The traditional travel agency market size has grown significantly in recent years, projected to increase from $141.4 billion in 2023 to $149.14 billion in 2024, at a compound annual growth rate (CAGR) of 5.5%. This historical growth can be attributed to factors such as the increasing global travel trend, growing economic prosperity, rising consumer preferences for personalized travel experiences, expanding corporate travel needs, robust industry relationships, and a heightened demand for specialized travel services. Looking ahead, the market is expected to continue its upward trajectory, reaching $185.4 billion in 2028 with a CAGR of 5.6%. The anticipated growth during this forecast period will be driven by a resurgence in post-pandemic travel demand, a growing middle-class population, advancements in technological innovations, a rising interest in experiential travel, a rebound in corporate travel, and an increasing focus on personalized service. Major trends in this period will include the use of artificial intelligence, the development of hybrid travel solutions, enhanced travel safety and health measures, advancements in virtual reality (VR), and an expansion into emerging markets.
Global Traditional Travel Agency Market Key Driver
The increasing demand for corporate travel is projected to significantly enhance the growth of the traditional travel agency market in the near future. Corporate travel refers to work-related trips undertaken by employees or business representatives for purposes such as meetings, conferences, and client visits. The rising demand for corporate travel is driven by expanding business activities and the shift toward remote and hybrid work models, coupled with a heightened focus on face-to-face client interactions that encourage travel for relationship building and deal securing. Traditional travel agencies play a crucial role in corporate travel by managing bookings, itineraries, and providing travel support, delivering tailored services that streamline travel processes for businesses. For instance, in January 2024, a recent survey of over 700 business travel professionals from 41 countries conducted by the Global Business Travel Association (GBTA) indicated that 83% of travel buyers reported an increase in their global business travel bookings for 2023 compared to 2022, with 31% experiencing a significant rise, 37% a moderate increase, and 15% a slight improvement. Furthermore, 59% of buyers expect a further increase in business trips within their companies in 2024 compared to the current year. Thus, the growing demand for corporate travel is driving the growth of the traditional travel agency market through 2023, into 2024, and is expected to continue expanding by 2028.
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Global Traditional Travel Agency Market Segments
The traditional travel agency market covered in this report is segmented –
1) By Service Types: Transportation, Travel Accommodation, Vacation Packages
2) By Tourist Type: Domestic, International
3) By Age Group: 22-31 Years, 32-43 Years, 44-56 Years, Over 56 Years
By Geography:The regions covered in the traditional travel agency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the traditional travel agency market in 2023
Major Traditional Travel Agency Industry Players
TUI AG, Booking Holdings Inc, Expedia Group Inc, CWT Global BV, American Express Global Business Travel, Flight Centre Travel Group Limited, Travelport Worldwide Ltd, Frosch International Travel, Thomas Cook (India) Ltd, BCD Travel, Abercrombie & Kent, Corporate Travel Management, JTB Corporation, G Adventures, Frosch Travel, Contiki, Travel Leaders Group, STA Travel, Classic Travel, HRG (Hogg Robinson Group), Kuoni Travel Ltd, Airtreks, National Geographic Expeditions, AAA Travel, Journese
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Traditional Travel Agency Market Overview
A traditional travel agency is a business that provides a range of travel-related services to clients, primarily through physical locations and direct interactions. It offers travel advice and creates customized travel itineraries. It also provides personalized travel planning and booking services, offering expert advice and tailored itineraries through face-to-face interactions.
Traditional Travel Agency Global Market Report 2023 provides data on the global traditional travel agency market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The traditional travel agency market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
