Market Size of Online Travel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 235 Billion |
| Market Size (2029) | USD 375.04 Billion |
| CAGR (2024 - 2029) | 9.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Online Travel Market Analysis
The Online Travel Market size is estimated at USD 235 billion in 2024, and is expected to reach USD 375.04 billion by 2029, growing at a CAGR of 9.80% during the forecast period (2024-2029).
The North American online travel market has showcased its strength by generating significant revenue this year and is poised to maintain a robust trajectory in the forecast period. A key driver behind the market's impressive performance is the flourishing hospitality industry, which has led to an increase in transactions. In the United States, the market benefits from a growing influx of international leisure travellers and a simultaneous rise in domestic business travel, resulting in a thriving online travel landscape. Similarly, Canada also experiences a dynamic online travel market driven by millennial preferences and an increasing number of international travellers, reflecting the region's diversity. The Canadian market distinguishes itself with a mix of globally recognized brands and their collaborative operating partners.
Recent market drivers and opportunities further underscore the growth potential of the North American online travel market. Technological advancements, offering personalized travel experiences, and the evolving trend towards sustainable and experiential tourism are key factors propelling the market forward. These drivers create avenues for expansion, ensuring the market stays attuned to changing consumer demands and preferences, contributing to its sustained growth and competitiveness.
North America Online Travel Industry Segmentation
"The online travel agent market consists of sales of travel services through online channels. Online travel agents or agencies are individuals or companies with websites allowing consumers to book travel-related services via the Internet. The report covers a complete background analysis of the Online Travel Market in North America. It includes an assessment of the emerging trends by segment, significant changes in market dynamics, and a market overview.
The Online Travel Market in North America is segmented by service type, mode of booking, booking platform, and geography. By service type, the market is sub-segmented into accommodation booking, travel ticket booking, holiday package booking, and other services. By mode of booking, the market is sub-segmented into direct booking and travel agents. By booking platform, the market is sub-segmented into desktop and mobile/tablet. By geography, the market is sub-segmented into the United States and Canada. The report offers market size and forecasts for the online travel market in North America in value (USD) for all the above segments."
| By Service Type | |
| Accommodation Booking | |
| Travel Tickets Booking | |
| Holiday Package Booking | |
| Other Services |
| By Mode of Booking | |
| Direct Booking | |
| Travel Agents |
| By Booking Platform | |
| Desktop | |
| Mobile/Tablet |
| By Geography | |
| United States | |
| Canada |
Online Travel Market Size Summary
The North American online travel market is experiencing robust growth, driven by a thriving hospitality sector and increasing travel activities. The market is benefiting from a surge in both international leisure travelers and domestic business travel, particularly in the United States. This dynamic landscape is further enhanced by Canada's diverse travel preferences, which attract a mix of global brands and local partners. The region's high internet penetration rate facilitates widespread participation in online travel bookings, with desktops currently leading as the primary booking platform. However, the growing availability of mobile applications is expected to shift some of this activity to mobile devices, contributing to the market's expansion.
Technological advancements and evolving consumer preferences are key factors propelling the North American online travel market forward. The trend towards personalized and sustainable travel experiences is creating new opportunities for growth, ensuring the market remains competitive and responsive to changing demands. Major players like Airbnb, Expedia, and Booking.com dominate the market, which is moderately consolidated yet volatile due to the entry of new global players and regional startups. Recent strategic moves, such as Airbnb's acquisition of Gameplanner.AI and TripAdvisor's partnership with OpenAI, highlight the industry's focus on leveraging technology to enhance user experiences and drive further growth.
Online Travel Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Market Opportunities
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1.5 Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Suppliers
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1.5.2 Bargaining Power of Buyers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Technological Trends Influencing the Market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Service Type
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2.1.1 Accommodation Booking
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2.1.2 Travel Tickets Booking
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2.1.3 Holiday Package Booking
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2.1.4 Other Services
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2.2 By Mode of Booking
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2.2.1 Direct Booking
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2.2.2 Travel Agents
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2.3 By Booking Platform
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2.3.1 Desktop
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2.3.2 Mobile/Tablet
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2.4 By Geography
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2.4.1 United States
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2.4.2 Canada
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Online Travel Market Size FAQs
How big is the Online Travel Market?
The Online Travel Market size is expected to reach USD 235 billion in 2024 and grow at a CAGR of 9.80% to reach USD 375.04 billion by 2029.
What is the current Online Travel Market size?
In 2024, the Online Travel Market size is expected to reach USD 235 billion.
