Travel Agency Services Market Share, Size, Trends, Industry Analysis Report, By Services (Full-service Global Travel Arrangements, Additional Travel Services); By Booking Channel; By Tourist Type; By Tour Type; By Age Group; By Region; Segment Forecast, 2023 - 2032
- Published Date:Oct-2023
- Pages: 116
- Format: PDF
- Report ID: PM3853
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global travel agency services market was valued at USD 451.60 million in 2022 and is expected to grow at a CAGR of 9.1% during the forecast period.
The Travel Agency Services Market plays a pivotal role in the global travel and tourism industry, serving as intermediaries between travelers and travel providers. These agencies offer a wide range of services, including itinerary planning, booking flights and accommodations, arranging transportation, and providing travel-related information. Travel agencies act as facilitators, helping individuals and organizations navigate the complexities of travel, ensuring convenience, and enhancing the overall travel experience.
To Understand More About this Research: Request a Free Sample Report
Travel agency services assist customers in planning trips, booking accommodations, and booking tickets for the best tour experiences. It organizes tours, excursions, and special events at the travel destination. The rising trend towards tourism is creating demand for travel agency services. Global travel agencies are witnessing higher demand for their services.
For instance, according to the press release of American Express Global Business Travel, travel services revenue increased by 22% from Q2 2022. Revenue received in June 2023 was USD 592 million.
It signifies the growing demand for travel agency services in the global travel agency services market. Additionally, for international tourism, travel agency services assist in the visa generation process, and guide required travel documents. It enables tourists to have pleasant trip experiences.
Travel agencies offer expert guidance and personalized services, simplifying travel planning for individuals and businesses. Travelers often seek the convenience of having experienced professionals handle their travel arrangements. In today's fast-paced world, time is a precious commodity. Travel agencies save travelers time by handling all aspects of trip planning, from booking flights to securing accommodations and organizing itineraries.
For travelers with complex itineraries, such as multi-destination trips or group travel, travel agencies provide invaluable assistance in coordinating logistics and ensuring a seamless experience.
Industry Dynamics
Growth Drivers
Rising Technological Adoption
One of the primary factors driving the growth of travel agency services is that they enable tourists to enjoy trips because all the processes are taken care of by them. It gives peace of mind when planning trips. Travel Agency Services are expanding their coverage owing to the rising demand. Amex GBT entered a partnership with Dnata to meet the ongoing demand for corporate travel in the Middle East. It will provide access to its services to customers in the Middle East.
Furthermore, growing technological adoption by travel agencies is increasing customer satisfaction. For instance, CWT added WhatsApp to its messaging travel support channel. Creating a user-friendly contact solution with direct customer contact for trip details, questions, and more.
Report Segmentation
The market is primarily segmented based on services, booking channel, tourist type, tour type, age group, and region.
|
By Services |
By Booking Channel |
By Tourist Type |
By Tour Type |
By Age Group |
By Region |
|
|
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Services Analysis
Full-Service Global Travel Segment Held the Fastest Market Revenue in 2022
In 2022, the full-service global travel segment held the fastest market revenue. This segment includes Hotels and Flights. It prompts the consumer to prefer travel agency services as they provide convenience in planning trips and help in booking flights and arranging accommodation, reducing further work for tourists. Furthermore, these services are mostly accessible by business professionals for their attendance in meetings, conferences, and formal business gatherings on the spot with the travel agency services, saving their time from booking flight tickets, hotels, etc. The presence of experience in booking and planning trips enabled them to optimize traveling routes, driving consumer satisfaction with their services.
By Booking Channel Analysis
The Online Segment Accounted for the Largest Market Share During the Forecast Period
The online segment accounted for the largest market share during the forecast period. This booking channel provides convenience to the customers, saving them a huge amount of time going to travel agency offices, queuing time, and transportation costs with the evolution of digitally customized company booking platforms. It provides trust to new customers by enabling reviews of existing trip experiences by users. Additionally, travel agencies are establishing customized websites and apps for high user satisfaction and convenience. This user-friendly interface through online platforms is driving consumers to prefer travel agency services.
Regional Insights
North America Accounted for the Largest Revenue Share During the Forecast Period
North America accounted for the largest revenue share during the forecast period. Consumers in the region are showcasing interest in exploring tourist destinations with unique and tailored experiences. Based on the U.S. According to the Travel Association's latest data, demand for summer travel increased by 12% in June compared to the same month last year. United Nations travel spending increased by 0.9%, surpassing June 2022 levels and witnessing 4.9% growth in June 2023. Growing travel spending among individuals is creating demand for travel experiences, fueling demand for flights, hotels, and itinerary planning. It is increasing services to travel agencies as they assist in booking tickets and planning trips for people.
Also, APAC dominated the global market with the fastest growth rate in the forecast period. The growing travel industry in this region is contributing to the growth and demand for travel agency services during the study period. According to Brightsun Travel, the Indian market is projected to surpass 2019 levels by 2023, with the travel market reaching USD 29 billion. The travel industry is projected to reach USD 29 billion by 2026, with a CAGR of 18 percent annually. The growing travel industry in this region is creating new growth potential for travel agency services in the future. A growing travel market drives agencies to expand their reach in global markets, fueling new growth opportunities for travel agencies. It enables consumers to access international tourism with competitive pricing, fostering demand for travel agency services in the coming years.
Key Market Players & Competitive Insights
The key market players in the Travel Agency Services Market continually innovate to meet the evolving needs of travelers and businesses, whether through technological advancements, personalized service offerings, or sustainability initiatives. Competitive insights in the market reveal a strong emphasis on customer experience, convenience, and digital transformation as drivers of success in a dynamic and competitive industry.
Some of the major players operating in the global market include
- American Express Global Business Travel
- Booking Holdings
- Corporate Travel Management
- CWT
- Expedia Group
- Flight Centre Travel Group
- Kesari Tours Pvt. Ltd.
- MakeMyTrip Ltd.
- TripAdvisor
- TUI Group
- Yatra Online Inc.
Recent Developments
- In March 2023, Expedia Group, a travel booking agent, entered into an API partnership with Wheel the World, a wheelchair booking platform, to increase traveling convenience for people with disabilities.
- In January 2023, Mercado Libre, an e-commerce technology platform, extended its partnership with CWT, an Argentine-based company, on corporate travel management services for the next three years.
Travel Agency Services Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 491.70 million |
|
Revenue forecast in 2032 |
USD 1,074.99 million |
|
CAGR |
9.1% from 2023 - 2032 |
|
Base year |
2022 |
|
Historical data |
2019 - 2021 |
|
Forecast period |
2023 - 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Services, By Booking Channel, By Tourist Type, By Tour Type, By Age Group, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
key companies in travel agency services market are American Express Global Business Travel, Booking Holdings, Corporate Travel Management, CWT, Expedia Group.
The global travel agency services market is expected to grow at a CAGR of 9.1% during the forecast period.
The travel agency services market report covering key segments are services, booking channel, tourist type, tour type, age group, and region.
key driving factors in industrial travel agency services market are Rising Technological Adoption.
The global travel agency services market size is expected to reach USD 1,074.99 Million by 2032
© 2024 Polaris Market Research and Consulting. All rights reserved
