Travel Agency Services Market Set for 11.8% CAGR Growth, Reaching $1,606.28 Billion by 2034

Excellence of Travel Agencies at Crafting Customized and Pocket-friendly Vacation Plans Increasing Popularity: Fact.MR Report

As stated in the newly published report by Fact.MR, a market research and competitive intelligence provider, the global travel agency services market is analyzed to reach US$ 522.96 billion in 2024. The market is further forecasted to advance at a CAGR of 11.8% between 2024 and 2034.

As more tourists realize the priceless advantages these services offer in an increasingly complicated travel environment, travel firms are seeing a spectacular resurgence on a global scale. The need for expert travel services is increasing, contrary to early forecasts that online booking platforms render agencies useless. Travelers looking for individualized experiences and professional advice are the main drivers of this increase. Self-booking cannot compare to the time-saving convenience, crisis management assistance, and access to special offers that agencies provide. While leisure tourists admire the individualized touch in creating one-of-a-kind experiences, corporate customers especially value their capacity to oversee intricate schedules and guarantee duty of care compliance.

When anyone thinks about how they connect, these uses and advantages become even more clear. To profit from both their efficiency in business travel and their capacity to design unforgettable leisure experiences, a business traveler, for instance, first utilizes an agency for corporate travel before utilizing their knowledge to organize a personal trip. In a similar vein, a religious organization begins by arranging pilgrimages before branching out to use the agency for general group travel, utilizing both their group management skills and their specific understanding.

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Key Takeaways from Market Study:

• The global travel agency services market is forecasted to attain a valuation of US$ 1,606.28 billion by the end of 2034.
• The market in South Korea is analyzed to expand at a CAGR of 12.3% from 2024 to 2034.
• The East Asian market is projected to reach US$ 199.23 billion by 2034-end.
• The market in Mexico is analyzed to progress at a CAGR of 7.9% in the North American region through 2034.
• Based on the products and services, worldwide demand for cruise bookings is projected to rise at a CAGR of 13.3% from 2024 to 2034.
• The Middle East & Africa market is forecasted to expand at a CAGR of 9.5% through 2034.

“Offering valuable budgeting assistance and helping clients increase their travel investment is making travel agency services widely popular,” says a Fact.MR analyst.

Increasing Traction of More Individuals Towards Luxury Traveling, Generating Prospects for Travel Agencies Due to high-end customers' willingness to spend top dollar for carefully chosen, one-of-a-kind events, the trend toward luxury and experiential travel has proven especially profitable. Agencies have been able to increase their reach and streamline operations thanks to digital transformation. More agencies are increasing customer service while reducing operating expenses by incorporating artificial intelligence for automated booking procedures and tailored suggestions.

Younger travelers have responded especially well to booking platforms that prioritize mobile devices and round-the-clock virtual support. While sustainable and responsible tourism packages fetch better margins, leisure travel—the blending of business and leisure travel—has led to the creation of new revenue streams. Expanded corporate travel management services are also benefiting major agencies, which provide all-inclusive solutions that include real-time tracking, cost minimization, and duty of care.

Travel Agency Services Industry News:

Leading players in the travel agency services market are actively adapting to evolving industry trends to stay competitive.

In March 2023, Wheel the World, a wheelchair booking platform, partnered with Expedia Group, a vacation booking company, through an API integration to enhance travel accessibility for individuals with impairments.

In January 2023, Argentina-based CWT extended its collaboration with e-commerce technology platform Mercado Libre for an additional three years, continuing their partnership in corporate travel management services.

Leading Players Driving Innovation in the Travel Agency Services Market:

Key industry participants like Expedia Group; CWT; ADTRAV Travel Management; Trip.Com; BDS Travel; Booking Holdings Inc etc. are driving the travel agency services industry.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the travel agency services market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (tour & packaged travel bookings, cruise bookings, international & domestic airline bookings, accommodation bookings, other services, car rental), and major market (leisure-international travel, leisure-domestic travel, corporate-unmanaged, corporate-managed, other), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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