Global Online Travel Booking Market Share
The market for online travel bookings was valued at US$ 644.6 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 13.1% to reach US$ 2186.73 billion by 2030. The world market for online travel reservations is divided into five regions: Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. The global online travel booking market was led by North America in terms of revenue share, with other regions following. This is ascribed to several factors, including a highly developed IT infrastructure, an increase in the number of people using trains, airplanes, and other forms of transportation, and significant players with operations in the North American region. Due to the growing popularity of online travel booking, the European market held the second-highest market share. They are utilizing smartphone applications for online travel booking, particularly in the European Union's transportation industry. Throughout the projection period, the Asia Pacific online travel booking market is anticipated to expand fastest because of the region's increasing digitalization, rising disposable income, and increased use of internet infrastructure.