What Is The Current and Historic Market Size Analysis Of The Travel Agency Services Market?
The travel agency services market has seen considerable growth due to a variety of factors.
• The travel agency services market has grown significantly in recent years. It will increase from $430.97 billion in 2024 to $465.81 billion in 2025, at a CAGR of 8.1%.
This is due to the rise of online travel agencies, higher disposable income, globalization, improved transportation, and the growing demand for personalized travel.
What Is The Forecast For The Travel Agency Services Market Size?
The travel agency services market is expected to maintain its strong growth trajectory in upcoming years.
• The travel agency services market is projected to grow to $626.53 billion by 2029, at a CAGR of 7.7%.
Factors contributing to this growth include the increasing use of digital platforms, demand for personalized travel experiences, mobile app bookings, high customer service expectations, niche travel market expansion, and business travel growth. Trends include personalized travel, adventure tourism, sustainable travel, AI and technology adoption, mobile bookings, and social media marketing.
What Are The Essential Drivers Behind The Growth Of The Travel Agency Services Market?
The growth of the travel agency services market is anticipated to be driven by the rising interest in adventure and experiential travel. This form of travel revolves around engaging and immersive experiences that allow travelers to discover new environments and cultures through activities such as rafting, hiking, and cultural tours. This surge in interest in adventure and experiential travel is fueled by the quest for unique, bespoke experiences that transcend conventional tourism. Moreover, these types of travel experiences let travelers interact with local communities, natural landscapes, and wildlife, thereby cultivating a profound comprehension and respect for their travel destinations. The role of travel agency services in adventure and experiential travel is to create, plan, and arrange these tailored experiences, while maintaining safety, convenience, and access to exclusive activities and areas. For example, in May 2024, the Adventure Travel Trade Association, a strategic membership establishment in the US, reported that the average figure of travelers served by adventure travel operators rose to 6,553. This signifies a 54% increase from 4,243 in 2022, and a significant 384% surge from 1,355 in 2021. Thus, the climbing interest in adventure and experiential travel is expected to fuel the expansion of the travel agency services market.
How Is The Global Travel Agency Services Market Divided Into Key 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
Subsegments:
1) By Full Service Global Travel Arrangements: Flight Booking And Ticketing, Hotel And Accommodation Booking, Car Rentals And Transportation Services, Vacation Packages (Customized And Pre-Packaged), Group And Corporate Travel Arrangements, Itinerary Planning And Consultation, Travel Insurance Services, Visa And Passport Assistance
2) By Additional Travel Services: Activity And Excursion Booking, Cruise And Tour Bookings, Travel Concierge Services, Airport Transfers And Shuttle Services, Travel Accessories And Equipment Rental (Mobile Hotspots, Guides), Currency Exchange And Forex Services, Event And Conference Planning: Travel Advice And Local Insights
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What Trends Are Reshaping The Future Of The Travel Agency Services Market?
Leading firms in the travel agency services market are gravitating towards the utilization of artificial intelligence and machine learning technologies like the AI-powered search tool, whose objective is to offer fast, personalized, and accurate search results to improve the booking experience for agencies and their clients. The tool is employed to furnish travel agencies with swift, individualized, and accurate search results to enhance booking efficiency. For example, in July 2024, Travelport, a travel retail platform company based in the U.K., launched the content curation layer (CCL), a new feature on the Travelport+ platform. This groundbreaking layer uses artificial intelligence (AI) and machine learning (ML) to proficiently provide precise and instinctive search results to global travel agency partners. The CCL amalgamates content from a variety of sources and delivers search results quicker than average airline search systems. It simplifies the display of retail-ready content, permitting agencies to present travelers with more appealing options. The Content Optimizer, an exceptional feature of the CCL, provides agencies with increased control over all content types, including conventional and NDC content.
Who Are the Key Players In The Travel Agency Services Market?
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
What Are The Regional Insights Into The Travel Agency Services Market?
North America was the largest region in the travel agency services market in 2024. The regions covered in the travel agency services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
