Evolve Business Intelligence has published a new market research report on “Global Online Travel Agency Market with COVID-19 impact, global and segmental analysis”. According to the report, the global Online Travel Agency market is expected to grow from $101.93 billion in 2020, which is expected to reach $147.58 billion by 2028, growing at a CAGR of 4.58% from 2021 to 2028.
The major factor impacting the market is the initiatives taken by various governments of various countries to promote tourism and built strong tourism infrastructure in order to boost the revenues generated from the tourism industry.
For more information on the report https://evolvebi.com/product/online-travel-agency-ota-market-analysis-and-global-forecast-2021-2028-with-covid-impact-analysis/
The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Online Travel Agency market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.
In terms of COVID 19 impact, the Online Travel Agency market report also includes the following data points:
- COVID19 Impact on Online Travel Agency market size
- End-User/Industry/Application Trend, and Preferences
- Government Policies/Regulatory Framework
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in the Online Travel Agency market
According to Parimal, Principal Analyst, Evolve Business Intelligence, “Due to the lockdown imposed by all countries around the world with severe travel restrictions there is major setback and decrease in travel industry growth. Due to the decrease in demand for transport various industries like mid-sized airlines are shutting down and the hotel industry is dealing with mass cancelations, sport, and entertainment events are being canceled.”
Some of the major Online Travel Agency players holding high market share include Booking Holdings, TripAdvisor, Expedia, and HomeAway. These players use new product development/acquisition/partnership and collaboration/expansion as a key strategy to gain significant market share to compete with market leaders.
The Report’s Aim Is to Provide A Holistic Market Overview Based on Types, And Application. Based on Types, The Online Travel Agency Market Is Segmented into Online And Offline. The Online Travel Agency Market Is Segmented Based on Application into Making Reservations, Translation Services, Direction Guidance, Audio Guidance, and Others
The study also contains a comprehensive value chain, as well as details on the key factors affecting the market growth (drivers, constraints, and opportunities). Furthermore, the report includes 10 key players in the Online Travel Agency market ecosystem that have been strategically profiled, along with the market ranking/share for major players. Under the company profile section, the company’s core competencies have been comprehensively analyzed, along with detailing the competitive landscape for the market players, and the strategies such as partnerships and collaboration, acquisitions, product launches and developments, contracts, and business expansion adopted by them to grow in the market.
The key players profiled in the report are:
- IBM Corporation
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This research study makes substantial use of secondary sources, archives, and databases (such as annual reports, news releases, magazines, Trademap, company websites, and other paid databases) to classify and gather information valuable for this analysis. The entire process involves a review of top industry participants’ financial records. Following the determination of the overall market size, the total market was divided into several segments and sub-segments, and this information was then verified through key industry specialists such as CEOs, directors, VPs, and marketing executives.
- To define, describe, and forecast the Online Travel Agency market, in terms of value, segmented on the basis of indication, type, technology, and geography
- To forecast the market size across 4 key regions—Asia Pacific (APAC), North America, Europe, and Rest of the World (RoW)
- To provide detailed information regarding drivers, restraints, and opportunities, in the Online Travel Agency market
- To provide an overview of the value chain analysis pertaining to the Online Travel Agency industry
- To strategically analyze each segment and subsegment with respect to individual overall growth trends and their contribution to the overall Online Travel Agency market
- To analyze opportunities in the market by identifying high-growth segments of the Online Travel Agency market
- To profile key players in the Online Travel Agency market and comprehensively analyze their core competencies
- To analyze competitive developments such as partnerships, product launches and developments, contracts, and mergers and acquisitions carried out in the global Online Travel Agency market
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