Press release
Travel Agency Services Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Travel Agency Services Market Share
In recent times, there has been robust growth in the market size of travel agency services. The projections state that it is set to escalate from $430.97 billion in 2024 to a substantial $465.81 billion in 2025, maintaining a compound annual growth rate (CAGR) of 8.1%. Growth witnessed in the past years can be traced back to factors such as emergence of online travel agencies, rise in disposable income, increased ease in global traveling, improvements in transportation dynamics, expansion of the middle class population, and a noteworthy surge in marketing and advertising strategies.
In the coming years, a robust expansion is forecasted in the travel agency services market, with an expected valuation of $626.53 billion in 2029, reflecting a compound annual growth rate (CAGR) of 7.7%. This predicted growth during the projection period is linked to several factors such as the mounting utilization of digital platforms, the increasing demand for bespoke travel adventures, a surge in travel reservations via mobile apps, enhanced expectations for customer service, broadening of specialized travel markets, and the boom in the business travel sector. Key trends for the predicted period consist of personalized travel experiences, adventure tourism, ecologically responsible travel, advancements in technology and AI, mobile app reservations, focus on customer service and social media promotion.
What Are the Primary Growth Drivers for the Travel Agency Services Market?
The growth of travel agency services market is predicted to be fueled by the growing fascination towards venture and immersive travel experiences. Adventure and immersive travel encompasses engaging expeditions like hiking, rafting, and cultural tours, offering travelers an opportunity to delve into new environments and cultures. This growing fascination is prompted by the quest for unique and tailored experiences that surpass regular tourism. Furthermore, these travel varieties provide travelers the chance to interact with local communities, wildlife, and natural landscapes, nurturing a profound comprehension and respect for the places they visit. Travel agencies offering services in adventure and immersive travel are responsible for designing, coordinating and arranging customized experiences, guaranteeing safety, convenience, and availability of exclusive destinations and activities. For instance, The Adventure Travel Trade Association, a strategic membership organization based in the US, reported in May 2024, the average number of travelers catered to by adventure travel agencies grew to 6,553, realizing a 54% increase from 4,243 in 2022, and a whopping 384% surge from 1,355 in 2021. Hence, the escalating interest in adventure and immersive travel will boost the growth of the travel agency services market.
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Who Are the Dominant Companies Influencing Travel Agency Services Market Trends?
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
How Is the Travel Agency Services Market Evolving?
Prominent players in the travel agency services market are prioritizing the integration of artificial intelligence and machine learning, such as AI-powered search tools, aiming to deliver precise, customized, and prompt search results, thereby enhancing the travel booking process for agencies and their customers. The AI-enabled search tools grant travel agencies precise, individualized, and speedy search outcomes, which boost booking efficiency. For instance, U.K.-based travel retail platform provider Travelport introduced a new feature termed as the content curation layer (CCL) on its Travelport+ platform in July 2024. This innovative layer employs artificial intelligence (AI) and machine learning (ML) to provide accurate and user-friendly search results to travel agency partners worldwide. The CCL collates content from a variety of sources and offers quicker search outcomes than the common airline search systems. It simplifies the display of retail-ready content, enabling agencies to present more appealing options to travelers. The Content Optimizer, a remarkable aspect of the CCL, offers agencies increased authority over all forms of content, encompassing both traditional and NDC content.
What Are the Different Segmentations in the Travel Agency Services Market?
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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Which Region Is at the Forefront of 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.
What Is Covered In The Travel Agency Services Global Market Report?
- Market Size Analysis: Analyze the Travel Agency Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Travel Agency Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Travel Agency Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Travel Agency Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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