The travel agency services market size has also experienced significant growth in recent years, anticipated to rise from $400.15 billion in 2023 to $430.97 billion in 2024, marking a compound annual growth rate (CAGR) of 7.7%. This growth has been supported by 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 enhanced marketing and advertising efforts. In the upcoming years, the travel agency services market is projected to see further growth, expected to reach $582.36 billion in 2028 at a CAGR of 7.8%. The factors driving this growth include the increasing use of digital platforms, demand for personalized travel experiences, a rise in mobile app bookings, enhanced customer service expectations, the expansion of niche travel markets, and growth in the business travel sector. Key trends in the forecast period consist of personalized travel experiences, adventure tourism, sustainable travel, technological advancements including AI, mobile app bookings, a focus on customer service, and social media marketing.
Major Driver In The Travel Agency Services Market
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.
Request A Free Sample Of The Travel Agency Services Market Report
Travel Agency Services Market Competitive Landscape
Major companies operating in the travel agency services 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
Key Travel Agency Services Market Trend
Major companies in the travel agency services market are focusing on adopting artificial intelligence and machine learning technologies, such as an AI-powered search tool, to provide accurate, personalized, and rapid search results that enhance the travel booking experience for agencies and their clients. This tool aims to improve booking efficiency by delivering precise and quick search results. For instance, in July 2024, Travelport, a UK-based travel retail platform, introduced the content curation layer (CCL) as a new feature on the Travelport+ platform. This advanced layer employs AI and machine learning (ML) to provide efficient and intuitive search results to travel agency partners globally. The CCL processes aggregated content from multiple sources, delivering faster search results than conventional airline search systems. It streamlines the presentation of retail-ready content, enabling agencies to present more attractive options to travelers. A notable feature of the CCL is the Content Optimizer, which allows agencies greater control over all content types, including traditional and NDC content.
Purchase The Global Travel Agency Services Market Report Directly And Get A Swift Delivery
Global Travel Agency Services Market Segmentation
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
By Geography:The regions covered in the travel agency services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the travel agency services market in 2023.
The Travel Agency Services Global Market Report 2024 furnishes information about the global travel agency services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
