Major companies in the travel arrangement and reservation services market include Carlson Wagonlit Travel; American Express; BCD Travel; Expedia and Priceline Group.
The global travel arrangement and reservation services market is expected to grow from $303.59 billion in 2020 to $370.1 billion in 2021 at a compound annual growth rate (CAGR) of 21.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $474.36 billion in 2025 at a CAGR of 6%.
The travel arrangement and reservation services market consists of sales of travel arrangement and reservation services and related goods by entities (organizations, sole traders and partnerships) that provide travel agency services, arrange and assemble tours or provide other travel arrangement and reservation services. The travel arrangement and reservation services market is segmented into travel agencies; tour operators; convention and visitors bureaus; and other travel arrangement and reservation services.
Western Europe was the largest region in the global travel arrangement and reservation services market, accounting for 49% of the market in 2020. Asia Pacific was the second largest region accounting for 21% of the global travel arrangement and reservation services market. Africa was the smallest region in the global travel arrangement and reservation services market.
Travel agencies and tour operators are increasingly using chat bots to offer personalized travel bookings to customers. A chat bot is an artificial intelligence program that can simulate a conversation with customers through messages or telephone calls and perform tasks such as ticket bookings and hotel reservations. Chat bots are an alternative to mobile applications and websites that provide personalized recommendations and bookings based on travel preferences and date of travel. For instance, Booking.com allows travellers to book flights and hotels through chat bots on Skype, Facebook Messenger and Slack. Other such chat bots include Dorothy, DoNotPay, Expedia and Air New Zealand’s Oscar.
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229 pages •
By Global Industry Analysts
• Sep 2020
With Nobody Flying & With Airlines Cutting Down Over 90% of Flight Capacity, Travel Technologies Stares at a Massive -35.1% Slump in Revenues
The global market for Travel Technologies is expected to slump by a heavy -35.1% in the year 2020 and thereafter stage a slow and uncertain recovery to reach US$13.6 billion by the year 2027,...
Mergers and Acquisitions in Travel and Tourism Industry in 2020 - Thematic Research
In 2019, tourism accounted for 7% of global trade. The United Nations projects that export revenues from tourism, which supports one in 10 jobs globally, could fall by $910bn to $1.2tn in 2020. This worldwide...
Bon voyage: Rebounding travel will likely support industry revenue growth Abstract Travel Agencies in the US The Travel Agencies industry has experienced steady growth over the five years to 2019, as online booking agencies capitalized on increased demand for travel while traditional travel agencies...
Pending approval: Revenue continues declining as resumption of travel remains uncertain Abstract Travel Agency and Tour Arrangement Services in Australia Industry firms primarily provide travel information, reservation and booking services for transport (e.g. planes, ships and rental cars), accommodation...
Geopolitics and its Impact on Tourism - Thematic Research
Geopolitics refers to the influence of factors such as geography, economics, demographics and culture in the politics of a state and these ultimately shape the way that businesses and destinations operate.
The global travel technology market is currently witnessing strong growth. Travel technology refers to the integration of information and communication technology in the travel, tourism and hospitality industry. It allows organizations to automate various processes, such as booking and tracking flights, hotels, tours...
Disruptor Profile: VChain Technology Limited Summary VChain Technology provides a SaaS verification solution designed for strategic data sharing using its proprietary blockchain back-end technology. It offers services to airlines, authorities, and passport control facilities. Scope The...
The global Airline Ancillary Services market is accounted to US$ 92.89 Bn in 2018 and is expected to grow at a CAGR of 18.5% during the forecast period 2019 - 2027, to account to US$ 412.86 Mn by 2027. Airlines led the business world in their development of variable pricing of airfares, known as yield management, and in expanding to revenue...
112 pages •
By Infiniti Research Limited
• Nov 2018
About this market The volume of customer data generated by the travel industry is high. AI-enabled platforms obtain insights and provides a desired outcome. As a result, AI is suitable for use in the travel industry. Technavio’s analysts have predicted that the global travel technologies market will register a CAGR of over...
Women are gaining more and more power, not only in political and business leadership, but also in an important segment traditionally linked to men: the car. For the first time in the history of the car industry, a Frost & Sullivan report finds that the number of women with driving licenses (DL) in the U.S. overtook that of men, not...
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