The Online Travel Agencies market is estimated at USD 460.90 billion in 2022 and is projected to reach USD 900.10 billion by 2032, at a CAGR of 16.0% from 2022 to 2032.
Online travel agencies market has shown a tremendous growth in last few years and it may grow further in upcoming years. Online travel agencies frame and formulate various strategies to attract vast number of travelers. Online travel agencies are focusing on acquiring large number of customers with the help of direct booking services.
Direct booking service enables customer to book their travel and accommodation from any part of the world at any point of time. This facility can be avail on mobile devices or any other devices with internet. Thus, the simple operation of direct booking services helps to attract new set of customers. The direct booking services with the help of various platforms such as apps, websites, social media offer opportunity to agencies to connect directly with the customers and build a customer relationship.
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Skyscanner launched direct booking service on its website allowing travelers for simple and faster ways of booking using their phone. They provide them seamless experience of ticket booking and added ancillaries for their support. The quicker and convenience support help to boost the sales of various airline companies. The direct booking services showcase fare and ancillaries at the start of the booking and make travelers informed about the best value fares.
Impact of COVID-19 on the Market
The covid 19 has a negative impact on tourism sector and left tourism industry in rough shape. Due to lockdown and government restrictive measures the entire tourism market was on hold and every verticals of tourism industry faced a tremendous lose by losing the opportunity and their potential customers. Covid impact also impacted tourism sector negatively but in post covid situation online travel agencies have recovered quickly.
Due to social distancing rules the travelers mainly prefer online booking process. Apart from this the online travel agency are taking initiatives for safety of travelers by providing safety insurance for health and for financial loss if a traveler plan to cancel trip. Meanwhile the online travel agencies are conducting web checks, temperature check, etc. to ensure the safety from pandemic disease. Such efforts are helping online travel agencies to recover from the phase of covid pandemic.
Who is winning?
Leading manufacturers of online travel agencies market are focused on promotional strategies, upgradations and technological development, developing smooth travel booking process, providing safety feature and new merger strategies that have driven sales growth of online travel agencies market globally.
Major players present in the online travel agencies market are Airbnb, Expedia Group Inc., Booking Holding Inc., Trip Advisor Inc., Make My Trip Pvt. Ltd., HostelWorld Group Plc, Trivago N.V, GetGing, Skyscanner, Agoda, Lastminute.com Group, Thomas Cook India Ltd., World Disney World are among others.
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