North America Online Travel Market Size To Worth USD 601 Billion By 2033 | CAGR of 10.1%
Category: Consumer GoodsNorth America Online Travel Market Size To Worth USD 601 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the North America Online Travel Market Size is to Grow from USD 229 Billion in 2023 to USD 601 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.1% during the projected period.
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Browse key industry insights spread across 163 pages with 100 Market data tables and figures & charts from the report on the "North America Online Travel Market Size, Share, and COVID-19 Impact Analysis, By Age Group (22-31 Years, 32-43 Years, 44-56 Years, and >56 Years), By Mode of Booking (Online Travel Agencies (OTAs) and Direct Travel Suppliers), and North America Online Travel Market Insights, Industry Trend, Forecasts to 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/north-america-online-travel-market
The process of organizing, scheduling, and overseeing travel-related services online is known as online travel. Online travel agencies want to make it simpler for customers to plan and book their trips. Fast and simple hotel and airfare reservations, growing consumer confidence in online payments, and the opportunity to compare a wide range of travel options are driving the online travel sector. Since mobile websites and apps are among the most popular ways to book travel, especially for young professionals, market participants are actively promoting their travel services through these platforms. The industry is being driven by several important reasons, including technological developments, customized travel experiences, and the expanding trend toward experiential and sustainable tourism. These factors promote the market's long-term growth and competitiveness by creating new avenues for expansion and guaranteeing that it stays adaptable to shifting customer tastes and needs. However, adoption and trust rates may be impacted by consumers' unwillingness to divulge personal and financial information online.
The 22- 31 years segment is anticipated to hold the largest market share of the North America online travel market during the projected timeframe.
Based on the age group, the North America online travel market is divided into 22-31 years, 32-43 years, 44-56 years, and >56 years. Among these, the 22- 31 years segment is anticipated to hold the largest market share of the North America online travel market during the projected timeframe. Young people who are just beginning their professions make up the 22–31 age group. Younger travelers are more likely to explore new destinations and spend more money on travel than older visitors.
The direct travel suppliers segment is anticipated to dominate the North America online travel market during the projected timeframe.
Based on the mode of booking, the North America online travel market is classified into online travel agencies (OTAs) and direct travel suppliers. Among these, the direct travel suppliers segment is anticipated to dominate the North America online travel market during the projected timeframe. The product market's main source of income is direct travel suppliers. The expanding market share of online travel agents (OTAs), however, poses a significant threat to this segment.
Major vendors in the North America online travel market include Airbnb, Expedia, Travelzoo, TripAdvisor, Booking Holdings, eDreams, American Express Global Business Travel, Travel Leaders Group, JTB Americas Group, Travel and Transport Inc, and Others.
Recent Developments
- In July 2023, Tripadvisor and OpenAI have teamed up to create trip itineraries. Traveler reviews will be used by the AI-powered planning tool to generate customized daily trip plans.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at North America, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the North America online travel market based on the below-mentioned segments:
North America Online Travel Market, By Age Group
- 22-31 Years
- 32-43 Years
- 44-56 Years
- >56 Years
North America Online Travel Market, By Mode of Booking
- Online Travel Agencies (OTAs)
- Direct Travel Suppliers
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm that provides actionable market research study, quantitative forecasting, and trends analysis provides forward-looking insight especially designed for decision-makers and aids ROI.
Which caters to different industries such as financial sectors, industrial sectors, government organizations, universities, non-profits, and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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