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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.

Explore a 360° Analysis of the Market: Unveil the Impact of AI. For complete insights- Request Sample!

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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CGTN: China boosts education system to become a leading country in education

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BEIJING, Sept. 10, 2024 /PRNewswire/ — Working as a primary school teacher in Taishitun Township in Beijing, Diao Rongchun has remained deeply committed to education in mountainous areas.

Adhering to the concept of “tolerance, gentleness, cultivation and education,” Diao employs a teaching method based on interaction, mutual appreciation and mutual promotion, paying close attention to the growth of every student.

To that end, she has traveled throughout the township, visiting left-behind children and single-parent students in mountainous areas, formulating special study plans for them, and earning the trust and gratitude of their parents.

During an awards ceremony held on Sunday to honor model teachers and outstanding groups and institutions in China’s education sector ahead of the 40th Teachers’ Day, which falls on Tuesday, Diao, among a total of 716 people, was awarded the title of national model teacher.

While addressing a national meeting on education in Beijing from Monday to Tuesday, Chinese President Xi Jinping sent greetings to teachers and others working in the education sector across the country, urging efforts to make solid progress toward the strategic goal of building China into a leading country in education.

Building a high-quality education system

To date, China has developed the world’s largest and highest-quality education system, achieving a historic leap in the level of education popularization.

According to official data, in 2023, there are 498,300 schools of all types and levels across the country, with 291 million students enrolled in academic education and 18.918 million full-time teachers.

Meanwhile, the academic qualifications of teachers have also steadily improved. In 2023, 78 percent of primary school teachers and 93 percent of junior high school teachers hold a bachelor’s degree or higher. The proportion of teachers with senior professional titles has increased significantly, including the establishment of senior teacher positions in primary and secondary schools.

The enrollment rate for higher education increased from 30 percent in 2012 to 57.8 percent in 2021, marking a historic leap that signifies higher education in China has entered a stage of widespread recognition. Many Chinese universities and disciplines have achieved a very advanced level globally.

Additionally, China emphasizes the equal importance and coordinated development of vocational and general education, accelerating the creation of a modern vocational education system to help students with diverse talents and interests realize their potential.

Describing the effort to build a leading education system as complex and systematic, Xi Jinping emphasized the need to focus on education’s fundamental task of fostering virtue. He called for efforts to cultivate a high-caliber teaching workforce and stressed the importance of improving teachers’ status, pay and welfare to make teaching one of the most respected professions.

Xi also highlighted the need to develop high-quality and balanced compulsory education and to reduce disparities between urban and rural areas, regions, schools and social groups.

Opening China’s education sector to the world

In China, many major national projects rely heavily on key technologies provided by universities, which play a crucial role in basic research and are the source of significant scientific and technological breakthroughs.

At the National Science and Technology Award Conference in 2023, universities and colleges won 75.5 percent of the State Natural Science Awards, 75.6 percent of the State Technological Invention Awards, and 56.5 percent of the State Scientific and Technological Progress Awards, respectively.

Moreover, China collaborates on major scientific research projects with relevant countries through the establishment of overseas science and education cooperation centers to address global challenges.

For example, the China-Africa Joint Research Center, established in 2013, is the first comprehensive scientific and educational institution built overseas by China. The center brings together scientific research and teaching institutions from 16 African countries and China to collaborate on fields such as biodiversity surveys and assessments, water resources, and ecological environment monitoring, creating a network that integrates scientific research and talent training.

To date, researchers at the center have jointly published more than 600 papers, held over 30 international training courses and technical sessions, and trained more than 300 students from 14 African countries.

China also hosts various international conferences, such as the World Digital Education Conference, establishes Luban Workshops in multiple countries, and expands exchanges between Chinese and foreign youths, aiming to build a significant global education center.

During the national meeting on education, Xi emphasized the importance of further opening China’s education sector to the world, including expanding international academic exchanges and broadening cooperation in education and scientific research.

https://news.cgtn.com/news/2024-09-10/President-Xi-stresses-building-China-into-leading-country-in-education-1wMHdgqzPBS/p.html

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OutSystems and KPMG Announce New Survey Exploring AI and the Future of Software Development

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Redefining “impossible” legacy projects, 75% of software executives see up to a 50% reduction in development time with increased AI and automation

SINGAPORE, Sept. 11, 2024 /PRNewswire/ — As the reach of artificial intelligence (AI) expands, IT leaders are exploring new use cases for technology used throughout the software development lifecycle (SDLC), according to a new survey launched today titled “AI in software development: Exploring opportunities and uncertainties” by OutSystems, a global leader transforming how companies innovate through software, and KPMG, a multinational professional services network.

The research surveyed 555 software executives around the world whose companies span IT consultancy services, manufacturing, banking, financial services and insurance among others. 84 percent of respondents reported that their organizations first began to incorporate AI technologies in their SDLCs between six months to five years ago, with the earliest adopters primarily being IT services companies. Across regions, EMEA and North America remain roughly on equal footing, while APAC is steadily catching up.

The findings show that testing, quality assurance, and security vulnerability detection are by far the most widely adopted use cases for AI in software development. Nonetheless, generative AI (GenAI) is set to transform the industry by significantly enhancing these processes and introducing unprecedented capabilities.

75% of software executives have seen up to a 50% reduction in development time by implementing AI and automation. 

Early adopters are planning to increase their use of AI in other stages of the SDLC, such as user interface design, code generation, DevOps optimization, and application maintenance. Nearly all respondents are planning to increase their investment in AI-augmented SDLC management over the next two years, indicating that AI will play a central role in driving innovation and competitive advantage in the software industry.

“AI is redefining the impossible,” said Paulo Rosado, CEO and founder at OutSystems. “I’m laser-focused on helping teams compress multi-year legacy modernization projects into just a few months. The latest AI disruptions have brought us the potential to compress these development timelines into even shorter and faster projects. With AI, historically impossible transformation projects are not only possible but easier, cheaper, and faster to accomplish.”

71% of respondents are planning to incorporate AI into application development and SDLC management workflows.

“Right now, the developer’s role is shifting from code writer to code reviewer,” said Rodrigo Coutinho, Co-founder and AI Project Manager at OutSystems. “Large language models (LLMs) are a big help, but they still make mistakes. But as these models evolve, and trust in the resulting code improves, the developer’s role will be more akin to that of an orchestrator and acceptance tester of AI-generated outputs.”

Despite being a nascent technology a couple of years ago, the report found that confidence in the quality of AI-generated code has risen substantially—half of respondents said that the implementation of AI has improved software quality, enhanced decision-making, and increased efficiency in software testing and quality assurance.

But confidence is also paired with risk awareness surrounding tech debt in the form of orphan code and hallucinations, a lack of context for an organization’s specific coding needs, and scalability concerns. With strategy baked into AI in SDLC processes, 56% of respondents said they experienced or expected to experience a higher quality of applications, with fewer bugs and improved performance.

Data privacy and security concerns remain the primary barriers to broader adoption.

The AI opportunity is undeniably huge, but its wider adoption in other areas of the SDLC beyond software testing and vulnerability detection still face some barriers. Chief among these are data privacy and security concerns (56% of respondents) and regulatory and compliance challenges (42%). Moreover, 38% of executives cite difficulties integrating generative AI into existing workflows as the primary barrier to adoption.

“There’s a lot of speculation on what will change with the rise of GenAI,” said Michael Harper, Managing Director at KPMG U.S. “While there will be challenges, those with effective change management initiatives will reskill and upskill their workforces, leading to AI and jobs evolving in tandem.”

One-third of respondents said they had a backlog of between 150 and 800 use cases for GenAI. 

The speed and sprawl of AI, namely GenAI, is paving the way for an increase in investments for nearly all respondents.

But risks concerning the reliability of AI-generated code persist, though they can be mitigated with existing approaches, such as user acceptance testing, unit testing, and regression testing. “It’s up to the developer working with AI to guarantee the quality of the deliverables, but this becomes way more efficient with AI,” said Coutinho. “AI is, in fact, a great partner in creating tests in synthetic data.”

Other oft-cited concerns were the limited availability of skilled personnel and difficulties integrating GenAI into existing tech stacks and workflows. Fears of job losses are high as well, with 89% of respondents claiming that certain roles will be eliminated by AI. This falls in line with a broader industry trend over the last couple of years. However, in the longer term, AI may well create more jobs than it displaces, resulting in a new type of developer, equipped with specialized AI skill sets.

For more insights from the 2024 survey “AI in software development: Exploring opportunities and uncertainties,” download the report here.  

About OutSystems

OutSystems is a global leader transforming how companies innovate through software, empowering IT leaders with a better way to build the software that matters most. The OutSystems platform helps companies develop, deploy, and maintain mission-critical applications by unifying and automating the entire software lifecycle. With OutSystems, organizations leverage GenAI to deliver software instantaneously, adapt faster to changing requirements, and reduce technical debt by building on a future-proof platform. Helping customers achieve their business goals by addressing key strategic initiatives, OutSystems delivers software up to 10x faster than traditional development. Recognized as a leader by analysts, IT executives, business leaders, and developers around the world, global brands trust OutSystems to tackle their impossible projects and turn their big ideas into software that moves their business, people, and the world forward.

Founded in 2001, the company’s network spans more than 750,000 community members, over 500 partners, and active customers in 75+ countries across 21 industries. Learn more at www.outsystems.com.

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Antaisolar Shines at Intersolar S.A.: Highlights of Innovations and Growth

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SAO PAULO, Sept. 10, 2024 /PRNewswire/ — From August 27th to 29th, Antaisolar showcased its innovations at the Intersolar S.A. Exhibition in São Paulo. During the exhibition, Antaisolar unveiled its cutting-edge solar solutions, including the TAI-Simple solar tracking system and advanced rooftop solar racking systems. These innovations drew significant interest from attendees around the world.

Focus on TAI-Simple Intelligent Tracker

A highlight of Antaisolar’s display was the TAI-Simple solar tracking system, demonstrating the company’s commitment to developing products that optimize the Levelized Cost of Electricity (LCOE) for utility solar projects. This system features a multi-damping design that ensures both stability and durability. Equipped with a patented single slew drive motor and an intelligent tracking algorithm, the TAI-Simple system precisely adjusts panel angles with a tracking range of ±60°. Its compatibility with large-format modules further enhances energy yield, making it an ideal solution for large-scale solar projects across South America.

Standout Rooftop Racking Systems

At the exhibition, Antaisolar also highlighted its advanced rooftop solar racking systems, designed to improve installation efficiency and ensure structural integrity and longevity for solar roofs. With Brazil’s rooftop solar capacity expected to surpass 15 GW by 2027 and an annual growth rate exceeding 20%, these racking solutions reflect Antaisolar’s commitment to delivering high-quality, cutting-edge technology tailored to the South American market.

Commitment to Local Support

Antaisolar operates six production facilities and eight delivery service centers globally, ensuring timely delivery and rapid response to urgent needs. In Brazil, Antaisolar has established a comprehensive support infrastructure, including an office, production base, and delivery center, to enhance project implementation across the LATAM region. Additionally, the company has set up regional offices in Argentina and Chile and continues to expand its market presence.

Antaisolar tracking system shipments ranks No.8 in South America market, and No.12 in global market for 2023, according to the Solar Tracker Market Report 2024 published by S&P Global. As a leader in digital intelligent PV mounting system solutions, Antaisolar’s global shipments have reached an impressive 33.2 GW. Remaining dedicated to its mission of “Raise a Green World,” Antaisolar offers top-notch products and comprehensive services to advance the global solar industry. The Intersolar S.A. exhibition highlighted Antaisolar’s pivotal role in the solar mounting system sector, showcasing its innovative solutions and reaffirming its commitment to advancing solar technology across South America and beyond.

For more information, please visit: Antaisolar

Contact us: sales@antaisolar.com 

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