- May 23, 2020
-- Online Travel Agency market was evaluated at USD 204.1 million by the end of 2019.
Bizlytik analysts forecast the global Online Travel Agency market to witness a pessimist outlook in the next few years, which might have a long-term impact during the forecast period, according to their latest market research report.
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Online travel agencies offer curated travel plans and accommodations to customers looking to enrich their travel experience during holidays, providing several associated services and lucrative incentives along the way. The online agencies also put up comparable prices and discounts offered by various companies in one place, such that the customers can choose from a plethora of options that fit their affordability.
The high penetration of internet connectivity in emerging countries and the rise in mobile apps for availing quick services would act as influential primary factors that would bolster the market growth, along with the ease of convenience in online bookings and payment. The aggressive marketing initiatives on social media platforms would offer crucial vendors with new opportunities for business expansion.
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However, the current restrictions and ban on all forms of travel owing to the ongoing crisis of Covid-19 would affect the growth of the market in the long-term, with several companies currently shut down to mitigate the spread of the virus. After the resumption of air and ground travel, the change in customer perception towards the necessity of traveling might also hurt the financial interests of the companies. The market scenario would take substantial time to recover and get back to business as usual, with prospects of normalcy not starting earlier than 2022.