Online Travel Market is expected to reach US$ 1.2 Trillion by the end of the year 2024
Online travel market offers travelers with most intuitive online travel services, including journey plans and hotel bookings. The online travel market is majorly driven by quick and convenient tickets, hotel and vehicle rental bookings as the online portal is easy to navigate with a user-friendly interface and moreover offers cost comparison from several other market players at one place, in order to get the travelers a most suitable deal. Owing to these benefits offered by the online travel industry, it has gained consumer trust in a short time span further expected to drive the growth of online travel market over the forecast period. The Online Travel Market is expected to reach US$ 1.2 Trillion by the end of the year 2024.
The online tourism market has grown considerably over the few years and is predicted to follow the same trend over the next couple of years owing to the increasing internet penetration and consumer trend to explore world due to increasing disposal income and time. Besides, the online tourism promotional content over the internet and social media further expected to drive the online travel and tourism market over the forthcoming years.
Further, the convenience of booking travel itinerary at the fingertip also expected to play a significant role in boosting the growth of online travel market as today almost all the leading hoteliers offer the digital experience to its customers while managing their journey plan including efficient customer support service. Witnessing the said facts, it is believed that the penetration of internet in the travel and tourism industry leads the online travel market to touch the new height of glory year over year.
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On the other hand, online travel agencies and government support in issuing the visa and other overseas travel-related services on the website portal further escalate the growth of online travel market. Today, as the world is witnessing the digital revolution, the online travel agencies are leaving no stone unturned as they offer a number of services to their customers such as in planning their destinations, where they need to stay, which tourists and heritage site they need to visit and all other related services at the affordable rates. Some of the leading travel agencies include Expedia, Opodo, eDreams, Travelocity, Trivago, Orbitz, Ctrip, Thomas Cook, MakeMyTrip, and Goibibo are among the others.
Online travel service providers aim to provide travelers, to plan their travel itinerary in an easy and most convenient way with most trusted and secure payment gateways options. Hence, in order to further provide consumers with most preferred and easy services at their fingertip, the market players now have launched their mobile-friendly websites and handy apps, especially for the young people and frequent travelers, which again boost the market of the online travel industry. However, the limited-service penetration of online travel industry to rural areas, payment processing issues, and consumer unwillingness are among the major restraints which are expected to limit the growth of online travel market in the near future.
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