Press release
Travel Arrangement And Reservation Services Market is Expected to Grow to $765.97 billion in 2028 at a CAGR of 12.7% over Forecast Period 2024-2033
Travel Arrangement And Reservation Services Market Report
The Business Research Company offers in-depth market insights through Travel Arrangement And Reservation Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Tourism Boom Fueling Growth In Travel Arrangement And Reservation Services Market
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.
Competitive Landscape:
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.
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Top Trend - Innovative Corporate Travel Solutions Revolutionizing The Travel Arrangement And Reservation Services Market
Major companies operating in the travel arrangement and reservation services market are focusing on developing innovative solutions such as corporate travel solutions to provide reliable services to customers. These solutions offer well-designed solutions that satisfy business needs and produce quantifiable cost savings over time. For instance, in September 2023, EaseMyTrip, an Indian-based online travel company, launched Corporate Travel Solutions 2.0. This online tool allows employees to book flights, hotels, and buses in real-time, with access to special corporate fares and various options. This booking platform offers real-time updates, immediate confirmations, and flexibility for on-the-go changes.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Travel Arrangement And Reservation Services Market Characteristics
3. Travel Arrangement And Reservation Services Market Trends And Strategies
4. Travel Arrangement And Reservation Services Market - Macro Economic Scenario
5. Travel Arrangement And Reservation Services Market Size And Growth
…..
27. Travel Arrangement And Reservation Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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