The travel agency services market is expected to develop at a rate of 10.90% per year to reach US$ 1,280,410.5 million by 2033, from its estimated US$ 455,023.4 million in 2023.
The agencies have adapted to the digital era by leveraging technology and online platforms to cater to changing traveler preferences. Despite competition from online travel agencies and direct booking options, travel agencies continue to thrive by providing industry expertise, partnerships, competitive prices, and exclusive deals.
Travel agencies play a crucial role in the travel and tourism industry, offering a wide range of services such as travel planning, ticketing, accommodation booking, transportation arrangements, and visa assistance.
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Challenges include maintaining a strong online brand image and reducing the need for intermediaries through mobile applications and technological advancements.
The desire for exploration and the reliance on travel professionals contribute to the sustained growth of the travel agency services market.
The North American countries have significantly influenced the global travel agency services market, contributing 28.40% in 2022. Travel agency websites in these countries offer convenient features such as direct booking options, wish lists for desired destinations, and no cancellation fees, attracting more customers.
In European countries, social media platforms have played a crucial role in global travel agency services flourishing, with a contribution of 22.50% in 2022. Travel agencies utilize social media to understand customer preferences, target specific audiences, and offer tailored travel experiences.
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India stands out as a lucrative hub for tourism, contributing a CAGR of 14.20% in the travel agency services market. The country’s rich cultural heritage, diverse landscapes, government initiatives, and rising disposable incomes have made India a favored destination for domestic and international travelers.
Among the service types provided by global travel agency services, full-service international travel arrangements are the most popular, accounting for 25.60% of the global value share. This comprehensive service combines accommodations, travel arrangements, and meals, often offering discounts and attractive offers.
The age group of 26 to 35 years shows a high inclination towards availing of travel agency services, commanding 34.60% of the value share. This millennial generation seeks enriching experiences and sees travel as a means to explore different cultures, cuisines, and modes of transportation.
The prominent booking channel in the forecast period is online booking, driven by the increasing digital presence of travel agencies and the availability of discounts and offers for online bookings.
Recent Developments
- com, one of India’s leading travel technology websites, announced the debut of a self-booking service for corporates in November 2022. Business travelers and corporates may book their travels using this service because it streamlines the booking process. This tool uses AI technologies such as machine learning and data mining to make it more efficient and resourceful.
- MakeMyTrip (MMT) developed a new and revolutionary payment approach called ‘Book Without Payment’ in October 2022. This allows local and international travelers to book a hotel in India or abroad without making any prior money.
Key Segments
By Services Provided:
- Full-service Global Travel Arrangements
- Flights
- Hotels
- Additional Travel Services
- Car hire
- Others
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveler
- Package Traveler
- Tour Group
- By Consumer Orientation:
- Men
- Women
By Age Group:
- 15 to 25 Years
- 26 to 35 Years
- 36 to 45 Years
- 46 to 55 Years
- 66 to 75 Years
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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