This statistic shows the market size of the global travel industry in 2019, by region. The EMEA region held the largest share of the travel industry worldwide with a market size of 644 billion U.S. dollars. The region with the smallest travel industry was Latin America with a market size of 89 billion U.S. dollars.

The internal luxury travel and tourism market's global revenue, which is based on spending by domestic and international tourists, amounted to nearly 1.4 trillion U.S. dollars in 2023. This figure was expected to increase by 23.4 percent in 2024, reaching an estimated 1.7 trillion U.S. dollars. The luxury hotel market worldwide From 1983 to 2023, the global luxury hotel supply, which refers to the number of rooms available in luxury establishments, roughly tripled, peaking at over 1,500 in 2023. Over the same period, the supply of ultra-luxury hotels worldwide experienced a fivefold increase. What are the preferred activities of affluent vacationers? According to a global survey conducted in 2024, eating in a fine-dining restaurant and staying in a five or more starred hotel were the preferred holiday activities of affluent consumers, as mentioned by roughly six in 10 respondents. On the other hand, just around 20 percent of the sample had a private transport experience that year.

The revenue is forecast to experience significant growth in all segments in 2029. As part of the positive trend, the revenue reaches the maximum value for all five different segments at the end of the comparison period. Particularly noteworthy is the segment Hotels, which has the highest value of 24.13 billion U.S. dollars. Find other insights concerning similar markets and segments, such as a comparison of revenue in Switzerland and a comparison of revenue in China. The Statista Market Insights cover a broad range of additional markets.

Snapshot img

Travel Technologies Market Size 2025-2029

The travel technologies market size is forecast to increase by USD 6.29 billion at a CAGR of 9.5% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing use of smartphones and mobile applications for booking and managing travel arrangements. This trend is particularly prominent in North America, where mobile devices have become an essential tool for travelers. Another key factor fueling market growth is the rise of artificial intelligence (AI) and machine learning (ML) In the travel industry. These technologies enable personalized recommendations and enhance the overall travel experience. However, security and piracy concerns continue to pose challenges for market players. Travelers demand secure platforms for booking and managing their trips, and companies must invest in strong cybersecurity measures to protect sensitive customer data.

What will be the Size of the Travel Technologies Market During the Forecast Period?

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The market encompasses a range of solutions that enhance and streamline various aspects of the travel industry, from tour operators and travel agencies to hotels, flights, tours, transfers, and activities. Online bookings have become the norm, with digital platforms offering inventory control, scheduling, and back-office operations efficiency. Virtual reality and augmented reality technologies provide great experiences, enabling clients to visualize destinations before booking. Emerging technologies such as blockchain, cybersecurity, facial recognition, fingerprint recognition, and document recognition ensure secure and seamless transactions.



IoT devices and digital data enable real-time monitoring and optimization of travel services. Tour companies leverage these technologies to enhance the client experience, increase revenues, and stay competitive In the digital age. Digital payments, including mobile wallets and e-wallets, have become essential for travel businesses to cater to evolving consumer preferences. Overall, travel technology continues to evolve, integrating various innovations to offer more personalized, efficient, and secure travel experiences.

How is this Travel Technologies Industry segmented and which is the largest segment?

The travel technologies industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Travel industry
  Tourism industry
  Hospitality industry


Product

  Global distribution system
  Airline and hospitality IT solutions


Type

  Leisure
  Business
  Group


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

    Brazil

By Application Insights

The travel industry segment is estimated to witness significant growth during the forecast period.

The market plays a pivotal role In the global travel industry, introducing innovative solutions to optimize and improve various aspects of travel. Technologies such as voice search, voice control, artificial intelligence, contactless solutions, and virtual reality are transforming the travel experience for both commercial and individual clients. Travel agencies and tour operators benefit from automation in reservation processes, inventory control, back-office operations, and real-time translation services. Online booking platforms, e-commerce platforms, and chatbots streamline the booking experience, offering contactless payments, travel-hailing apps, and review websites.

Furthermore, the integration of IoT devices, document recognition, facial recognition, and fingerprint recognition enhances security and convenience. The travel technology sector continues to evolve, with advancements in augmented reality, artificial intelligence, and blockchain, offering new opportunities for growth In the travel, tourism, and hospitality sectors.

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The travel industry segment was valued at USD 3.97 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 36% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market is characterized by advanced infrastructure and innovative solutions. Key players, including Expedia, Booking.Com, and Airbnb, are based in this region and have significantl

This report details Travel and Hospitality Market globally. It details the most important price points, preferred technology and brands

The global sustainable tourism market value is estimated to be US$ 1,511,465.9 million in 2024 according to the updated industry analysis report. Consequently, the share of the global sustainable tourism industry in the parent market (travel and tourism industry) is estimated to be at 2% to 5%.

Report Attribute	Details
Sustainable Tourism Market Size (2024)	US$ 1,511,465.9 million
Market Anticipated Forecast Value (2034)	US$ 12,815,005 million
Market Projected Growth Rate (2024 to 2034)	23.8% CAGR

Global Sustainable Tourism Market Historical Analysis Vs Forecast Outlook

Attributes	Details
Sustainable Tourism Market Value (2019)	US$ 2,200,800 million
Market Revenue (2023)	US$ 1,244,535.6 million
Market Historical Growth Rate (CAGR 2019 to 2023)	-13.3% CAGR

Mobile Application Testing Solution MarketMobile Application Testing Solution Market

Regional Market Comparison	CAGR (2024 to 2034)
United States	8%
Germany	4.8%
United Kingdom	5.5%
India	27.1%
China	24.9%

Category-wise Insights

Attributes	Details
Top Type segment	Green Tourism
Market Share in 2024	35.7% CAGR

Attributes	Details
Top Booking Channel segment	Phone Booking
Market Share in 2024	39.4% CAGR

Global Tourism Market size was worth around $11.39 trillion in 2023 and is predicted to grow to around $18.44 trillion by 2032 with a CAGR of 5.5%.

Recording a y-o-y growth of 4.1%, the global event tourism market size is estimated to reach US$ 1.63 trillion in 2024. Over the forecast period, global demand for event tourism is projected to rise at a 4.3% CAGR, taking the overall market valuation to a staggering US$ 2.38 trillion by 2034.

Attribute	Key Insights
Base Market Value (2023)	US$ 1.56 trillion
Estimated Event Tourism Market Value (2024)	US$ 1.63 trillion
Projected Event Tourism Market Revenue (2034)	US$ 2.38 trillion
Value-based CAGR (2024 to 2034)	4.3%

2019 to 2023 Event Tourism Market Outlook Compared to 2024 to 2034 Forecast

Historical CAGR (2019 to 2023)	4.0%
Forecast CAGR (2024 to 2034)	4.3%

Country-wise Insights

Countries	United States
Growth Rate, 2024 to 2034	9.7%

Countries	United Kingdom
Growth Rate, 2024 to 2034	8.2%

Countries	Germany
Growth Rate, 2024 to 2034	7.3%

Countries	China
Growth Rate, 2024 to 2034	12.5%

Countries	India
Growth Rate, 2024 to 2034	11.7%

Category-wise Insights

Type	Exhibitions and Conference
Value CAGR	7.4%

Channel	Virtual Channel
Value CAGR	8.3%

Consumer Orientation	Adult
Value CAGR	11.1%

Snapshot img

Business Travel Market Size 2025-2029

The business travel market size is forecast to increase by USD 4,867.6 billion at a CAGR of 38.3% between 2024 and 2029.

The market is experiencing significant growth, driven by several key factors. Technological advances are playing a crucial role in shaping the industry, with online booking platforms and mobile applications becoming increasingly popular among travelers. Consumers' growing preference for booking through online travel agencies (OTAs) is another major trend, as it offers convenience, cost savings, and a wider range of options. The digitization of travel services has revolutionized the industry, enabling online hotel booking, transportation reservations, and virtual or augmented reality experiences. Additionally, the rising penetration of online video conferencing platforms is reducing the need for physical travel, particularly for meetings and conferences. These trends are expected to continue shaping the market In the coming years. Overall, the market is poised for strong growth, driven by technological innovations and evolving consumer preferences.

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The market encompasses work-related trips for attending conferences, congresses, and other professional engagements. This sector represents a significant portion of global travel expenditure, with business tourism and regular tourism intertwining In the emerging trend of bleisure travel.
Additionally, smart hotels integrate technology for contactless check-in, AI-powered chatbots, and personalized services. Transportation modes, including roads and airports, are adopting advanced technologies to streamline processes and enhance the travel experience. Medical tourism is another niche within business travel, catering to individuals seeking specialized healthcare services. The integration of artificial intelligence, virtual reality, and chatbots is transforming business travel, offering more personalized, efficient, and convenient services for business travelers.

How is this Business Travel Industry segmented and which is the largest segment?

The business travel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Marketing
  Internal meeting
  Trade show
  Product launch


Type

  Travel fare
  Lodging
  Dining
  Others


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany
    UK
    France
    Italy


  North America

    Canada
    US


  South America

    Brazil


  Middle East and Africa

By Application Insights

The marketing segment is estimated to witness significant growth during the forecast period.

Business travel plays a pivotal role In the international marketing efforts of enterprises, enabling them to expand their customer base and enhance brand reputation. This involves employees traveling to foreign markets to gain insights into sales strategies and identify target audiences. Business travel facilitates a deeper understanding of international market conditions, allowing companies to tailor their offerings accordingly. The travel sector encompasses various aspects, including transportation, accommodation, and tourism promotion.

Additionally, infrastructure development, such as roads, airports, hotels, rail networks, and air routes, significantly impacts business travel. Digital advancements, like virtual reality, augmented reality, artificial intelligence, and chatbots, are revolutionizing the travel industry. Sectors like business tourism, leisure tourism, medical tourism, and lifestyle changes continue to influence travel patterns. Economy, unemployment, SME financing, and travel retail are among the key factors shaping the travel landscape. Companies focus on profit maximization and cost-cutting strategies to optimize their travel expenditures. Infrastructural investments and online travel platforms facilitate seamless business travel experiences.

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The marketing segment was valued at USD 186.70 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 37% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The Asia Pacific (APAC) region dominates The market due to its large and growing economies, particularly India and China. Companies are prioritizing employee comfort, with APA

As China's economic growth persists, it is set to fuel significant expansion in the outbound tourism industry. There is substantial potential for further growth, with estimates suggesting it could soar to an impressive US$ 915.89 billion by 2034 from US$ 239.38 billion in 2024, marking a robust CAGR of 14.40%.

Attributes	Details
Estimated China Outbound Tourism Market Size (2024)	US$ 239.38 billion
Forecasted Industry Size (2034)	US$ 915.89 billion
Projected Value CAGR (2024 to 2034)	14.40%

Historical Industry Study on China’s Outbound Tourism alongside Future Projections

Attributes	Quantitative Outlook
China Outbound Tourism Industry Size (2019)	US$ 125.31 billion
China Outbound Tourism Industry Size (2023)	US$ 209.80 billion
Historical CAGR (2019 to 2023)	13.70%

China Outbound Tourism Market Analysis by Segment

Segment	Estimated Industry Share in 2024
Online Booking Channel	64.00%
Leisure Purpose	44.20%

Over the last two observations, the revenue is forecast to significantly increase in all segments. As part of the positive trend, the revenue achieves the maximum value across all five different segments by the end of the comparison period. Notably, the segment Package Holidays stands out with the highest value of 151.92 billion U.S. dollars. Find other insights concerning similar markets and segments, such as a comparison of revenue in Czechia and a comparison of revenue in Switzerland. The Statista Market Insights cover a broad range of additional markets.

In 2023, the internal luxury travel and tourism market's revenue worldwide, which is based on spending by domestic and international tourists, reached nearly 1.4 trillion U.S. dollars. That year, domestic tourists accounted for roughly 69 percent of the internal luxury travel and tourism market's global revenue.

Snapshot img

Cultural Tourism Market Size 2025-2029

The cultural tourism market size is forecast to increase by USD 8.41 billion at a CAGR of 18.4% between 2024 and 2029.

The market experiences significant growth, fueled by increasing instances of stress-related cases driving a desire for immersive experiences. This trend is further amplified by the rising demand for advanced technologies such as Augmented Reality (AR) and Virtual Reality (VR) in cultural tourism, enabling visitors to engage with historical sites and artifacts in innovative ways. However, market expansion is not without challenges. Regulatory hurdles impact adoption, particularly in preserving cultural heritage sites while integrating technology.
Furthermore, concerns related to overtourism and its negative impact on local communities necessitate sustainable tourism practices and collaborative efforts between governments, tourism industries, and local residents. Companies seeking to capitalize on market opportunities must navigate these challenges effectively, focusing on innovation, sustainability, and community engagement.

What will be the Size of the Cultural Tourism Market during the forecast period?

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In the global market scenario of cultural tourism, off-the-beaten-path destinations are gaining popularity among travelers seeking unique experiences. Customer preferences lean towards sustainable travel practices, such as eco-tourism initiatives and interacting with local communities. Festivals and regional customs provide authentic cultural experiences, while art galleries and museums showcase the international community's rich heritage. Sustainable travel practices, including eco-friendly accommodations like vacation rentals and camping, are on the rise. Affordability is a key factor, with package holidays offering cost-effective solutions. Social media plays a significant role in promoting these experiences, allowing travelers to share their adventures with a wider audience.
Middle-class consumers are increasingly seeking experiential travel opportunities, such as food tours and cooking classes. Wilderness travel and historic sites also attract tourists, providing a balance between adventure and cultural immersion. The employment opportunities generated by cultural tourism contribute to the local economy, making it a win-win situation for both travelers and host communities. Culinary tourism, a niche segment of cultural tourism, offers a diverse range of experiences, from classic journeys to Aracari Travel's unique offerings. Cultural tourism continues to evolve, with a focus on providing memorable experiences that resonate with travelers long after their vacation ends.

How is this Cultural Tourism Industry segmented?

The cultural tourism industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Domestic cultural tourism
  International cultural tourism


Service

  Cultural eco-tourism
  Indigenous cultural tourism
  Socio-cultural tourism


Application

  Leisure
  Religious pilgrimage
  Education
  Research


Traveler Type

  Solo Travelers
  Group Travelers
  Families


Geography

  North America

    US


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The domestic cultural tourism segment is estimated to witness significant growth during the forecast period.

In the dynamic the market, locals' interactions and authentic experiences are at the forefront, fueled by the tourism industry sector's evolution. Museums serve as significant cultural attractions, showcasing rich histories and diverse customs. Technological advancements, including mobile applications and virtual reality (VR) and augmented reality (AR) technologies, play a pivotal role. These tools offer travelers access to comprehensive guides, immersive experiences, and historical reenactments, enhancing engagement and enjoyment. Culinary tourism and conservation efforts are driving forces, with food tours and cooking classes offering unique experiences. Regional customs and traditions are celebrated through various exhibitions and bookings, catering to customer preferences.

Wilderness travel and festival tourism provide off-the-beaten-path experiences, while eco-friendly travel practices and sustainable initiatives ensure minimal impact on the environment. The middle class's growing affluence and diversity appreciation have led to a surge in demand for cultural tourism. Employment opportunities in this sector are on the rise, with hotels, B2C enterprises, and eco-tourism initiatives contributing significantly. Travel restrictions and social isolation polic

The outbound tourism sector in France is set to jump from US$ 37 million in 2024 to US$ 56.8 million by 2034. The market is expected to expand at an average CAGR of 4.3% through 2034.

Attributes	Details
France’s Outbound Tourism Industry Value (2024)	US$ 37 million
Forecast Industry Valuation (2034)	US$ 56.8 million
CAGR (2024 to 2034)	4.4%

Trends and Projections in France's Outbound Tourism Industry

Attributes	Details
France’s Outbound Tourism Industry Revenue (2019)	US$ 30.2 million
Historical Industry Valuation (2023)	US$ 35.3 million
HCAGR (2019 to 2023)	4.0%

Category-wise Insights

Leading Peak Season Segment	April to June
Market Share (2024)	38%

Leading Age Distribution Segment	26-35 years
Market Share (2024)	34.1%

Scope of the Report

Attribute	Details
Estimated Valuation (2024)	US$ 37 million
Projected Valuation (2034)	US$ 56.8 million
Anticipated CAGR (2024 to 2034)	4.4%
Historical Analysis of Outbound Tourism in France	2019 to 2023
Demand Forecast for Outbound Tourism in France	2024 to 2034
Quantitative Units	Revenue in US$ million and CAGR from 2024 to 2034
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Key Companies Profiled	Tui France France Billet Ticketnet Odalys Evasion Global Business Travel France Travel Lab SAS Oui.sncf SAS Fram Pv-Cp Distribution Vacances Heliades Other (on request)

The global revenue in the 'Travel' segment of the app market was forecast to continuously increase between 2025 and 2029 by in total 0.6 billion U.S. dollars (+36.59 percent). After the tenth consecutive increasing year, the revenue is estimated to reach 2.27 billion U.S. dollars and therefore a new peak in 2029. Notably, the revenue of the 'Travel' segment of the app market was continuously increasing over the past years.Find more in-depth information regarding the number of downloads concerning the books & reference segment of the app market worldwide and the revenue concerning the books & reference segment of the app market worldwide. The Statista Market Insights cover a broad range of additional markets.

Sales of outbound tourism in GCC countries are estimated to accelerate at a moderate CAGR of 7.8% between 2024 and 2034. The outbound tourism industry in GCC countries is set to generate a revenue of US$ 75,126.10 million in 2024 and is likely to produce revenue worth US$ 158,880.1 million by 2034.

Attributes	Details
Demand Analysis (2024)	US$ 75,126.10 million
Demand Forecast (2034)	US$ 158,880.1 million
CAGR Estimation (2024 to 2034)	7.8%

Historical GCC Outbound Tourism Industry Outlook (From 2019 to 2023) vs. Demand Forecast (From 2024 to 2034)

Attributes	Details
Demand Analysis (2019)	US$ 55,776.9 million
Demand Analysis (2023)	US$ 69,360.1 million
CAGR Estimation (2019 to 2023)	5.6%

Category-wise Insights

Segment	Domestic
Share (2024)	57.3%

Segment	26-35 Years
Share (2024)	32.0%

Scope of the Report

Attribute	Details
Estimated Valuation (2024)	US$ 75,126.10 million
Projected Valuation (2034)	US$ 158,880.1 million
Anticipated CAGR (2024 to 2034)	7.8%
Historical Analysis of Outbound Tourism in GCC	2019 to 2023
Demand Forecast for Outbound Tourism in GCC	2024 to 2034
Quantitative Units	Revenue in US$ million and CAGR from 2024 to 2034
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Key Countries Analyzed while Studying Opportunities in Outbound Tourism in GCC	Saudi Arabia United Arab Emirates (UAE) Qatar Bahrain Kuwait Oman
Key Companies Profiled	Big Five Tours & Expeditions Inc. G Adventures, Praxis Holidays LLP Greenloons LLC Responsible Travel Steppes Travel Farhat Tours & Transfers S.P.C. Royal Arabian Destination Management

According to Cognitive Market Research, the global Travel and Tourism Spending market size is USD 14845295.6 million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 5938118.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 4453588.68 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 3414417.99 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 742264.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 296905.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The Couple Traveler held the highest Travel and Tourism Spending market revenue share in 2024.

Market Dynamics of Travel and Tourism Spending Market

Key Drivers of Travel and Tourism Spending Market

Growing Disposable Income and Middle-Class Expansion to Increase the Demand Globally

The Travel and Tourism Spending Market is being significantly driven by the rise in disposable income and the expanding middle class in emerging economies. As more people enter the middle-income bracket, there is a noticeable shift in spending patterns towards leisure activities, including travel and tourism. This trend is particularly evident in countries like China, India, Brazil, and several Southeast Asian nations, where rapid economic growth has lifted millions out of poverty and into the middle class. The increasing affordability of travel, coupled with aspirations for new experiences and exposure to different cultures, is fueling the demand for tourism services and experiences.

Technological Advancements and Digitalization to Propel Market Growth

Another key driver for the Travel and Tourism Spending Market is the rapid advancement of technology and digitalization. The travel industry has undergone a profound transformation with the advent of the internet, smartphones, and various digital platforms. These technologies have made travel planning more accessible, convenient, and personalized, influencing consumer behavior and preferences. Online booking platforms, travel apps, and social media have revolutionized how people research, book, and share their travel experiences. Additionally, technologies such as virtual reality (VR) and augmented reality (AR) are enhancing the travel experience by offering immersive previews of destinations and attractions, further driving the demand for travel and tourism services.

Restraint Factors Of Travel and Tourism Spending Market

Economic Uncertainty and Exchange Rate Volatility to Limit the Sales

One of the key restraints affecting the Travel and Tourism Spending Market is economic uncertainty and exchange rate volatility. Fluctuations in exchange rates can affect the cost of travel, particularly for international tourists. A strong currency in the destination country can make travel more expensive for foreign visitors, leading to a decline in tourism spending. Similarly, economic downturns or recessions can result in reduced disposable income and consumer confidence, leading individuals to cut back on discretionary spending, including travel and tourism. Economic instability in key source markets can also impact outbound travel, affecting the overall tourism industry.

Impact of Covid-19 on the Travel and Tourism Spending Market

The Covid-19 pandemic has had a profound impact on the Travel and Tourism Spending Market, causing unprecedented disruptions worldwide. Travel restrictions, border closures, and lockdown measures implemented to curb the spread of the virus have led to a significant decline in tourism activity. The closure of hotels, restaurants, and attractions has resulted in massive revenue losses for the tourism industry. Travelers have canceled or postponed trips, leading to a sharp decline in tourist arrivals and spending. The aviation industry has been particularly hard hit, with airlines facing...

Industry revenue is anticipated to dip at a compound annual rate of 2% over the five years through 2024-25 to £29.4 billion. The fall is largely due to COVID-19 wreaking travel havoc, the pound weakening against foreign currencies and mounting online competition. More and more bookings are being made online, cutting out high-street agencies and putting pressure on their finances. Rising external competition did lead to the exit of more bricks-and-mortar travel agencies, including the collapse of the industry's second-largest player, Thomas Cook, in September 2019. COVID-19 decimated the industry, with travel bans slashing revenue in 2020-21. The easing of lockdown and travel restrictions in 2021-22 started the industry's recovery, with people keen to get out of the house and holiday again. Revenge travel exploded, boosting revenue by 201.5% to £26.4 billion in 2022-23. Revenue is continuing to bounce back further in 2024-25 by a forecast 2.4%. Despite impressive growth, revenue could be higher – staff shortages on airlines cause mass flight cancellations, which limits travel agencies' offerings, while the cost-of-living crisis has made customers more wary of value for money and boosted package sales. Over the five years through 2029-30, industry revenue is slated to grow at a compound annual rate of 2.1% to reach £32.5 billion. In the short term, bookings for cheaper package holidays will support travel agents. Rising disposable incomes will result in UK tourists taking more expensive holidays. To help propel sales, travel agencies will supplement their services by fully integrating their businesses with online platforms and introducing more niche services, like youth student travel and trips catered to those over 60.

The market size of the global tourism sector grew significantly in 2023 over the previous year, totaling around 1.9 trillion U.S. dollars. Despite the sharp annual increase, global tourism revenue remained below pre-pandemic levels. As forecast, the market size of the tourism sector worldwide was estimated at two trillion U.S. dollars in 2024. What is the economic impact of travel and tourism? In 2023, the total contribution of travel and tourism to global GDP, including the direct, indirect, and induced impact of these markets, was estimated at nearly 10 trillion U.S. dollars, almost recovering from the impact of the COVID-19 pandemic. Similarly, the number of travel and tourism jobs worldwide was just around one percent below pre-pandemic levels in 2023, with these industries generating, directly and indirectly, 330 million jobs. What are the most popular travel destinations worldwide? Both before and after the COVID-19 pandemic, France topped the ranking of the most visited countries by inbound tourists worldwide. In 2023, the number of inbound tourist arrivals in France peaked at 100 million, the highest figure reported to date. That year, Spain, the United States, and Italy followed on the list. Meanwhile, the United States was the country with the highest international tourism receipts worldwide in 2023, ahead of Spain and the United Kingdom.

According to Decipher Market Research, The Global Tourism Guidance Service market is growing at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2030. Advancements in Technology and Digital Solutions to Drive Market Growth

The rapid evolution of technology is a major driving factor behind the global tourism guidance service market. Integrating digital solutions such as mobile apps, augmented reality(AR), virtual reality (VR), and GPS-based navigation has transformed how travelers access and engage with guided tours. These technologies enhance the tour experience by offering real-time information, interactive elements, and immersive storytelling. Travelers can use their smartphones or wearable devices to access guided tours that combine audio commentary, visual enhancements, and multimedia content, providing a multi-sensory journey. Moreover, the rise of online platforms and booking services allows tourists to conveniently discover, compare, and select guided tour options tailored to their preferences. The convenience, interactivity, and accessibility offered by technological advancements have expanded the reach of guided tours, attracted a wider audience, and contributed to the market's growth.

For instance, Expedia Group established a Verbo holiday rental website and smartphone application in Mexico in November 2019. This website and application assist Mexicans in quickly finding and selecting rental homes worldwide.

(Source:www.vrbo.com/media-center/press-releases/2019/vrbo-debuts-vacation-rental-website-and-app-in-mexico)

Market Dynamics of Tourism Guidance Service

Seasonal Fluctuations and Dependency to Hinder Market Share

One significant restraint in the tourism guidance service market is the inherent dependency on seasonal trends and fluctuations. Many tourist destinations experience peak and off-peak seasons based on weather, holidays, and special events. During peak seasons, there is high demand for guided tours, but off-peak periods can see a sharp decline in tourist numbers, leading to reduced bookings and revenue for tourism guidance service providers. This cyclicality can make it challenging for businesses to maintain consistent cash flow, plan staffing levels, and allocate resources effectively. Dependence on specific seasons also limits the diversification of offerings and can hinder the ability to sustain year-round operations.

Impact of COVID-19 on the Tourism Guidance Service Market

The COVID-19 pandemic profoundly impacted the tourism guidance service market, leading to widespread disruptions as travel restrictions, lockdowns, and health concerns significantly reduced travel and tourism activities. The market saw a sharp decline in tourist arrivals, resulting in canceled or postponed guided tours and a downturn in bookings. Social distancing measures and safety protocols necessitated adjustments in tour group sizes, transportation arrangements, and itinerary planning. Many tour operators faced financial challenges due to revenue loss. At the same time, digital transformation accelerated as virtual and self-guided tour options gained traction to cater to the changing preferences of cautious travelers. The pandemic prompted the industry to focus on health and safety standards, innovate with virtual experiences, and adapt operational strategies to ensure a resilient recovery in the post-pandemic landscape Introduction of Tourism Guidance Service

The tourism guidance service market is a vibrant and essential global travel and tourism industry sector. The market facilitates deeper cultural immersion, historical understanding, and engagement with local communities, creating memorable and enriching travel encounters. With the advent of advanced technologies and evolving traveler preferences, the tourism guidance service market is transforming and expanding, offering diverse guided tour options catering to various interests, age groups, and travel styles.

Key organizations are working on increasing their business portfolios by utilizing various innovative technologies to develop smart tourism. Emerging players are gathering funds to create various smart tourism guidance service applications.

For example, in January 2020, China-based travel company 'Chengdu Zhongke Daqi Software Co. Ltd' raised USD 5 million in funding to develop smart tourism guiding services.

(Source:skift.com/2020/01/10/daq-soft-raises-5-million-for-smart-to...