Travel and Tourism is one of the key sectors that play a pivotal role in any Country’s Economy and makes a significant contribution to the country’s GDP. This growth in travel and tourism activities globally has led to the rise of travel intermediaries and forms an important part for selling travel products to customers.
The market size of the Online travel sector in Europe reached a value of $72 billion in 2021. In the recent years, rise in the number of online travel intermediaries was aided by the growth in the number of internet users along with the demand for convenience among the travelers further supported the rise in the market for online travel Intermediaries.
The online travel market in Europe grew by 19% in 2021 as the sector witnessed recovery in the demand after ease in the restrictions which were placed on account of Outbreak of pandemic COVID-19 and online travel intermediaries sharp rise in the travel products as the consumers planned their travel activities after the gap of close to two years.
Moreover, prior to the pandemic Europe remained among the most favorite destinations among the travelers globally. Key travel destinations among the consumers in Europe region includes France, Moscow, Istanbul, Amsterdam, and Milan. Along with it region has some major attractions which are highly popular among the travelers which include Colosseum, Venice canals, Pompeii, Leaning Tower of Pisa, Florence Duomo Santa Maria del Fiore, and Vatican City.
The Online travel market for Europe region grew at a compound annual growth rate of negative 13% during the period 2017-2021. The travel sector saw an unprecedented fall in market value was mainly on account of pandemic in 2020 with travel restrictions in place consumption among travelers got lowered.
The major companies that have a strong presence in the online travel market in Europe include Opodo, Tripsta, eDreamers, and DER.com.
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