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Travel Agency Services Market to Grow by USD 156.7 Billion (2024-2028) as International Tourism Rises, How AI is Transforming the Industry – Technavio Report

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NEW YORK, Sept. 2, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global travel agency services market size is estimated to grow by USD 156.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.6% during the forecast period. Increasing international tourist footfalls is driving market growth, with a trend towards increasing use of technologically advanced travel solutions. However, growing threat from rising terrorist activities poses a challenge. Key market players include Abercrombie and Kent USA LLC, American Express Co., BCD Group, Booking Holdings Inc., China tourism group, Corporate Travel Management Ltd., CWT BV, eDreams ODIGEO, Expedia Group Inc., Flight Centre Travel Group Ltd., Kesari Tours Pvt. Ltd., MakeMyTrip Ltd., Services International Ltd., The Travel Corp, Thomas Cook India Ltd., Trafalgar, Trip.com Group Ltd., TripAdvisor Inc., TUI AG, and Yatra Online Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Travel Agency Services Market Scope

Report Coverage

Details

Base year

2023

Historic period

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.6%

Market growth 2024-2028

USD 156.7 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.53

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 32%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

Abercrombie and Kent USA LLC, American Express Co., BCD Group, Booking Holdings Inc., China tourism group, Corporate Travel Management Ltd., CWT Global BV, eDreams ODIGEO, Expedia Group Inc., Flight Centre Travel Group Ltd., Kesari Tours Pvt. Ltd., MakeMyTrip Ltd., Services International Ltd., The Travel Corp, Thomas Cook India Ltd., Trafalgar, Trip.com Group Ltd., TripAdvisor Inc., TUI AG, and Yatra Online Inc.

Market Driver

The Travel Agency Services Market involves providing customers with various services related to booking and planning their trips. These services include flight reservations, hotel bookings, vacation packages, and tour arrangements. Travel agencies facilitate customers by offering competitive prices, convenient payment options, and personalized travel recommendations. They help simplify the travel planning process and ensure a seamless experience for their clients. Effective customer service and efficient operations are key to success in this market.

Travel agency services continue to evolve, focusing on additional offerings beyond flights, hotels, and car hire for both leisure and business travelers. AI and machine learning algorithms enhance personalized itineraries and ticket booking. Domestic and international travelers, including independent and package travelers, benefit from travel planning, accommodation booking, and transportation arrangements. Visa assistance, travel insurance, and personalized itineraries are increasingly popular. Online booking and phone booking options cater to diverse preferences. Airlines and online travel agencies offer direct booking options for global connectivity. Middle-class population growth fuels demand. Sustainable travel practices, eco-friendly tourism, and local community engagement are trends. Digital marketing, smartphone, and tablet applications streamline booking processes. Operational safety, employee safety, and civil construction activities, including dams, bridges, and tunnels, ensure travel experiences are safe and efficient. IoT and social networking sites facilitate real-time updates and communication.

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Market Challenges

The Travel Agency Services Market caters to customers seeking convenient and customized travel solutions. Agencies offer various services such as flight bookings, hotel reservations, tour packages, and visa assistance. They ensure a seamless travel experience by handling all travel-related arrangements. Agencies maintain strong relationships with suppliers to secure competitive prices and provide additional perks for their clients. Their expertise and industry knowledge enable them to offer valuable insights and recommendations.Travel agency services face several challenges in today’s market. Independent travelers prefer self-planning, while package travelers seek convenience. Travel planning, ticketing, accommodation booking, and transportation arrangements are essential services, but visa assistance, travel insurance, personalized itineraries, and customer support set agencies apart. Airlines and online travel agencies offer direct booking options, making competition fierce. Global connectivity, middle-class population growth, and sustainable travel practices are trends shaping the industry. Eco-friendly tourism and local community engagement are key to long-term success. Digital marketing, smartphone, and tablet applications are essential tools. Geoscientists, engineers, and operational safety experts ensure civil construction activities like dams, bridges, and tunnels are safe. IoT, social networking sites, and adventure tourism cater to diverse traveler needs. Millennial generation preferences and online booking channels continue to disrupt the market. Safety, both for employees and travelers, remains a top priority.

For more insights on driver and challenges – Request a sample report!

Segment Overview

This travel agency services market report extensively covers market segmentation by

Type1.1 Leisure travel1.2 Business travel1.3 Specialty travelDistribution Channel2.1 Online travel agencies2.2 Hybrid2.3 Brick and mortar travel agenciesGeography3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Leisure travel- The leisure travel market is experiencing significant growth due to several factors. Increased disposable income among consumers enables them to invest in travel and discover new destinations. The importance of work-life balance drives individuals to take regular vacations for relaxation. Modern travelers prioritize experiences over material possessions, leading them to seek unique and memorable leisure activities. Easy access to information and social media platforms inspires travelers to explore new destinations. Health-conscious individuals are drawn to wellness and spa tourism, while cultural explorers seek destinations rich in heritage and traditions. Adventurous travelers are motivated by adrenaline-pumping activities, and celebratory events mark important milestones with memorable trips. Improvements in transportation infrastructure, accessibility, and visa processes make global travel more accessible. Seasons and cultural events influence travel choices, and budget-friendly accommodations and deals make leisure travel affordable for many. For instance, Yatra Online’s The Big EMI Fest offers lucrative value-added services during the festive travel season. These factors are expected to fuel the growth of the leisure travel segment in the global travel agency services market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Travel Agency Services Market caters to the diverse needs of various traveler segments, including leisure tourists, business travelers, and adventurers. AI and machine learning algorithms are revolutionizing the industry by providing personalized itineraries and seamless booking experiences. Travel agencies offer additional services such as flights, hotels, car hire, visa assistance, travel insurance, and transportation arrangements. Online booking and phone booking options ensure global connectivity, while direct booking options provide convenience. Middle-class populations are driving growth in this market, and sustainable travel practices are gaining popularity. Airlines and online travel agencies are major players, providing a wide range of services from ticketing to accommodation booking. The industry continues to evolve, offering innovative solutions to meet the changing demands of travelers.

Market Research Overview

The Travel Agency Services Market caters to the diverse needs of various traveler segments, including leisure tourists, business travelers, and adventurers, offering additional services beyond flights, hotels, and car hire. AI and machine learning algorithms are revolutionizing the industry, enabling personalized itineraries, ticket booking, and accommodation reservations. Travel agencies facilitate domestic and international travel for independent and package travelers, providing visa assistance, travel insurance, and transportation arrangements. Airlines, online travel agencies, and direct booking options offer global connectivity, while sustainable travel practices and eco-friendly tourism gain popularity among the middle-class population. Adventure tourism, art tourism, and digital marketing through smartphone and tablet applications cater to the millennial generation. Geoscientists, engineers, and operational safety experts ensure the safety of civil construction activities, such as dams, bridges, and tunnels, while IoT and social networking sites expand travel opportunities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeLeisure TravelBusiness TravelSpecialty TravelDistribution ChannelOnline Travel AgenciesHybridBrick And Mortar Travel AgenciesGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style

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BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.

The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide.  According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists.  However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.

Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc.  This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.

Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.

Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.

Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.

The Halal Route application is free to download on both iOS and Android systems.

Read the full article at https://www.chula.ac.th/en/highlight/185916/  

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SOURCE Chulalongkorn University

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