Phocuswright's Global Travel Market Report 2024 highlights the growing dominance of online travel, projected to expand at almost 10 percent between 2023 and 2026.  This digital shift is driven by evolving consumer behaviour, improved digital infrastructure, and technological advancements.  By 2026, online bookings are expected to account for 65 percent of all travel bookings globally, up from 61 percent in 2023.

 North America has solidified its position as the world's largest regional travel market, but Europe and APAC are leading the way in online penetration, surpassing North America in 2023 and with APAC expected to reach this mark during this year.

 While suppliers maintain a slight edge in overall online bookings, OTAs dominate the hotel segment.  The top five travel markets – the US, China, Japan, Germany, and France – are poised for a shake-up, with the UK projected to enter the top five by 2025. 

Key Findings:

• Global travel market jumps 24 percent: The industry has not only recovered but exceeded 2019's gross bookings of USD1.5 trillion
• Online bookings soaring: Online travel is leading the charge, with a projected compound annual growth rate (CAGR) of 9.8 percent from 2023-2026
• North America on the rise: The region has emerged as the world's largest travel market
• APAC/Europe lead in online penetration: Europe surpassed North America in 2023, with APAC expected to follow suit in 2024.
• Suppliers versus OTAs: Suppliers dominate online bookings overall, but OTAs lead in the hotel segment
• Shift in top markets: The US, China, Japan, Germany, and France currently hold the top spots, but the UK is poised to enter the top five by 2025

 These findings and more will be explored in-depth at The Phocuswright Conference, taking place November 19-21 in Phoenix, Arizona.  Themed "The New Age(nts)," the conference will feature leading industry speakers discussing the future of travel distribution and technology.