New Thematic Research on Impact of Online Travel



In order to succeed within today’s travel industry, the importance of holding an online platform could not be more crucial. The global online travel agent market value is forecast to reach US$372billion by 2023 as global markets are gradually adapting to online travel trends.

 

Online travel agents (OTA's) have majorly disrupted the travel industry. Travel giants like Expedia and Priceline own around 80% of the total OTA market and generate higher profit margins than some of the most well-known travel companies. OTA's allow travelers to generally handle all aspects of the booking themselves; the 21st century traveler is not only more independent but also more powerful than ever before.



By 2030 it is likely that those who do not continuously invest in online travel and have digital innovation at the heart of a strategy will be largely at risk.



Online travel market value is expected to grow expansively over the next four years: