The travel intermediaries business market is anticipated to flourish at a steady CAGR of 6.0% between 2023 and 2033. The market is expected to hold a market share of USD 899.7 million by 2033, while the market is likely to reach a value of USD 502 million in 2023.
| Attribute | Details |
|---|---|
| Travel Intermediaries Business Market CAGR (2023 to 2033) | 6.0% |
| Travel Intermediaries Business Market Size (2023) | USD 502 million |
| Travel Intermediaries Business Market Size (2033) | USD 899.7 million |
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From 2018 to 2022, the market for online travel agencies is anticipated to expand at a CAGR of 4.6 percent, reaching USD 500 million in 2022. Strong economic growth in emerging nations, rapid population expansion, a changing demographic, increased earning potential, an increase in e-commerce, acceptance of solo travel, and technological advancements are all growth factors in historical time. Demand for offline travel agents, a lack of skilled labor, and high air travel taxes all hampered growth during the historical period.
The position of the travel agent is quickly altering how the tourism industry is perceived. The booming expansion of the travel intermediates industry affects the global boom of the travel and tourism sector as well as the marketing efforts of several hospitality businesses., The large tourist firms are compromising on their profit margins to stay afloat in the industry. Tour operators are in charge of various tourism industries across the world. According to experts, this is also having an impact on the general economy of tourist sites. Businesses that provide travel intermediary services are modernizing their technology by implementing tools like GDS, a very useful platform for detecting consumer behavior and market growth.
In addition to aiding the expansion of the travel sector, the booming business of travel intermediaries benefits all of its participants, including hotels and airline service providers., To design a hassle-free travel itinerary, travelers turn to travel intermediaries for assistance. Most digital-savvy millennial travelers choose to travel with intermediaries because they provide their clients with some profitable bargains., Travel intermediaries and other important players in the travel industry depend on one another, and because they purchase in bulk, travel brokers receive the best deals from hoteliers and airline operators. This reciprocal dependence is helping the travel intermediaries' company expand.
The public outreach of travel intermediaries is being redesigned by cutting-edge technology innovations. , Due to changing lifestyles, which include more individuals getting married later in life, young people taking gap years to travel alone, high divorce rates in many countries, and the increased acceptance of solo travel, solo travel is becoming more and more common.
There are more chances for the travel business as demand from solitary travelers rises. Players in the Internet travel business are concentrating more on acquiring clients by developing direct booking platforms. By enabling customers to book their travel or lodging from anywhere at any time using their smartphone, these platforms draw in more customers. For participants in the Internet travel industry, direct booking services through various channels, including apps, websites, social media, and others, present an opportunity.
Principal Consultant
The business of travel intermediates is expanding to unprecedented heights. However, the majority of airline companies are launching exclusive applications and promotions to entice clients, and hotels are doing the same to broaden their clientele internationally.
The development of the travel intermediates industry may probably face difficulties as a result of this. Although they aid in the expansion of the travel and tourism sector, travel intermediaries have brought unique difficulties to the market's infrastructure. Many service providers find it difficult to break through the competition and contact potential clients as there are more and more intermediaries on the market. This is especially true for small and medium-sized enterprises, whose finances fall short of those of the prominent giants.
The fact that many OTAs only submit occupancy taxes based on the discounted purchase pricing and not the retail rates raise another problem. Since they use their occupancy rates to calculate the overall cost of their rooms, this makes it difficult for hotels to make up the lost revenue. Since intermediaries provide lodging and other travel services in their countries, several governments are stepping in to collect the complete tax proceeds from these transactions.
During the projection period, geopolitical tensions are projected to have a detrimental effect on the market for online travel agencies. Sanctions against Russia, economic protectionism, and increased military tensions in the Middle East were all effects of geopolitical unrest. Job losses brought on by geopolitical tensions may reduce people's disposable incomes and purchasing power, discouraging them from touring and traveling. Future market growth may be hampered by this.
| Countries | Revenue Share % (2022) |
|---|---|
| United States | 13%% |
| Germany | 5.5% |
| Japan | 3.8% |
| Australia | 6.2% |
| North America | 25% |
| Europe | 19% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 4.4% |
| India | 3.9% |
| United Kingdom | 5.3% |
The North American Countries have contributed the most to Travel Agency Services.
The North American nations have contributed 29% to the Worldwide travel organization administrations by the year 2022. The region held a market share of 25% in 2022. Travel organization websites in these zones give different features like 'book now,' which can take one straightforwardly to the booking location. Places sightseers wish to visit they can put on the ‘wish list.’ Cancellation expenses are not applicable.
Social Media is helping Global Travel Agency Services in European Countries to do well.
All these highlights have made a difference in the Worldwide travel office administrations within North American countries to pick up more customers. After the North American nations, the European nations are leading. The European nations altogether held a market share of 19% in 2022. Because so many people use social media, it is simple to follow their preferences and interests, which enables travel agencies to focus on customers who are likely to choose travel experiences and who can afford trip packages. These elements provide travel agencies with a very thorough understanding of client preferences and behavior.
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| Category | By Mode of Transport |
|---|---|
| Leading Segment | Air |
| Market Share% (2022) | 45% |
| Category | By Mode of Booking |
|---|---|
| Leading Segment | Online |
| Market Share% (2022) | 48% |
The vacation packages are the most well-liked of these services. This is so because this service also arranges for lodging, transportation, meals, and other things. In essence, it combines all of the programs. There are numerous discounts and deals included because it combines all of the services. Visitors and customers find it to be highly inviting.
Bookings for international travel agency services can be made through a variety of methods, including phone, online, and in-person. The Internet booking channel, however, is the most well-known of these. This is a result of the agency that offers these services becoming more visible online.
One can also take advantage of discounts, specials, etc., through the online booking channel. Following the global impact of the COVID-19 epidemic, the market became increasingly digital. Booking in person was frowned upon, and phone bookings had fallen off. The online segment leads as it held a market share of 48% in 2022
Air mode of transport is mostly chosen by the traveler as it is the easiest and most convenient travel method. The segment held a market share of 45% in 2022.
Global travel agencies around the world are competing to gain more tourists. They are attracting customers using their websites and social media platforms like Instagram, YouTube, etc. Also, they provide exciting offers and discounts to their customers and also provide loyalty points to their loyal customers.
Recent Developments
Booking.com has launched a new AI trip planner to improve the travel planning experience. The feature is expected to deliver an integrated travel planning experience along with more tailored and relevant travel recommendations.
By 2033, the market is anticipated to expand at a 6% CAGR.
The 2023 market value is USD 502 million.
From 2018 to 2022, the market expanded at a 4.6% CAGR.
The United Kingdom is anticipated to expand at a 5.3% CAGR by 2033.
Vacation packages are expected to be highly preferred.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service Type 5.1. Vacation Packages 5.2. Travel 5.3. Accommodation 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mode of Transport 6.1. Air 6.2. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mode of Booking 7.1. Online 7.2. Offline 7.3. Direct 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Expedia Groups 18.2. Booking Holdings 18.3. BCD Travel 18.4. Vantage Deluxe 18.5. World Travel 18.6. Global Work and Travel Company 18.7. Global Vacation Network 18.8. Thomas Cook 18.9. Zicasso 18.10. Classic Journeys LLC 19. Assumptions & Acronyms Used 20. Research Methodology
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Travel Intermediaries Business Market
