Driven by substantial pent-up demand and relaxed travel restrictions, the travel industry witnessed a spectacular surge during the 2021 holiday season. While the rapid spread of the COVID-19 omicron variant caused the industry to founder briefly, countries worldwide have relaxed their international and domestic travel restrictions on the variant’s mild impact.
Travel (both international and domestic) is expected to gain further traction in 2022, due primarily to pent-up demand. According to a Market Watch report, the global online travel market is expected to grow at a 13.16% CAGR over the next two years to $1.13 trillion by 2023.
