Overview and Scope
Travel arrangement services refer to the service of recommending, booking, and arrangement of travel and accommodation on behalf of clients. Reservation services refer to the service of reserving travel and accommodation on behalf of clients.
Sizing and Forecast
The travel arrangement and reservation services market size has grown rapidly in recent years. It will grow from $416.54 billion in 2023 to $475.44 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. . The growth in the historic period can be attributed to increasing globalization, economic growth, shift in consumer preferences, regulatory changes, increasing demand for personalized travel experiences.
The travel arrangement and reservation services market size is expected to see rapid growth in the next few years. It will grow to $765.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. . The growth in the forecast period can be attributed to sustainable travel initiatives, shift in demographics, health and safety considerations, rise of alternative accommodations, rise of remote work. Major trends in the forecast period include the development of online booking platforms, digital nomadism, integration of virtual reality (vr) and augmented reality (ar), emergence of subscription-based travel services, expansion of wellness tourism.
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Segmentation & Regional Insights
The travel arrangement and reservation services market covered in this report is segmented –
1) By Type: Travel Agencies, Tour Operators, Convention And Visitors Bureaus, Other Travel Arrangement And Reservation Services
2) By Mode of Travel: Domestic Travel, Foreign Travel
3) By Mode of Booking: Online, Offline
Western Europe was the largest region in the travel arrangement and reservation services market in 2023. Asia-Pacific was the second-largest region in the travel arrangement and reservation services market. The regions covered in the travel arrangement and reservation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing popularity of tourism is expected to propel the growth of the travel arrangement and reservation services market in the coming years. Tourism is the temporary movement of people to places outside their usual environment for leisure, business, and other purposes. Rising standards of living often translate to more paid vacation days and flexible work arrangements, allowing people to travel more frequently and for longer durations. Travel arrangement and reservation services are used in the tourism industry to streamline the planning and booking process for travelers by booking flights, accommodations, activities, and transportation. For instance, in March 2022, according to the World Tourism Organization, a Spain-based specialized agency, global international tourist arrivals increased by more than 130% to reach 18 million in 2022 compared to 2021. Therefore, the growing popularity of tourism is driving the growth of the travel arrangement and reservation services market.
Key Industry Players
Major companies operating in the travel arrangement and reservation services market report are BCD Travel, Travel Leaders Group, TUI Group, Booking Holdings, Expedia, CWT, Flight Centre Travel Group, TUI Airways, Tripadvisor Inc., Shanghai Jin Jiang International Hotels (Group) Company Limited, American Express Global Business Travel (GBT), American Express Global Business Travel, Hogg Robinson Group, Corporate Travel Management, FCM Travel Solutions, Egencia, Direct Travel, Omega World Travel.
The travel arrangement and reservation services market report table of contents includes:
1. Executive Summary
- Travel Arrangement And Reservation Services Market Characteristics
- Travel Arrangement And Reservation Services Product/Service Analysis -Product/Service Examples
- Travel Arrangement And Reservation Services Market Trends And Strategies
- Travel Arrangement And Reservation Services Market – Macro Economic Scenario
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67. Global Travel Arrangement And Reservation Services Market Competitive Benchmarking - Global Travel Arrangement And Reservation Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Travel Arrangement And Reservation Services Market
- Travel Arrangement And Reservation Services Market Future Outlook and Potential Analysis
- Appendix
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