Travel arrangement & reservation services market comprises of the sales of travel arrangement and reservation services & related goods by entities (sole traders, organizations and partnerships) that provide various travel agency services, arrange & accumulate tours or provide other travel arrangement as well as reservation services. The travel arrangement & reservation services market is generally categorized into tour operators, travel agencies, reunion & visitors bureaus and other travel arrangement & reservation services. Tour operators are mainly engaged in arranging, assembling and marketing tours, commonly through the travel agencies. Additionally, travel agencies are primarily engaged in acting as representatives for transportation companies, tour operators, and accommodation establishments in selling tour, travel, and accommodation services to the general public & commercial clients.
Travel arrangements are usually divided into package travel arrangements and non-package travel arrangements. However, further precision in developing marketing programs can be gained by increasing the concept of travel arrangements into three groups: escorted tours, non-escorted packages and independent travel.
Referring to study, “Travel Arrangement And Reservation Services Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global travel arrangement and reservation services market include American Express, Carlson Wagonlit Travel, BCD Travel, Priceline Group, Expedia.
Based on type, travel arrangement and reservation services market is segmented as tour operators, travel agencies, convention & visitors bureaus and other travel arrangement & reservation services. Key products of tour operators are packaged tours that include pre-packaged tours and customized group tours. These products usually include a bundle of transportation, accommodation and a variety of meal plan options. These products also include various activities for clients at their travel destination. Travel agencies and tour operators are progressively more using chat bots to provide personalized travel bookings to clients. A chat-bot is artificial intelligence programs that can imitate a conversation with clients through messages, telephone calls and perform tasks for instance ticket bookings and hotel reservations. Chat bots are the substitutes to mobile applications & websites that offer custom-made recommendations as well as bookings based on the travel preferences and date of travel. Based on mode of travel, market is segmented as foreign travel and domestic travel. In addition, based on mode of booking, market is segmented as offline booking and online booking.
Food tourism is the foremost trend that is projected to drive the travel arrangement & reservation services market. Food tourism focuses on reliable culinary experiences. It is also projected that future of the global market will be bright as a result of rise in shift towards experiencing the local delicacies of particular countries in the unique food & beverages activities during the forecast period. Shift in travel trends will drive the global travel arrangement and reservation services market during the forecast period.
The COVID-19 virus forced people to cancel their vacations & family gatherings owing to unexpected & unprecedented lockdown and also different travel restrictions to curb the corona-virus spread. Renaissance of stay-cations is anticipated to contribute to the growth of the market for travel arrangement & reservation services in the immediate forecast period. It is predicted that global market will be reached at rapid pace as a result of increase in interest in domestic tourism and change in lifestyles during the forecast period.
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Ankur Gupta, Head Marketing & Communications