Online Travel Market Size, Share, Growth Analysis, By Platform Type(Mobile and Desktop), By Booking Mode(Online Travel Agencies and Direct Travel Agencies), By Region - Industry Forecast 2024-2031

Global Online Travel Market size was valued at USD 1105.80 billion in 2022 and is poised to grow from USD 1237.39 billion in 2023 to USD 3041.92 billion by 2031, growing at a CAGR of 11.90% during the forecast period (2024-2031).

The changing consumer habits, expanding social media influence, increased disposable income, and global trend towards adventure travel are all factors that have contributed to the market expansion. Additionally, the business has recently been driven by the rise in international travel. The United Kingdom was home to more than 605,130 students from outside the country, according to official statistics from the Higher Education Statistics Agency. According to estimates, Chinese origin made up more than 30% of all international students. Travel technology makes it possible for customers to obtain travel-related services in a far more convenient and cost-effective way than traditional offline services, which is likely to propel industry growth during the projection period. Additionally, travel companies are introducing speedy, mobile-friendly websites that are easy to use on smartphones. Travellers may plan and book their vacations online with the help of these websites, which include peer reviews, simple price comparisons, and 360-degree video tours. Throughout the forecast period, this is anticipated to accelerate growth. However, there are a few potential concerns, including erratic climate change and environmental deterioration. Expanding internet platforms and reliable providers of hotels, vacation packages, and other services around the world are creating new opportunities for the business, which is predicted to grow more quickly in the coming years.

US Online Travel Market is poised to grow at a sustainable CAGR for the next forecast year.