![]() received the Sustainability Champion of the Year award at the 2022 Which? Awards. Tourism Market: Partnership and Acquisitions Request a Customized Copy of the Tourism Market Report These innovations enhance the pre-travel planning experience, provide real-time assistance during travel, and contribute to more personalized and efficient customer service, influencing overall market growth. Innovations in Travel Technology: Continuous advancements in travel technology, such as virtual reality, augmented reality, and artificial intelligence, are shaping the tourism market. ![]() These factors can significantly influence travel patterns, with sudden shifts in demand and disruptions affecting the overall dynamics of the tourism industry. Impact of External Factors: The tourism market is susceptible to external factors, including geopolitical events, natural disasters, and public health crises. Accessible travel options make it easier for people to explore diverse destinations, fostering cross-cultural interactions and expanding the overall tourism market. Globalization and Accessibility: Improved transportation infrastructure and increased airline connectivity contribute to the globalization of tourism. Travelers prioritize destinations and businesses that adopt sustainable practices, influencing the industry to implement environmentally conscious initiatives. Sustainable Tourism Practices: Increasing awareness of environmental issues and sustainability concerns has led to a rise in eco-friendly and responsible tourism. This trend drives demand for unique destinations, local cuisine, and activities that provide a deeper connection with the culture and heritage of a place. Rising disposable incomes enable more people to explore domestic and international destinations, driving demand for travel services, accommodations, and experiences.Ĭultural and Experiential Tourism: There is a shift towards cultural and experiential tourism, with travelers seeking authentic, immersive experiences. Rising Middle-Class Travelers: The growth of the middle class, particularly in emerging markets, fuels increased tourism. Enhanced connectivity and user-friendly technology contribute to a seamless and personalized traveler experience. Tourism Market: Growth Factors and Dynamicsĭigital Transformation: The tourism market is undergoing a digital transformation, with online booking platforms, mobile apps, and virtual experiences driving growth. “According to the latest research study, the demand of global Tourism Market size & share was valued at approximately USD 8,562.4 Billion in 2022 and is expected to reach USD 8,879.2 Billion in 2023 and is expected to reach a value of around USD 12,313.5 Billion by 2032, at a compound annual growth rate (CAGR) of about 3.7% during the forecast period 2023 to 2032.”Ĭlick Here to Access a Free Sample Report of the Global Tourism Market ![]() 01, 2024 (GLOBE NEWSWIRE) - Custom Market Insights has published a new research report titled “ Tourism Market Size, Trends and Insights By Travel Purpose (Leisure Tourism, Business Tourism, Medical Tourism, Cultural & Heritage Tourism, Others), By Travel Type (Solo, Group), By Geographic (Domestic Tourism, International Tourism), By Mode of Booking (OTA Platform, Direct Booking), By Age Group (Below 30 years, 30 to 41 Years, 42 to 49 Years, 50 Years & Above), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 ” in its research database. The key market players listed in the report with their sales, revenues and strategies are Expedia Group Inc., Booking Holdings Inc., Airbnb Inc., Group Limited, International Ltd., Marriott International Inc., Accor S.A., Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC, The Priceline Group Inc., Delta Air Lines Inc., American Express Global Business Travel (GBT), TUI Group, Wyndham Hotels & Resorts Inc., Hyatt Hotels Corporation, and others.Īustin, TX, USA, Feb. According to a market research study published by Custom Market Insights, the demand analysis of Global Tourism Market size & share revenue was valued at approximately USD 8,562.4 Billion in 2022 and is expected to reach USD 8,879.2 Billion in 2023 and is expected to reach around USD 12,313.5 Billion by 2032, at a CAGR of 3.7% between 20. ![]()
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