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A reduction in travel costs has boosted the global travel agencies market

11/24/2014| 4:27:56 PM|

A reduction in travel costs has boosted the global travel agencies market, which is expected to grow at a CAGR of 9.60 percent from 2015-2019, says research firm TechNavio.

A reduction in travel costs has boosted the global travel agencies market, which is expected to grow at a CAGR of 9.60 percent from 2015-2019, says research firm TechNavio.

While travel agencies have seen strong competition from travel planning websites in recent years, the deals and packages accessible through agencies have remained one of the main market growth drivers in this industry.

The latest report by TechNavio focuses on an increase in creative tourism as part of tour packages that are provided by agencies. This kind of tourism primarily targets travelers with specific, themed interests such as architectural history, adventure tourism, photography, art, food and other cultural elements.

“This theme-based tourism is rapidly gaining popularity among travelers, and agencies are attempting to produce innovative package deals,” says Faisal Ghaus, Vice President of TechNavio.

Additionally, consolidation in the industry is also boosting the Global Travel Agencies Market. The adoption of technology has made the market landscape more competitive, thus resulting in staunch competitors forming alliances and partnerships to secure strategic benefits and maintain market share. Acquisitions of smaller firms by large powerhouses will gradually make the market less competitive over the projected period.

Key information covered in the report:

Market segmentation, size and forecast through 2018
Market Growth Drivers:

Reduction in Overall Travel Costs
For a full detailed list, view our report.

Market Challenges:

Increase in Unrest Worldwide
For a full detailed list, view our report.

Market Trends:

Increase in Creative Tourism
For a full detailed list, view our report.

Key Vendors:

Asia World Enterprise Co. Ltd.
Carlson Wagonlit Travel Ltd.
Central America Travel Services Ltd.
Regency Travel & Tours Ltd.

Other Prominent Vendors:

Adelman Travel Group
Balboa Travel Management
Cain Travel
Expedia

TechNavio currently has more than 3000 market research reports on a huge range of topics, including 50+ reports on the travel market: Global Business Travel Market 2014-2018.

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Teachnavio report

TAGS: tour agencies | travel market | Technavio
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