NEW YORK, Aug. 16, 2022 /PRNewswire/ -- The "Travel Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the travel market between 2021 and 2026 is USD 451.19 billion, as per the latest market research report by Technavio. The report also predicts the market to witness an accelerating growth momentum at a CAGR of 13.86%. Technavio categorizes the global travel market as a part of the global hotels, restaurants, and leisure market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the travel market during the forecast period. Our report provides extensive information on the value chain analysis for the travel market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Key Market Dynamics:
Market Driver: Technological advances are likely to influence market growth positively. The travel market relies on technologically advanced solutions that aid travel agents and their clients in accessing the travel data, comparing reservation options and booking the most efficient, economical, and comfortable option. Furthermore, advances in artificial intelligence (AI) have helped automate the travel booking process, eliminating the need to reenter employee travel preferences and, in turn, saving time and energy. Moreover, with the growing digitalization in payments, the travel market is gaining the maximum advantage as bookings and payments for travel have become easy for companies.
Market Challenge: The spread of COVID-19 globally since Q1 2020 has been hindering the growth of the global travel market. The COVID-19 outbreak has become a worldwide healthcare emergency and has prompted businesses operating worldwide to stop international and national business travels to stop the spread of the disease. The pandemic has also led to a rise in airport health checkup formalities, with delays and tighter inspections, making the travel for employees tiresome.
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This travel market research report extensively covers market segmentation by sector (airline, hotel, travel activities, and others) and geography (APAC, Europe, North America, South America, and MEA).
Revenue-generating Insights: The travel market share growth by the airline segment will be significant during the forecast period. With the improvement in the global economy, there has been simultaneous growth in the airline travel industries of many countries worldwide. The rise in the inflow of airline travelers has resulted in increased revenue, and the associated taxes, which, in turn, have contributed to economic development. This development is expected to continue during the forecast period owing to the introduction of travel packages such as tourism packages.
Regional Contribution: 41% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for travel in APAC. Market growth in this region will be faster than the growth of the market in other regions. The growing tourism industry will facilitate the growth of the travel market in APAC over the forecast period.
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Some Companies Mentioned
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Travel Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 13.86%
Market growth 2022-2026
$ 451.19 billion
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 41%
Key consumer countries
China, US, Germany, Japan, and UK
Leading companies, competitive strategies, consumer engagement scope
American Automobile Association Inc., BCD Travel Services BV, Booking Holdings Inc., Corporate Travel Management Ltd., CWT Global BV, Expedia Group Inc., Fareportal Inc, Flight Centre Travel Group Ltd., GBT Travel Services UK Limited, and Travel Leaders Group LLC
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Key Topics Covered:
Five Forces Analysis
Market Segmentation by Sector
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