Sample Report: Global Online Travel Market Insights 2024

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?

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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.

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Table of Content:

1. Key Takeaways
2. Management Summary
3. Global Online Travel Market Insights

• Overview of Online Travel Market And Trends, October 2024 (1 of 2)
• Overview of Online Travel Market And Trends, October 2024 (2 of 2)
• Online Travel Market Size, in USD billion, 2023 & 2024e & 2032f
• Share of Online Travel Bookings Making Up Total Travel Bookings, in %, 2023 & 2026f
• CAGR of Online Travel Market Bookings, in %, 2023-2026f
• Online Travel Market Size, in USD trillion, 2023 & 2027f
• Online Travel Agency Market Value, in USD trillion, 2023 & 2027f
• Online Travel Agency Market Expenditure, in USD billion, 2023 & 2027f
• Breakdown of Online Travel Agency Market Value, by Domestic vs International Trips, in %, 2023 & 2027f
• Online Travel Agency Market Value, by Domestic vs International Trips, in USD billion, 2023 & 2027f
• Share of the U.S. Contributing to Online Travel Agency Market Value, in %, 2023
• Share of Online Travel Consumers Who Are Always/Frequently Influenced by Digital Advancements of a Travel Service Or Product, in %, 2023
• Share of OTA’s Making Up the Total Travel Market, in %, 2024e
• Share of Travelers Who Find It Important to Have the Option to Book Their Entire Trip Online, in %, June 2024
• Share of Travelers Who Feel That It Is Important to Be Able to Book Their Entire Trip Online, by Generation, in % of Travelers, 2023e
• Number of “Hilton” Hotel Check-Ins Through App, in millions, June 2022 & June 2023
• Share of Travelers Who Want to Use a Digital Hotel Room Key, in %, June 2024
• Share of Travelers Who Appreciate Travel Apps That Reduce the Friction And Stress of Travel, in %, 2023e
• Share of Travelers Who Appreciate Travel Apps That Reduce the Friction And Stress of Travel, by Generation, in % of Travelers, 2023e
• Share of Travelers Who Find the Ability to Utilize Personal Devices Seamlessly While Traveling Important, in %, 2023e
• Share of Travelers Who Find the Ability to Utilize Personal Devices Seamlessly With On-Property Technology Important, by Generation, in % of Travelers, 2023e
• Share of Internet Users Who Visited Travel Websites And Used Travel Apps, in %, Q3 2023
• Share of Internet Users Who Use the Internet to Research Places And Travel, in %, Q3 2023
• Share of Internet Users Who Use the Internet to Research Places And Travel, by Age, in % of Internet Users, Q3 2023
• Top Sources of Trip Inspiration, in % of Travelers, February 2024
• Top Origins of Social Media Travel Inspiration, in % of Travelers, February 2024
• Share of Travelers Who State That Search Engine Results Play A Key Part In Their Trip Planning Journey, in %, February 2024
• Year-on-Year Growth of Online Bookings From Global Air Travel Providers, by Region, in % of Year-on-Year Growth, Q1 2024
• Share of Travelers Who Have Used AI And Found It Helpful When Planning for Travel, by Country, in % of Travelers, Q1 2024
• AI Use Cases in Travel, in % of Travelers, October 2023
• Share of Travelers Who Are Curious to Use AI When Planning a Trip, in %, October 2023
• Top 5 Resources Used in the 45 Days Leading Up To Booking Travel, in % of Travelers, April 2023
• Average Time Travelers Spent With Resources Used on the Path to Travel Purchase, in Minutes, April 2023
• Top 5 Use Cases of Social Media in the Path to Travel Purchase, in % of Travelers, April 2023
• Share of Frustration Experienced by Users During Sessions, by Industry, in %, October 2023
• Frustration Factors Experienced While Visiting Travel & Hospitality Websites, in % of Website Visitors, October 2023
• Internet Traffic Change, by Industry, in % of Year-on-Year Change, Q4 2023
• Breakdown of Travel & Hospitality Websites Traffic, by Device, in %, 2022 & 2023
• Breakdown of Travel & Hospitality Websites Traffic, by Marketing Channel, in %, 2022 & 2023
• Breakdown of Paid vs Unpaid Travel & Hospitality Websites Traffic, by Device, in %, December 2023
• Breakdown of New vs Returning Travel & Hospitality Websites Traffic, by Device, in %, December 2023
• Scroll Rate of Travel & Hospitality Websites, by Device, in %, December 2023

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Companies Mentioned:

• Hilton
• Google Flights
• Kayak
• Airbnb
• Viator
• GetyourGuide