Online travel market size worldwide 2017-2028
The market size of the online travel industry worldwide increased sharply in 2023 compared to the previous year. After falling to 225 billion U.S. dollars with the onset of the COVID-19 pandemic, the online travel market's global revenue bounced back in 2022, then rose further in 2023, reaching just under 600 billion U.S. dollars. This figure was expected to grow steadily in the following years, exceeding 800 billion U.S. dollars by 2028.
What are the leading online travel companies worldwide?
When looking at the market capitalization of leading online travel companies worldwide, Booking Holdings reported the highest figure in 2023, ahead of Airbnb and Trip.com Group. The firm, which owns brands like Booking.com, Kayak, and Priceline, also topped the ranking of the leading online travel agencies (OTAs) worldwide based on revenue. Expedia Group, which operates brands like Expedia, Hotels.com, and Vrbo, reported the second-highest revenue that year.
How big is the global travel and tourism market?
According to Statista Market Insights, the travel and tourism market’s revenue worldwide – including hotels, package holidays, vacation rentals, camping, and cruises – amounted to over 850 billion U.S. dollars in 2023, recovering from the impact of the health crisis. When breaking down global travel and tourism revenue by sales channels, the leading role played by the online market is clear, with online transactions generating over two-thirds of total sales value.
