Online Travel Market Business Trends, COVID – 19 Impact Analysis, , Segments, Profit Growth, Historical Study and Emerging Technologies by Forecast to 2023

Jun 8, 2020

Global online travel market is expected to grow from USD 570.25 billion in 2017 to USD 1,134.55 billion by 2023

pune, india - June 8, 2020 /MarketersMedia/ —

Online Travel Market Highlights:
The online travel market 2020 could potentially reach a valuation of USD 1,134.55 billion by 2023, confirms Market Research Future (MRFR). MRFR also estimates the market progression rate to be 13.16% between 2018 and 2023 (review period). We will provide covid-19 impact analysis with the report. The report offers an in-depth analysis of the market following the coronavirus disease outbreak.

The worldwide economic crisis along with the downfall in consumer spending post the SARS-CoV-2 outbreak has emerged as a significant challenge for the Online Travel Market intermediaries. The massive threat to the lodging and airline bookings has pressured travel companies to shut down their operations and lay off workforces in a space of few months. According to the impact analysis on COVID-19, the short term impact on the online travel industry has been significantly high and can remain in the near future. The long-term impact of COVID-19 can lead to continuous practice of social-distancing in the industry. The same proportions of lodging and airline bookings cannot be expected as before. However, since the prices are expected to rise considerably, there will be a surge in the cash flow as people need to travel. This could give rise to lucrative opportunities for the online travel agencies around the globe. These developments are expected to take place in the coming period, even as countries strive to find a covid-19 breakthrough.

Post novel coronavirus, businesses worldwide are expected to experience a significant transition, where the ICT industry can be the biggest gainer. A number of IT vendors have already digitized their processes and have spent considerably on collaboration tools and modern infrastructure to facilitate remote delivery models and also secure their workspaces.

Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/5182

Eminent Vendors:
Alibaba Group Holding Limited (China), TripAdvisor Inc. (US), eDreams ODIGEO SA (Luxembourg), FlixMobility GmbH (Germany), Ctrip.com International Ltd (China), Thomas Cook Group PLC (UK), MakeMyTrip (India) Pvt. Ltd (India), Airbnb Inc. (US), Ryanair DAC (Ireland), Expedia Inc. (US), Booking Holdings Inc. (US), are the eminent vendors in the online travel market.

Some other players outlined in the report include Hostelworld Group (Ireland), AirGorilla LLC (California), Yatra Online Private Limited (India), Hays Travel limited (UK), Hotel Urbano Travel and Tourism SA (Brazil), Tuniu Corporation (China), CheapOair.Com (US), to name a few.

Growth Boosters and Main Barriers
With frequent technical innovations along with the rising use of smartphones, new methods are being explored that can make traveling more comfortable and easy, leading to expansion of the travel and tourism industry. Mobile apps have gained massive traction in the market and are a big hit among travelers looking for the best travel arrangements. Hassle-free navigation and easy accessibility via online travel sites have led to boom in the online travel market. Over the years, travel bookings on mobiles have become quite prevalent across the globe.More and more companies are exploring new ways to fulfill the evolving needs of the travelers, leading them to develop innovative apps to generate higher interest. Apps imbibed with numerous features are being created to be connected throughout the traveler’s journey and help them as and when needed.

Social media platform in the online travel market has been a significant influencer, acting as a noteworthy marketing medium for online agencies. More and more travelers are using social media to post their reviews and given information about their travel experience, which helps others decide which travel agency to go for, based on their requirements. Therefore, social media can emerge as a notable trend in the online travel market during the appraisal period.

Segmental Review:
Platform type, booking and service type are the main segment according to which the market review has been conducted in the report.
The platform types include desktop-based platform as well as mobile/tablets based.

The booking-wise market segmentation comprises direct travel facilitators and online travel agencies.

Depending on the service type, the primary segments include accommodation (hotels and guest house/dormitory), vacation packages (in-country and outside country) and transportation (air travel, train travel, bus travel and others).

Regional Insight:
The geographical analysis of the online travel market is done for North America, Europe, Asia-Pacific, and the rest of the world.

In 2017, North America led the market with a share of 33.75% and held the value of USD 192.46 billion. It is projected that the North American market can achieve a growth rate of 11.8% during the assessment timeline. The same year, the second position was held by Europe at a value of USD 178.72 billion; and estimations indicate that the regional market can progress at a rate of 12.0%. The APAC market can gain the fastest growth rate of 15.9% in the following years.

The influx of automation, augmented and virtual reality and big data have created several opportunities for the travel agencies in North America. The online travel market in the region is booming, backed by the rising demand for CRM solutions across diverse industries, combined with the increasing use of the mobile booking technology as well as travel apps.

In Europe, the thriving travel and tourism industry forms the core of the economy and generates high degree of employment. The expansion of the tourism sector in the region is the biggest growth booster in the online travel market in Europe.

APAC is creating waves in the online travel market, thanks to the rising disposable income, expansion of the middle-class category, and increasing penetration of Internet facilities. Ctrip is considered to be the leader among the online travel companies in China, while Yatra, Cleartrip and MakeMytrip are some of the most renowned online travel agencies in India. OTAs have become the most favored medium for online bookings in APAC, resulting in better market growth.

Access Report Details @ https://www.marketresearchfuture.com/reports/online-travel-market-5182

Latest Developments of May 2020:
Post COVID-19 pandemic, Cleartrip (India) has launched Cleartrip for Work, using which travellers can now access corporate prices on flights with benefits including complimentary in-flight meals, cashbacks, lower cancellation fee, lesser seat selection fee and zero trip modification charges. The company has chosen this strategy to boost revenue generation in terms of online travel, following the economic crisis.

About Market Research Future:
At Market Research Future (MRFR), we enable our clients to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com

Source URL: https://marketersmedia.com/online-travel-market-business-trends-covid-19-impact-analysis-segments-profit-growth-historical-study-and-emerging-technologies-by-forecast-to-2023/88961667

Source: MarketersMedia

Release ID: 88961667

More News

Oct 30, 2026

How Hong Kong cinema forever changed after Cepa and the mainland China co-production boom

Hong Kong cinema has always thrived on a certain kind of beautiful madness – precisely the quality local audiences cherish most. However, when the Closer Economic Partnership Arrangement (Cepa) opened the mainland Chinese market to Hong Kong co-productions in 2004, cross-border film collaborations surged. Hong Kong filmmakers zealously partnered with mainland companies, drawn by bigger budgets, lower production costs and the prospect of reaping financial rewards from a massive new audience. But...

Oct 30, 2026

Singer Hà Anh Tuấn marks 20 years in music with exclusive concert

Tuấn will be the first artist to stage a musical event at the venue with Circus of Friends. The concert will serve as a farewell to 2026, bringing the singer and his audience together in an intimate musical setting.

Oct 30, 2026

Andrea Brillantes speaks up on rumored rift with Bea Borres

Andrea Brillantes has addressed the rumored rift between her and Bea Borres, revealing they've already talked about the issue privately.

Oct 30, 2026

Uncovering Madrid: discover the beat of a destination that extends well beyond the city centre

[The content of this article has been produced by our advertising partner.] Madrid may be known as a city destination, but beyond its immediate hub there is much to embrace, taste and live. Europe’s beating heart deserves its unspoken, vibrant pulse to be felt, and its rhythm to course through the soul. For the discerning global traveller, Madrid unfolds, layer upon layer, to reveal a choreography of culture, heritage and modern indulgence. Time must be spent here to explore, discover,...

Oct 30, 2026

12 new Hong Kong restaurants, bars and cafes to visit in November 2026

Hong Kong welcomes a wave of new restaurants in November, including several international debuts. Food lovers can look forward to the relocation of a popular French concept, a premium hotpot joint with exclusive recipes, and much more. Hong Kong’s cafe scene also has some new additions, including a viral bakery from overseas and a Japanese pastry collaboration. There are also some innovative multi-concept bars that aim to redefine Hong Kong nightlife. Read on to discover more. 1. Bar...

Oct 30, 2026

Nadine Samonte, Richard Chua renew vows on 13th wedding anniversary

Nadine Samonte and her husband, Richard "Rboy" Chua, have renewed their vows on their 13th wedding anniversary!

Oct 30, 2026

Bamboo circus show tells Vietnamese village stories on Hà Nội stage

Combining bamboo circus, expressive stage movements and live music performed on more than 30 traditional musical instruments from Việt Nam’s ethnic groups, Làng Tôi transforms the simple bamboo pole into a storytelling medium.

Oct 30, 2026

What to consider if a company that made AI-related job cuts wants you back

NEW YORK — Companies around the world are increasingly citing artificial intelligence when slashing jobs, fueling anxiety that a lot more workers may lose their livelihoods to machines. Microsoft, Barclays Bank and supermarket chain Kroger are among the latest entries on a growing list of companies that have announced AI-related workforce reductions this year, including the elimination of jobs deemed redundant or shed to free up money for investing in the technology. But the job cuts of the AI era, which are affecting tens of thousands of people, occasionally have an epilogue. Some companies, after discovering that AI models, applications and agents don't perform as well as expected, end up rehiring laid-off workers to fill eliminated positions. It's unclear how common such reversals are, but they are happening often enough to acquire a nickname: the "AI boomerang." "Two years ago, we said, 'Would this happen?' and now we're saying, 'Yes, it is happening in real time,'" said Lucy Beaumont, a global senior vice president at SHL, a U.K.-based technology company that develops employment-related tests and tools. Hiring managers in fields including finance, marketing, law and health reported earlier this year that their companies had eliminated positions primarily because of AI or automation, only to hire again for the same or similar roles, according to recruitment and staffing firm Robert Half. The most frequently cited reasons for restoring dropped jobs included the technology needing more human oversight than anticipated and its inability to replicate institutional knowledge, the firm said. "When you need critical thinking, collaboration, creativity, institutional knowledge, those are things that AI just can't replicate," Bill Driscoll, a senior district president at Robert Half, said. "And I think that's where companies are starting to realize, 'Wow, we really do need people to do these jobs.'" Klarna, the Swedish provider of buy now, pay later services, began recruiting human customer service representatives again last year. CEO Sebastian Siemiatkowski acknowledged in an interview with Bloomberg News that the company's reliance on an AI chatbot to cut costs had gone too far. In June, Ford said it had hired or promoted 350 veteran engineers after AI tools the automaker deployed to do quality control work did not perform at the expected level. "AI utilization has been an important part of our quality gains and that — along with deep technical expertise of our teams — is a powerful combination," a Ford spokesperson told The Associated Press. However, companies don't always broadcast their U-turns on shifting resources or responsibilities from employees to AI systems, Beaumont said. "Maybe their shareholders love that they did this right-sizing motion... and then they have to turn around and quietly, with their tail between their legs, admit that they weren't ready for that or they shouldn't have done that," she said. Management experts offered employment advice for workers as companies make greater use of AI tools and consider — or reconsider — their staffing needs while assessing the technology's capabilities. Rehiring suggests the invisible work of humans is not easily replaced When companies use AI to perform tasks previously done by people, they often miss the invisible work employees do beyond their formal job descriptions, said Betsy Summers, a principal analyst on the Future of Work team at market research and advisory firm Forrester. That might include sensing emotions and moods, holding impromptu meetings and putting in extra effort when feeling inspired or otherwise motivated, Summers said. "We don't know all the work that's required to do things well within the organization," she said. "The citizenship behaviors of team cohesion and team building and making sure that you have trust within your team, none of that is accounted for. So when you rip out humans who are doing that work and then expect agents to be able to then deliver exactly what humans have delivered, they are frequently mistaken." Another factor that complicates assigning more work to AI-powered tools is that company procedures for tasks such as data processing and bookkeeping are not always well documented, experts said. "Organizations are not spending enough time doing the up-front work to really truly understand workflows and where humans add value in the process," said Brooks Holtom, a professor of management at Georgetown University's McDonough School of Business. In roles such as customer service, AI agents and chatbots frequently need to refer questions and complaints to a worker who can recognize emotions, assess the severity or complexity of a problem and respond creatively within established policies, Holtom said. "It's that combination of creativity but staying in the guardrail that's really hard for a machine to figure out," he said. Figure out what gives you a competitive edge as a human As companies redirect resources toward AI, current employees and those asked to come back might want to emphasize skills that complement the technology, such as emotional intelligence and sound judgment, Holtom said. "Really try to be able to articulate, what's your value proposition as a human?" Holtom said. "Don't be afraid to lean into the technology as well, and understand how to differentiate yourself from what machines do well. Embrace that, understand that, and you can become uniquely qualified to help with implementation." Empathy is a human quality that technology has not fully mastered, Beaumont said. "Think about an angry customer. They want to be listened to, they want to be heard, they really want a human on the other end of the line," Beaumont said. "Can an AI replace that right now in a way that feels meaningful to individuals? Perhaps not." Know your leverage and use caution if you're asked back Many people are understandably reluctant to return to a company that laid them off as part of a reorganization around artificial intelligence, according to Beaumont. "To come back to a business where you've been let go, replaced by AI, to be asked back to that business, your trust is gone, your psychological safety there, your relationship with the employer, and that's very, very difficult to build back," she said. Workers offered their old jobs back are asking for more money and to know how AI might impact future staffing, Beaumont said. Requesting additional training and a clear explanation of your opportunities for advancement could be part of the discussion, she said. Communicate ways you would contribute value as a returning employee, outlining a new job description "that leverages the technology but also your expertise," Holtom said. You could end up in a higher-ranking position that pays more than the one you left, he said. Before accepting an offer, seek a commitment such as a one-year renewable contract that includes a buyout clause if the job is terminated in less than a year, Holtom suggested. Don't discount the distinctly human values of motivation and curiosity, which make people efficient and effective, Summers said. "Within our societies, work serves a broader purpose than just creating value for shareholders or customers or constituents," she added. "Work serves a human purpose as well. It's the manifestation of our search for meaning and purpose. We want to contribute to our communities as human beings."

Oct 30, 2026

Rere Madrid marks son's first month, shares motherhood journey

Rere Madrid marked her first month as a mother as she shared a heartfelt message for her baby boy, Atlas.

Oct 30, 2026

Thanh Hóa uses digital platforms to promote local heritage

The series aims to bring local history and culture, as well as images of scenic sites, to a wider online audience.

Oct 30, 2026

Butcher Boy earns Bib Gourmand distinction in 2027 Michelin Guide

MANILA, Philippines — Butcher Boy has earned a Bib Gourmand distinction in the 2027 Michelin Guide Philippines, moving up from its Michelin-Selected status in the 2026 edition and joining a select group of restaurants recognized for serving quality food at accessible prices. The recognition was announced during the official awarding ceremony at the Manila Marriott Hotel on Thursday, Oct. 29, attended by President Ferdinand Marcos Jr. Butcher Boy was among only two restaurants promoted from the Michelin-Selected category to Bib Gourmand this year. The distinction recognizes establishments that offer good-quality food at reasonable prices. Butcher Boy Philippines CEO Dino Chua received the award, marking another milestone for the restaurant, which has continued to establish its presence in the local dining scene. The recognition follows the restaurant's opening of its new and expanded location at Alabang West Parade along Daang Hari Road in Muntinlupa City in 2026. Led by Chua, the move marked a new chapter for the brand, allowing it to reach more diners in southern Metro Manila while maintaining its signature contemporary Asian-fusion cuisine. Originally founded by Michelin-starred chef Andrew Walsh of Singapore's acclaimed Cure, Butcher Boy built its following at its former Makati location before relocating to Alabang to accommodate a bigger dining space and connect with a wider community. Its culinary approach combines Southeast Asian flavors with Western cooking techniques, offering dishes such as its signature chicken laksa dumplings, fried chicken bao, Asian tacos, pork adobo and a variety of steaks, alongside carefully crafted cocktails. The chicken laksa dumplings were among the dishes highlighted by Michelin inspectors. During the restaurant's grand opening, Marketing Head Aubrey S. Mojica described its concept as “where east meets west,” emphasizing that while the menu had been expanded, the restaurant remained committed to preserving the quality, atmosphere and dining experience that patrons had come to expect. Mojica also underscored the importance of customer service, saying the restaurant's identity goes beyond its food to include the experience it provides to diners. With its latest Michelin recognition, Butcher Boy strengthens its position in the Philippine dining scene, bringing its combination of Asian-fusion flavors, steaks and accessible dining to the Alabang community. Butcher Boy is located at Alabang West Parade, Daang Hari Road, Muntinlupa City. For reservations, call 0939-868-0531.

Oct 30, 2026

38,000 free tickets for Việt Nam Culture Day concert

Through its performances, the concert aims to trace the evolution of Vietnamese culture from its roots to the present and future, connecting heritage values with contemporary creativity.