Travel Agency Startup Market Size, Growth Outlook, Revenue Forecast to 2028 - Technavio
Travel Agency Market Analysis
The global travel agency market size is expected to grow from USD 712.84 billion in 2022 to USD 1,178.05 billion by 2028, exhibiting a CAGR of 8.37% during the forecast period.
The growth of the market is attributed to factors such as increasing disposable income, rising popularity of online travel booking, and growing demand for personalized travel experiences.
Travel Agency Market Segmentation
The market is segmented based on type, service, and region. By type, the market is bifurcated into offline and online. By service, the market is classified into booking, planning, and consulting.
The offline segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. However, the online segment is expected to witness the highest CAGR during the forecast period.
The booking segment accounted for the largest share of the market in 2022 and is expected to maintain its dominance during the forecast period.
Travel Agency Market Regional Analysis
Regionally, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America dominated the market in 2022 and is expected to continue its dominance during the forecast period.
Asia Pacific is expected to witness the highest CAGR during the forecast period due to factors such as rising disposable income and increasing popularity of online travel booking in the region.
Travel Agency Market Key Players
The key players in the travel agency market are:
- Expedia Group, Inc.
- Booking Holdings Inc.
- Ctrip International Ltd.
- American Express Global Business Travel
- BCD Travel
These players offer a wide range of travel services such as booking flights, hotels, and rental cars. They also provide personalized travel experiences and travel consultation services.
Travel Agency Market Trends
The key trends in the travel agency market include:
- Increasing use of artificial intelligence and machine learning (AI and ML)
- Growing popularity of mobile travel booking
- Rising demand for personalized travel experiences
- Increasing adoption of sustainable travel practices
The travel agency market is expected to witness significant growth in the coming years due to the increasing popularity of online travel booking and the rising demand for personalized travel experiences.
The growing adoption of AI and ML is also expected to have a positive impact on the market growth.
FAQs
What is the size of the travel agency market?
The global travel agency market size is expected to reach USD 1,178.05 billion by 2028.
What are the key factors driving the growth of the travel agency market?
The key factors driving the growth of the market are increasing disposable income, rising popularity of online travel booking, and growing demand for personalized travel experiences.
Which segment is expected to witness the highest growth during the forecast period?
The online segment is expected to witness the highest CAGR during the forecast period due to factors such as increasing internet penetration and growing popularity of mobile travel booking.
Which region is expected to dominate the travel agency market?
North America is expected to dominate the travel agency market during the forecast period.
Who are the key players in the travel agency market?
The key players in the travel agency market are Expedia Group, Inc., Booking Holdings Inc., Ctrip International Ltd., American Express Global Business Travel, and BCD Travel.
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