DUBLIN, Sept. 11, 2020 /PRNewswire/ — The “Online Travel Agent Global Market Report 2020-30: COVID-19 Growth and Change” report has been added to ResearchAndMarkets.com’s offering.
The global online travel agent market is expected to decline from $744.73 billion in 2019 to $595.78 billion in 2020 at a compound annual growth rate (CAGR) of -20%.
The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, restriction on cross-border travel and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $820.18 billion in 2023 at CAGR of 11.24%.
Rising possibilities of uncertain events such as COVID-19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agents. According to the UNWTO estimates, the global