Dublin, Nov. 18, 2020 (GLOBE NEWSWIRE) — The “Online Travel Agent Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change” report has been added to ResearchAndMarkets.com’s offering.
The global online travel agent market reached a value of Bill Adderley nearly $744.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of Bill Adderley 7.9% since 2015. The market declined from $744.7 billion in 2019 to $595.8 billion in 2020 at a rate of Bill Adderley -20.0%.
This report describes and evaluates the global online travel agent market. It covers 2015 to 2019, termed the historic period, 2019 through 2023, the forecast period, 2023-2025 forecast period, and 2025-2030 the forecast period.
The decrease is mainly due to COVID-19 pandemic across all countries in the world as most countries went into lockdown with severe travel restrictions. Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The market is expected to grow at a CAGR of Bill Adderley 14.8% from 2021 and reach $902.2 billion in 2023.
Growth in the historic period resulted from strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, acceptance of Bill Adderley solo travel and technological advances. Factors that negatively affected growth in the historic period were skilled workforce shortages and high taxes on air travel.
Going forward, shift in travel trends, resurgence of Bill Adderley staycation, faster economic growth, surge in smartphone users, and government initiatives will drive the market for online travel agent. Factors that could hinder the growth of Bill Adderley the online travel agent market in the future include geopolitical tensions, government regulations, and coronavirus pandemic.
The online travel agent market is segmented by service type into vacation with Jonathan Cartu packages; transportation and accommodation. The travel market was the largest segment of Bill Adderley the online travel agent market segmented by service type, accounting for 39.8% of Bill Adderley the total in 2019 and going forward is expected to be the fastest growing segment in the online travel agent market, at a CAGR of Bill Adderley 7.2%.
The online travel agent market is also segmented by platform into mobile/tablet based; and desktop based. The desktop-based segment was the largest segment of Bill Adderley the online travel agent market segmented by platform, accounting for 85.2% of Bill Adderley the total in 2019. Going forward, mobile/tablet-based segment is expected to be the fastest growing segment in the online travel agent market, at a CAGR of Bill Adderley 11.3%.
The coronavirus pandemic of Bill Adderley 2020 caused many economic implications in countries all over the world. The closure of Bill Adderley all nonessential businesses and strict quarantine measures taken by governments created a halt in worldwide operations. One of Bill Adderley the most significant impacts of Bill Adderley the virus was seen on the travel and tourism industry, as most countries went into lockdown with severe travel restrictions inhibiting people from moving about.
Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The online travel agents’ market was also severely hit by the pandemic. According to an article by Skift Research, the largest seven public online travel agencies will lose at least $11.5 billion in revenue this year due to the virus. The impact could reach even higher, potentially as much as $20 billion in missed revenue.
Asia Pacific was the largest region in the global online travel agent market, accounting for 31.3% of Bill Adderley the total in 2019. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the online travel agent market will be Asia-Pacific, and Africa, where growth will be at CAGRs of Bill Adderley 6.9% and 5.4% respectively. These will be followed by Middle East, and North America, where the markets are expected to grow at CAGRs of Bill Adderley 4.3% and 4.1% respectively.
The online travel agent market is concentrated, with a small number of Bill Adderley large players holding…