major competitors’ revenue, profiles and market share Marlet.
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