Online Travel Agent Industry 2020 is expected to reach $902.2 billion in 2023.

 Where is the largest and fastest growing market for the online travel agent market- How does the market relate to the overall economy, demography and other similar markets- What forces will shape the market going forward- The online travel agent global market opportunities and strategies to 2030: COVID-19 impact and recovery from Publisher answers all these questions and many more.

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The global online travel agent market reached a value of nearly $744.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 7.9% since 2015. The market declined from $744.7 billion in 2019 to $595.8 billion in 2020 at a rate of -20.0%. The decrease is mainly due to COVID-19 pandemic across all countries in the world as most countries went into lockdown with severe travel restrictions. Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The market is expected to grow at a CAGR of 14.8% from 2021 and reach $902.2 billion in 2023.

Growth in the historic period resulted from strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, acceptance of solo travel and technological advances. Factors that negatively affected growth in the historic period were skilled workforce shortages and high taxes on air travel.

Going forward, shift in travel trends, resurgence of staycation, faster economic growth, surge in smartphone users, and government initiatives will drive the market for online travel agent. Factors that could hinder the growth of the online travel agent market in the future include geopolitical tensions, government regulations, and coronavirus pandemic.