Press release
Travel Agency Services Market Report, Size, Share, Growth, Trends, Competitive Outlook to 2033
Travel Agency Services Market
The new report published by The Business Research Company, titled Travel Agency Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, 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 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%.
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What Is Driving The Growth Of The Global Travel Agency Services Market?
Rising Demand For Adventure And Experiential Travel Fuels Growth In Travel Agency Services Market
The increasing interest in adventure and experiential travel is expected to propel the growth of the travel agency services market going forward. Adventure and experiential travel involve immersive and active experiences that engage travelers in exploring new environments and cultures through activities such as hiking, rafting, and cultural tours. The increasing interest in adventure and experiential travel is driven by the desire for unique and personalized experiences that go beyond traditional tourism. Additionally, these travel options allow travelers to engage with natural landscapes, wildlife, and local communities, fostering a deeper understanding and appreciation of their destinations. Travel agency services in adventure and experiential travel are used to curate, plan, and book tailored experiences, ensuring safety, convenience, and access to exclusive activities and destinations. For instance, in May 2024, according to the Adventure Travel Trade Association, a US-based strategic membership organization, the average number of travelers served by adventure travel operators increased to 6,553, marking a 54% rise from 4,243 in 2022 and a 384% increase from 1,355 in 2021. Therefore, the increasing interest in adventure and experiential travel will drive the growth of the travel agency services market.
What Is The Key Trend In The Global Travel Agency Services Market?
AI-Powered Content Curation Layer for Enhanced Travel Booking
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.
How Is The Global Travel Agency Services Market Segmented?
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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How Is The Competitive Landscape Of The Global 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
Contents Of The Global Travel Agency Services Market
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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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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