Due to the better business climate in European nations and government attempts to promote travel and tourism, Europe dominated the market in terms of revenue. The key regions considered for the Global Online Travel Booking Service Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. However, the high cost of Online Travel Booking Service stifles market growth throughout the forecast period of 2022-2029. Online travel service providers use social media as a platform to promote their products and exclusive deals for bookings made online, fueling the growth of the online travel market throughout the course of the forecast period. In addition, social media such as Facebook, Twitter, and travel blogs have become a common medium for people to discuss travel plans. Before making a purchase, people first surf websites, obtain in-depth information, and evaluate the needed good or service. People are now heavily exposed to social networking sites due to to the development of the internet. When compared to 77 million arrivals from January to May 2021, this indicates that the industry has nearly recovered to pre-pandemic 2019 levels, or 46%. The Online Travel Booking Service market is expanding because of factors such as increasing number of international tourists, increasing disposable income, and increasing number of travelers.Īccording to the most recent UNWTO World Tourism Barometer, there were about 250 million foreign arrivals in the first five months of 2022, signaling a significant recovery in global tourism. The online travel industry is being pushed by quick and easy flight and hotel bookings, an increase in customer trust in online payment, and the option to compare numerous available travel alternatives. Online travel providers aim to ease travel planning and bookings for travelers. Global Online Travel Booking Service Market is valued approximately USD 519.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.0% over the forecast period 2022-2029.
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Apart from that, it also documents other topics such as manufacturing cost analysis, Industrial Chain, etc. The study highlights the list of projected opportunities, sales and revenue on the basis of region and segments. It also includes COVID-19 Outbreak Impact, accompanied by traces of the historic events. The recent analysis by Quadintel on the Online Travel Booking Service Market Report 2023 revolves around various aspects of the market, including characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, strategies, etc.
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