Global Travel and Tourism Market Overview:
Travel and tourism encompass the actions of individuals journeying to and residing in locations beyond their regular surroundings for leisure, business, or other reasons. This industry offers a diverse array of services and facilities tailored to the preferences of travelers. It comprises sectors like transportation (airlines, railways, cruise lines, etc.), accommodation (hotels, resorts, lodges, etc.), food and beverage services, tour operators, travel agencies, and various support services. The travel and tourism industry is influenced by several market drivers, including increasing disposable incomes, rising consumer desire for unique experiences, and advancements in technology facilitating easier bookings and travel planning. However, there are also restraints such as geopolitical tensions, natural disasters, and economic uncertainties that can impact travel patterns and consumer confidence. Despite challenges, the industry presents numerous opportunities, particularly in emerging markets, sustainable tourism initiatives, and digital innovation. Investments in infrastructure, cultural preservation, and eco-friendly practices can further enhance the sector's growth, providing avenues for businesses to thrive while promoting responsible travel practices.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increased Number of Solo Travelers
Market Growth Drivers:
Increasing Accessibility and Trend of Traveling around the World, Affordable Plane Tickets and Availability of Various Platforms that facilitate travel
Restraints:
High Cost of International Travel and Visa Problems for Certain International Travel
Opportunities:
Increasing number of Business Trips by Companies, Growth Opportunities Through Social Media and Commercial Advertisement and Growing Medical Travel Across the World
Competitive Landscape:
Some of the key players profiled in the report are Thomas Cook (India), Expedia (United States), Booking Holdings (United States), BCD Travel (Netherlands), Opodo (Spain), MakeMyTrip (India), eDreams (Spain), Ibibo (India), TUI Group (Germany) and lastminute.com (Switzerland). Additionally, following companies can also be profiled that are part of our coverage like Balkan Holidays Ltd. (United Kingdom) and Orient Travel (UAE). Analyst at AMA Research see European Vendors to retain maximum share of Global Travel and Tourism market by 2028. Considering Market by Travel Purpose, the sub-segment i.e. Business will boost the Travel and Tourism market. Considering Market by Booking Model , the sub-segment i.e. Online will boost the Travel and Tourism market. Considering Market by Booking Type , the sub-segment i.e. Travel Agencies will boost the Travel and Tourism market.
In November 2020, Thomas Cook India launched the Virtual Holiday Store. The store intends to help customers with all their travel-related queries by just logging onto the website. Customers can connect over video chat with travel experts (from 0800 to 1200) who will help them with travel requirements, including domestic and international holidays, value-added services like travel insurance, end-to-end Covid-negative certification services, visa services, documentation, among others.
What Can be Explored with the Travel and Tourism Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Travel and Tourism Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Travel and Tourism
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Travel and Tourism market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Travel and Tourism market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Service Providers, Travel and Tourism Companies, Travel Agents, Investors and Governmental Bodies.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.