The travel agency services global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Travel Agency Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The travel agency services market size has grown strongly in recent years. It will grow from $400.15 billion in 2023 to $430.97 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to the rise of online travel agencies, an increase in disposable income, globalization and ease of travel, advancements in transportation, the growth of the middle class, and increased marketing and advertising.
The travel agency services market size is expected to see strong growth in the next few years. It will grow to $582.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to the increasing use of digital platforms, demand for personalized travel experiences, rise in mobile app bookings, enhanced customer service expectations, expansion of niche travel markets, and growth in the business travel sector. Major trends in the forecast period include personalized travel experiences, adventure tourism, sustainable travel, technology and AI, mobile app bookings, an emphasis on customer service, and social media marketing.
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Scope Of Travel Agency Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Travel Agency Services Market Overview
Market Drivers –
The rising interest in adventure and experiential travel is projected to propel the growth of the travel agency services market in the upcoming years. Adventure and experiential travel involve immersive activities that engage travelers in exploring new cultures and environments through various activities such as hiking, rafting, and cultural tours. This increasing interest stems from travelers’ desires for unique and personalized experiences that transcend traditional tourism. Additionally, such travel options enable individuals to connect with natural landscapes, wildlife, and local communities, fostering a deeper appreciation of their destinations. Travel agency services specializing in adventure and experiential travel play a vital role by curating, planning, and booking tailored experiences that ensure safety and convenience while providing access to exclusive activities and destinations. For example, in May 2024, the Adventure Travel Trade Association, a U.S.-based strategic membership organization, reported that the average number of travelers served by adventure travel operators increased to 6,553, reflecting a 54% rise from 4,243 in 2022 and a staggering 384% increase from 1,355 in 2021. Therefore, the increasing interest in adventure and experiential travel is driving the growth of the travel agency services market, with substantial growth anticipated through 2024 and into 2028.
Market Trends –
Major companies operating in the travel agency services market are focusing on the adoption of artificial intelligence and machine learning, such as the AI-powered search tool, which aims to deliver accurate, personalized, and swift search results to enhance the travel booking experience for agencies and their clients. The AI-powered search tool is used to provide travel agencies with accurate, personalized, and rapid search results for improved booking efficiency. For instance, in July 2024, Travelport, a U.K.-based travel retail platform company, introduced the content curation layer (CCL) as a new feature on the Travelport+ platform. This advanced layer leverages artificial intelligence (AI) and machine learning (ML) to efficiently deliver accurate and intuitive search results to travel agency partners globally. The CCL processes aggregated content from multiple sources and provides faster search results than typical airline search systems. It streamlines the presentation of retail-ready content, allowing agencies to offer travelers more desirable options. A standout feature of the CCL is the Content Optimizer, which gives agencies greater control over all content types, including traditional and NDC content.
The travel agency services market covered in this report is segmented –
1) By Services: Full Service Global Travel Arrangements, Additional Travel Services
2) By Tourist Type: Domestic, International
3) By Booking Channel: Phone Booking, Online Booking, In Person Booking
4) By Tour Type: Independent Traveler, Package Traveler, Tour Group
5) By Age Group: 15 To 25 Years, 26 To 35 Years, 36 To 45 Years, 46 To 55 Years, 66 To 75 Years
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Regional Insights –
North America was the largest region in the travel agency services market in 2023. The regions covered in the travel agency services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are TUI Group, Booking Holdings Inc, Expedia Group Inc, CWT Global BV, BCD Travel Services BV, Egencia LLC, American Express Global Business Travel, HIS Co Ltd, Flight Centre Travel Group Ltd, TripAdvisor Inc, Frosch International Travel Inc, World Travel Inc, Corporate Travel Management Limited, The Priceline Group Inc, Direct Travel Inc, Kuoni Travel Holding Ltd, MakeMyTrip Limited, Kesari Tours Pvt. Ltd., Wing On Travel Service Limited, Tzell Travel Group LLC, Omega World Travel Inc, Fox World Travel Inc, Travel Leaders Group LLC, Yatra Online Inc, Thomas Cook Group plc, JTB Corporation, Liberty Travel Inc
Table of Contents
1. Executive Summary
2. Travel Agency Services Market Report Structure
3. Travel Agency Services Market Trends And Strategies
4. Travel Agency Services Market – Macro Economic Scenario
5. Travel Agency Services Market Size And Growth
…..
27. Travel Agency Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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