In a digitally-advanced world where everything was going hunky dory, the sudden outbreak of COVID-19 brought the movement of people to a grinding halt. As an aftermath, the travel industry paralyzed along with a drastic drop in tourism. The Online Travel Agency (OTA) industry, simultaneously, crumbled.
As we slowly nudge our way into a post-pandemic era, businesses want to make up for the three years of losses. As a result, airline and other travel costs have surged. While some businesses have exited the market, few have managed to get through. The travel industry that once suffered the backlashes of lockdown and travel restrictions, is now on revival mode.
With the year-end holiday season kickstarting, travellers are now making the most of the lost time and planning their local and international holidays. Further, the entry of 5G too has been a huge boost to Online Travel Agency (OTA) businesses.
Data indicate that OTA space has witnessed over 50% Y-o-Y growth during the last three years. Among the top three online travel agencies, MakeMyTrip tops the list with a steady growth percentage of 86%, followed by EaseMyTrip with a growth of 74.60% and Yatra with a growth rate of 56,50%.
Anticipating a growing airline commute capacity for the future, the Government of India too is growing the country’s airport infrastructure through the UDAN scheme. This scheme envisions creating numerous regional airports and increasing accessibility to the interiors of India, which will eventually grow trade and businesses. This steadfast expansion is also one of the crucial elements for boosting the Indian economy.
Economic Growth & More Access to World
As people prepare for the New Year, travel agencies have already gained their share for the first quarter of 2023 and are moving towards the next. Matching up the rising demand along with the required infrastructure and IT support, the aviation industry is set to see a surge in travellers. That means more Indians will be travelling abroad, living in various countries across the globe while also ushering in more cross-cultural travel for others visiting India. This travel trend is a win-win situation for our country, given how it will also boost paradiplomacy between India and other countries.
(Author: Alisha Fernandes is an inquisitive learner & content writer at TechDoQuest)