Travel and Tourism is one of the key sectors that play a pivotal role in any Country’s Economy and make a significant contribution to the country’s GDP. This growth in travel and tourism activities globally has led to the rise of travel intermediaries and forms an important part of selling travel products to customers.
The market size of the Online travel sector globally reached a value of $344 billion in 2021. In recent years, the rise in the number of online travel intermediaries was aided by the growth in the number of internet users along with the demand for convenience among travelers further supported the rise in the market for online travel Intermediaries.
The online travel market globally grew by 47% in 2021 as the sector witnessed a recovery in the demand after easing the restrictions which were placed on account of the Outbreak of the pandemic COVID-19 and online travel intermediaries’ sharp rise in travel products as the consumers planned their travel activities after the gap of close to two years.
Key travel destinations among travelers globally include Europe, the United States, and Asian nations. Along with it, some major attractions which are highly popular among travelers include Burj Khalifa, The Great Wall of China, Niagara Falls, Sydney Opera House, Petra, the Eiffel Tower, and Kruger National Park.
The Online travel market globally grew at a compound annual growth rate of negative 10% during the period 2017-2021. The global travel industry along with its allied sectors saw a slump in market value mainly on account of the pandemic in 2020 which devastated the industry globally amid travel restrictions along the globe. This, in turn, brought a halt to the sector which plays a key in the economic growth of any nation.
The major companies that have a strong presence in the online travel market globally include Skyscanner, Expedia, Kiwi.com, and Hotwire.
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