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The Business Research Company's Traditional Travel Agency Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033 It will grow to $185.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.”
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LANDON, GREATER LANDON, UNITED KINGDOM, October 11, 2024 /EINPresswire.com/ -- The traditional travel agency market has expanded significantly, from $141.4 billion in 2023 to $149.14 billion in 2024, with a compound annual growth rate (CAGR) of 5.5%. This growth is attributed to increasing global travel, rising economic prosperity, consumer preferences for personalized trips, increasing corporate travel demand, strong industry relationships, and the growing demand for specialized travel services.
What Is The Estimated Market Size Of The Global Traditional Travel Agency Market And Its Annual Growth Rate?
Traditional Travel Agency Market: The traditional travel agency market is poised for strong growth in the upcoming years, with projections indicating it will reach $185.4 billion by 2028, achieving a CAGR of 5.6%. This growth is influenced by post-pandemic travel demand, increasing middle-class populations, ongoing technological advancements, a rising interest in experiential travel, a rebound in corporate travel, and an enhanced focus on safety. Major trends expected to shape this market include the application of artificial intelligence, the creation of hybrid travel solutions, improved safety and health measures, advancements in virtual reality (VR), and expansion into emerging markets.
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Growth Driver of The Traditional Travel Agency Market
The increasing demand for corporate travel is anticipated to drive the growth of the traditional travel agency market ahead. Corporate travel involves work-related trips by employees or business representatives for purposes such as meetings, conferences, and client visits. The demand for corporate travel is growing due to expanding business activities, a shift towards remote and hybrid work models, and a heightened focus on face-to-face client interactions, leading to more travel for relationship building and deal-making. Traditional travel agencies cater to corporate travel by managing bookings, itineraries, and providing travel support, thus streamlining travel processes for businesses.
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Which Market Players Are Driving The Traditional Travel Agency Market Growth?
Key players in the market include TUI AG, Booking Holdings Inc, Expedia Group Inc, CWT Global BV, American Express Global Business Travel, Flight Centre Travel Group Limited, Travelport Worldwide Ltd, Frosch International Travel, Thomas Cook (India) Ltd, BCD Travel, Abercrombie & Kent, Corporate Travel Management, JTB Corporation, G Adventures, Frosch Travel, Contiki, Travel Leaders Group, STA Travel, Classic Travel, HRG (Hogg Robinson Group), Kuoni Travel Ltd, Airtreks, National Geographic Expeditions, AAA Travel, Journese
What Are The Key Trends That Influence Traditional Travel Agency Market Share Analysis?
Traditional travel agencies are exploring high-growth business development opportunities, particularly through direct-to-market expansion. This strategy enables agencies to establish a direct presence in specific markets, allowing them to offer tailored services and personalized experiences, thereby improving operational control and client engagement.
How Is The Global Traditional Travel Agency Market Segmented?
1) By Service Types: Transportation, Travel Accommodation, Vacation Packages2) By Tourist Type: Domestic, International3) By Age Group: 22-31 Years, 32-43 Years, 44-56 Years, Over 56 Years
Geographical Insights: Europe Leading The Traditional Travel Agency Market
Europe was the largest region in the market in 2023 The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Traditional Travel Agency Market DefinitionA traditional travel agency provides a range of travel-related services through physical locations, offering personalized travel planning, expert advice, and customized itineraries through direct interactions with clients.
Traditional Travel Agency Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future•Macroeconomic factors affecting the market in the short and long run•Analysis of the macro and micro economic factors that have affected the market in the past five years• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global traditional travel agency market report covering trends, opportunities, strategies, and more
The Traditional Travel Agency Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on traditional travel agency market size, traditional travel agency market drivers and trends, traditional travel agency market major players and traditional travel agency market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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October 11, 2024, 16:00 GMT
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