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 in Europe reached a value of $146 billion in 2021. In recent years, 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 in North America grew by 60% 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 the travel products as the consumers planned their travel activities after the gap of close to two years.
Key travel destinations among consumers in the North American region include the United States and Canada. Along with it, the region has some major attractions which are highly popular among travelers which include Disneyland, Pearl Harbor, and the Florida Keys.
The Online travel market for the North American region grew at a compound annual growth rate of negative 3.6% during the period 2017-2021. The travel sector saw a decline in market value mainly on account of the pandemic in 2020 with travel restrictions in place consumption among travelers got lowered.
The major companies that have a strong presence in the online travel market in Europe include Expedia and Airbnb.
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