Global Online Travel Agency Market Overview:
An online travel agency is an online platform for travelers that manages and sells accommodations, tours, trips, and transportation packages. It is used for hotels, vacations, travel, etc applications. It is considered as a third party that sells and manages the travel packages on behalf of other companies and hotels. usually, the online travel agencies provide various benefits with value-added convenience and aim mostly at individual customers rather than the corporations who use corporate travel agencies.
- Demand for Easy Travel Booking and Exploring Online Platform
- Growing Digitalization and Need for Instant Travel Arrangements
- Privacy Related Data Safety Risks Associated with Online Travel Agency
- Rapid Increase in Demand for Vacation and Traveling Since the Removal of Pandemic Lockdowns Restriction will Boost the Online Travel Agency
- Investment in the Advertisement of Online Travel Agency
- Presence of Fake Online Travel Agency Players in the Market Involved in Fraudulent Activities
Some of the key players profiled in the report are Expedia Group, Inc. (United States), Booking Holdings (Netherlands), TravelPerk S.L.U (Spain), Airbnb, Inc. (United States), Tripadvisor, Inc. (United States), Google Hotels (United States), Travelgenio (Spain), eDreams (United States), Weekend.com (Germany) and Qunar (China). Considering Market by Function, the sub-segment i.e. Making Reservations will boost the Online Travel Agency market. Considering Market by Model, the sub-segment i.e. Merchant Model will boost the Online Travel Agency market. Considering Market by Deployment, the sub-segment i.e. Web based will boost the Online Travel Agency market.
Latest Market Insights:
On 14th January 2021, Trivago has acquired Weekend.com, a Germany-based startup - and online travel agency - targeting travelers who are looking for short breaks. Specific terms of the deal - a 100% share takeover - have not been disclosed. It is the first acquisition for accommodation search site Trivago since it bought TripBuddy, an AI-led personalization engine. The deal is being heralded as an opportunity for Trivago to place its "marketing and product expertise" into the Weekend.com brand and share hotel content.
"The U.K.'s Competition and Markets Authority (CMA) had been investigating the selling habits of some of the major online travel agencies for potential infringement of the Consumer Protection from Unfair Trading Regulations, 2008. This piece of regulation specifically addresses unfair commercial practices, misleading actions, misleading omissions, and aggressive commercial practices."
What Can be Explored with the Online Travel Agency Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Online Travel Agency Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Online Travel Agency
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Online Travel Agency market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Online Travel Agency market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Online Travel Agency Service Providers, Online Travel Agency Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Online Travel Agency Market?
The Online Travel Agency market is expected to see a CAGR of % during projected year 2020 to 2026.
2. Who are the top performing companies in Online Travel Agency Market?
Top performing companies in the Global Online Travel Agency market are Expedia Group, Inc. (United States), Booking Holdings (Netherlands), TravelPerk S.L.U (Spain), Airbnb, Inc. (United States), Tripadvisor, Inc. (United States), Google Hotels (United States), Travelgenio (Spain), eDreams (United States), Weekend.com (Germany) and Qunar (China), to name a few.
3. What trending factors would impact Online Travel Agency Market growth most?
"Increasing Utilization of Application-based Online Travel Agency for the Flights and Hotels Booking" is seen as one of major influencing trends for Online Travel Agency Market during projected period 2020-2026.