About Custom Travel Services
The global custom travel services market is expected to grow at a sluggish pace during the forecast period, according to the AMA study. The growth in worldwide tourism and the rising demand for destination weddings across the world are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness a slight decline in the growth during the next few years but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The vendors in this market are majorly focusing on providing innovative services in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as different markets have been shut down for an ambiguous period of time. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Custom Travel Services market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Lane Travel Design (United States), Custom Travel Services Inc (United States), Journy (United States), Custom Travel Solutions (United States), Zicasso (United States), Salt & Wind (United States), Quantum Travel Services (Tanzania), Custom Asia Travel (Vietnam) and Inspirato (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Custom Travel Services market by Type (Domestic Travel and Abroad Travel), Application (Honeymoons, Destination Wedding, Tropical Getaways, Family Vacations, Luxury Travel and Others) and Region.
On the basis of geography, the market of Custom Travel Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Users, the sub-segment i.e. Personal Users will boost the Custom Travel Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Demand from Destination Weddings Across the World
Market Growth Drivers:
Growing Worldwide Travel & Tourism Sector and Growing Demand for Managed Services by Customers
Challenges:
The Downfall of Travel & Tourism Sector at Current Situation Due to Reduced Demand for Domestic & International Travel is one of the Major Challenge for the Market
Restraints:
The Outbreak of COVID-19 Pandemic is one of the Major Restraints for the Market as Most of the Industries have been Facing Economic Crisis Across the World
Opportunities:
Opportunities Across the Asia Pacific Region
Market Leaders and their expansionary development strategies
In August 8, 2023, Nomad, a social travel platform, announced its acquisition of GroupSolver, a platform for planning and managing group trips. The acquisition will give Nomad access to GroupSolver's technology and expertise in group travel planning, which will help Nomad to improve its custom group travel service.
In October , 2023, XO, a travel technology company, launched its new personalized travel planning service. The service uses artificial intelligence (AI) to create custom itineraries for travelers based on their individual preferences and interests.
Stringent Worldwide Government Regulations Regarding Shutting Down Cities Across Different Countries of the World to Avoid the Spread of COVID-19
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.