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.
Global Travel Agency Services Market Key Driver
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.
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Global Travel Agency Services Market Segments
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.
Major Travel Agency Services Industry Players
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
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Travel Agency Services Market Overview
Travel agency services refer to a range of professional services offered to assist individuals and businesses with planning, booking, and managing travel arrangements. They also provide expert consultation to ensure a seamless and well-organized travel experience.
Travel Agency Services Global Market Report 2023 provides data on the global travel agency services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The travel agency services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
