The global travel and tourism market continues to grow consistently and will reach new heights in the coming years.
According to a report released by Market Research Future, the global online travel market is anticipated to be worth $1,134.55 billion by 2023, registering a CAGR of 13.16% during the forecast period 2018-2023.
The global online travel market is segmented by service type:
A report by Allied Market Research shows that individuals between the ages of 23-31 years of age contribute significantly to the market. This age group is more inclined to spend on travel and visiting a new destination. Research shows that this group spends about $200 billion every year on travel.
In addition, Asia-Pacific currently has the fastest growth potential within the market. Experts believe that this region is expected to register a CAGR of around 15.9% during the forecast period. This is due to an increase in the disposable income of consumers in the Asia-Pacifc region, which is likely to increase international travel, causing the online travel market to increase rapidly over the coming years.
The global online travel industry is experiencing this growth due to:
There is a lot of room for growth within this market as online travel companies begin to expand their scope and offer additional services such as food, shopping and entertainment. This stems from an effort to reach out and engage with customers who may be approached by airlines directly.