NEW YORK, April 10, 2024 /PRNewswire/ — The global tourist market the size is expected to grow by 3392.95 billion USD from 2023 to 2027, according to Technavio. The market is expected to grow at a CAGR of 14.18% during the forecast period. Since 2016, global terrorist activities have escalated, with six of the 20 worst attacks in 2021 occurring in Afghanistan. These attacks are intended to instill fear and change behavior. Key tourism sectors are affected, including international development, transport and tourism. Online bookings, airlines, tour operators and travel agencies felt the consequences. Alongside this, there is an increasing emphasis on responsible practices, sustainability and communication systems to ensure a safe travel experience.
Technavio has announced its latest market research report titled Global Travel Market 2023-2027
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The sector segment is emerging as the fastest growing segment of the tourism market
International economic development fuels the tourism industry, allowing consumers to invest in their leisure time at home and abroad. Advances in transportation, including airlines, tour operators, and online booking platforms, have made it easier to travel to various destinations. Responsible tourism practices and sustainable transport services are prioritized for minimal environmental impact. Travel websites, augmented reality and virtual reality technologies offer immersive experiences that inspire travelers to explore new regions. Domestic and regional travel, maritime mobility and low-cost airlines are expanding accessibility. Large airports and communication systems streamline travel processes. Sustainable travel practices, experiential travel, the medical tourism industry, and online travel agencies cater to health-conscious travelers and those seeking unique experiences. Smartphones enable real-time booking and access to information, influencing travel decisions.
Internationally, APAC’s economic development is fueling travel growth, with a growing middle class and urbanization driving demand for business and leisure travel. Advances in transportation infrastructure, such as airports, highways, and high-speed rail networks, facilitate domestic and regional travel. Responsible tourism practices are essential, with travel websites promoting experiences through augmented and virtual reality, artificial intelligence and online booking systems. Sustainable tourism practices are a priority, with experiential travel, the medical tourism industry and major airports adopting communication systems for seamless transport services. Low-cost airlines, tour operators, travel agencies and online booking platforms cater to different travel activities and preferences. Maritime mobility also plays a role in transport, connecting islands and coastal regions. Overall, the Asia Pacific region’s economic development and transportation advancements attract international tourists, making it an exciting and affordable destination for travelers.
Commenting on the market trends, Technavio’s senior analyst stated, “The travel market has seen significant growth due to increasing international and domestic tourism. Business travel led by multinational corporations and leisure travel fuel this trend. Online travel platforms serve the demand for tourism activities, while government initiatives and sustainable practices promote responsible tourism, including transport, hotels, airlines and tour operators, with technological advances in AR/VR, AI and online booking leading to the convenience of medical tourism and experiences are also growth areas.”
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Analyzer overview
In the dynamic world of travel, experiential tourism and medical tourism continue to gain popularity among international travelers. The medical tourism industry attracts a significant number of tourists seeking affordable healthcare solutions, contributing to international tourism flow. Online travel agencies play a crucial role in facilitating travel arrangements, including transportation, hotel reservations, and tourist activities. Air tickets from low-cost carriers can be easily booked online using smartphones, making travel more affordable. Tour operators and travel agencies offer customized packages tailored to different preferences and budgets. The online booking process and economic development in the tourism sector have made leisure travel more convenient and affordable for both domestic and international tourists.
Market overview
In the field of travel, experience is key. Medical tourism is a growing trend attracting tourists from all over the world. Online travel providers offer various packages including domestic and international tours. Travel agencies offer activities such as hiking, camping and adventure sports. Domestic tours include visits to historical sites and cultural destinations. Travelers can also choose romantic getaways or family vacations. Advances in technology have made it easier to book tours online. Responsible travel practices are important, including respecting local cultures and minimizing environmental impact. Domestic tours offer opportunities to explore one’s own country, while international tours broaden horizons and provide unique experiences. Tour operators offer a range of services, from budget to luxury options. Travelers can also customize their trips based on their interests and preferences. In general, travel is an essential part of personal growth and exploration.
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About Technavio
Technavio is a leading global technology research and consulting 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 dedicated analysts, Technavio’s report library consists of more than 17,000 reports and growing, covering 800 technologies spanning 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, in-depth research and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
