Description
Region : Global
Pages: 58
Publication Date: 24.10.2024
Questions Covered in the report:
- What are the key drivers of growth in the global online travel market through 2032?
- What is the expected value of the global OTA market by 2027?
- How are the social media platforms impacting the travel booking journey?
- Which country was the largest contributor to the global OTA market in 2023?
- What trends are emerging in consumer behavior regarding online travel bookings?
Key Findings:
AI and Mobile Drive Global Online Travel Market to Over €1 Trillion by 2032.
Digital Platforms to Dominate Global Travel
Online travel continues to outpace traditional booking methods, with digital platforms like Online Travel Agencies (OTAs) playing a central role in both research and bookings. The report projects that online travel bookings will account for 65% of all travel bookings globally by 2026. The global online travel market is forecasted to grow at a compound annual growth rate (CAGR) of over +10% from 2024 to 2032, reaching a total market value of over EUR 1 trillion by 2032.
Mobile Usage and Digital Tools Lead the Transformation
A key driver of growth in the online travel market is the increasing reliance on mobile devices for travel research and bookings. In 2023, mobile accounted for over 65% of traffic to travel and hospitality websites. This shift underscores the need for travel companies to optimize their digital platforms to meet the demands of a mobile-first audience. Mobile technology is particularly important for last-minute travel decisions, with many travelers using their devices to make bookings close to their departure date.
AI and Personalization Enhance Customer Experience
The report also highlights the growing role of AI and data-driven personalization in the travel industry. AI tools are being used to offer tailored recommendations, streamline customer service, and optimize pricing strategies. In early 2024, around 20% of travelers in South Korea and in Germany reported using AI for travel planning, finding it particularly helpful for comparing options and making informed decisions. The integration of AI is expected to play an increasingly important role in simplifying travel planning and enhancing the customer experience.
