A new report from PhoCusWright shows the Asia Pacific (APAC) region has grown to become the largest regional travel market across the globe.
The findings come from the sixth edition of the Asia Pacific Online Travel Overview which paints a largely positive picture of the area's burgeoning growth.
The report stated the APAC region would continue its healthy upward trajectory in the next several years - but sudden, unpredictable currency fluctuations hold the potential to change that fate, especially in rapidly growing markets like India and Indonesia.
Business travel within the APAC region continues to rely on the online environment, with the report noting travellers tend to research online before making their bookings offline.
The report also shed light on the changing positions and patterns of individual travel markets within the region. For example, while Japan has traditionally held the top spot as the largest APAC travel market, China overtook it last year.
Meanwhile, India's total travel market increased by 11 per cent in 2012 and the country represented nine per cent of the APAC online travel market during the year. The report estimates that by 2015, China will account for almost one third of the regional travel market.
In the Australian and New Zealand section of the APAC region, the report notes online gross bookings totalled $13.7 billion last year.