Global Travel Agency Services
The Global Travel Agency Services industry has experienced some revenue growth over the five years to 2019, all while the industry's core services dramatically changed due to consumers using online channels to research and book travel. Online booking agents now play a much larger role within the industry, alongside traditional brick-and-mortar travel agencies. Brick-and-mortar travel agencies have reinvented themselves to remain relevant and competitive over the past five years, as online booking engines have expanded their role. In developed economies, the number of brick-and-mortar establishments and employees has declined over the past five years as consumers migrated online to book travel. For this reason, many agents have sought to specialize in certain destinations or forms of travel to showcase the value they provide to travelers. Demand for travel agency services will be boosted by continued per capita income growth, rising consumer sentiment and declining global unemployment over the five years to 2024. Similar to the previous five years, emerging economies in Asia and South America will dominate growth and lead to increased investment by the industry's major players in these regions. The industry will continue to evolve as the dust settles after a decade of rapid change due to the internet.
This industry comprises businesses engaged in tour wholesaling (i.e. developing tour packages that include airline and accommodations to be sold through travel agents or online) or acting as retail travel agents to the general public and commercial clients. The industry also encompasses companies primarily engaged in providing travel arrangement and reservation services, including online-only booking systems.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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