As VIDEC concludes its 2026 OTA benchmarking across India, the UAE, and Saudi Arabia, CEO Virendra Jain assesses how major players like Trip.com, Expedia, Booking.com, Agoda, Wego, Skyscanner, Airbnb, and Google are positioning themselves in travel’s most volatile growth markets.
The analysis highlights the complexities of evaluating these companies, given their diverse financial reporting standards and market-specific performances. This is particularly evident in emerging markets, where growth curves are steeper compared to the predictability of mature markets.
Trip.com’s Rapid Expansion
Trip.com has shown a remarkable appetite for growth, especially in the GCC region. From a minor presence in the UAE in 2024, it has risen to become one of the top three air OTAs in both the UAE and Saudi Arabia by 2026.
Most of its big-ticket acquisitions have been in Europe, which is slowing down. The company’s indirect involvement in India through a stake in MakeMyTrip, now largely divested, remains a notable exit.
Expedia’s Strategic Shifts
Expedia, often referred to as the “mothership OTA,” has a mixed record in emerging markets. While it made successful acquisitions like Orbitz and HomeAway, its organic growth strategy in Asia has been less effective.
Its recent acquisition of CarTrawler in September 2026 aims to strengthen its B2B travel platform. However, in an era of AI, the traditional stronghold of B2B services may face new challenges.
Historically, companies like Expedia have often been slower to adapt to new markets, missing out on opportunities despite their first-mover advantages. This pattern has led to a significant gap in market capitalization compared to competitors like Booking Holdings.
Booking.com maintains its dominance in both mature and emerging markets, thanks to strategic acquisitions like Kayak and Agoda. Its approach of acquiring brands early and allowing them to grow independently has been key to its success.
However, maintaining market leadership while adhering to regulatory requirements remains a significant challenge. Pricing continues to be a critical factor in shifting market shares within the OTA category.
Agoda, part of the Booking Holdings family, has seen aggressive growth in emerging markets, particularly in Southeast Asia and the GCC, driven by its pricing strategies. Its rapid expansion raises questions about its future role within the group and potential leadership transitions.
Wego, a major player in the GCC, grew its merchant business during challenging times. Its shift to a transactional model has improved profitability and customer ownership.
Skyscanner, owned by Trip.com, had its latest moment in the sun around 2023/2024. Its future position in the market remains uncertain as it faces threats from emerging AI technologies.
Airbnb, with its high market capitalization, continues to differentiate itself from traditional OTAs. Despite this, it has expanded into mainstream travel categories, including hotels in major US and European cities.
Google, traditionally dominant at the top of the travel funnel, faces new challenges as the conventional model evolves. Its potential entry into B2C travel remains complex, and the role of AI in maintaining its market position is uncertain.
Airbnb’s Expansion and Google’s Evolving Role
Airbnb, with its high market capitalization, has expanded beyond unique accommodations into mainstream travel, including experiences and hotels in major cities. This challenges its differentiation from traditional OTAs, despite CEO Brian Chesky’s claims.