Online Travel Booking Services Market Size, Share, Growth Analysis, By Service Type(Vacation Packages, Accommodation Booking, Transportation Booking, Others), By Device Outlook(Desktop and Mobile), By Region - Industry Forecast 2024-2031

Online Travel Booking Services Market size was valued at USD 520.2 billion in 2021 and is poised to grow from USD 566.50 billion in 2022 to USD 1028.95 billion by 2030, at a CAGR of 8.9% during the forecast period (2023-2030).

To appeal to customers around the world, both small and large firms are launching cutting-edge packages and broadening their product lines. Furthermore, in order to develop their market shares and stay relevant in the online travel booking sector, prominent market participants rely on strategies including the introduction of new services and company expansion. Also, the availability of several options is a major factor in the growth of market. 'Booking Holdings (United States)', 'Expedia Group (United States)', 'Trip.com Group (China)', 'Airbnb (United States)', 'Agoda (Thailand)', 'Traveloka (Indonesia)', 'Ctrip (China)', 'MakeMyTrip (India)', 'eDreams Odigeo (Spain)', 'TripAdvisor (United States)', 'Hopper (Canada)', 'Travelocity (United States)', 'Priceline (United States)', 'Cleartrip (India)', 'Kiwi.com (Czech Republic)', 'CheapOair (United States)', 'Wego (Singapore)', 'Hostelworld Group (Ireland)', 'Lastminute.com (United Kingdom)', 'Yatra (India)', 'Voyages-sncf.com (France)', 'Opodo (United Kingdom)'

The increasing availability of high-speed internet and mobile devices has significantly impacted the market. With more people accessing the internet and using mobile devices, online travel booking services have become more convenient and accessible, leading to an increase in demand. Mobile devices, in particular, have revolutionized how people search for and book travel services. With the use of mobile apps, travelers can book and pay for travel services on the go, making the process faster and more convenient.

Online travel booking services leverage AI to enhance the user experience and improve operational efficiency. One way AI is being used is through chatbots and virtual assistants, which provide personalized recommendations and assist customers with travel arrangements. AI-powered chatbots can handle a variety of customer inquiries, from booking flights and hotels to answering frequently asked questions. This saves time and resources for online travel booking services, while also improving the customer experience by providing quick and accurate responses to inquiries.

Due to rising income levels in the region, an improving economic climate in European nations, and government programmes to promote travel and tourism, Europe dominated the market in 2021. Also, there is a huge demand for travel and tourism because Europeans value the experience of discovering new places. Additionally, it is anticipated that the growth throughout the assessment period will be fueled by the rise in independent/solo travellers and the expansion of online travel agencies in this area