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Global Tourism Industry Market Analysis & Opportunity Outlook 2025

  • Report ID: 109
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Extensive insights into the Growth of Tourism Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Facts & Figures in Global Tourism Industry Market

  • The overall contribution of tourism industry comprising of travel, transportation, entertainment and accommodation among other tourist attractions to the global economy crossed USD 8 Trillion during 2017.

  • France and the United States are among the popular tourist destinations in the world.

  • Tourism contributes to approximately 9% of the worldwide employment.

Tourism Industry Overview

Tourism industry has witnessed an astonishing growth over previous few years. Sparked by increasing technological advancements and transport networks all over the world, the industry has seen a steep growth. In many countries industries such as wildlife, entertainment, art, transportation, etc. have now started taking one step ahead to expand their reach to international visitors/tourists.

The global travel and tourism industry was valued at USD 7,581 Billion in 2014 (10.0% of GDP) and was forecasted to grow by 3.8% in 2015. The global tourism industry is further envisioned to witness a year-on-year (Y-O-Y) growth rate of 3.9% and reach USD 11,382 Billion (10.6% of GDP) by 2025. The revenue generated from visitor exports is also projected to upsurge from USD 1,384 Billion in 2014 to USD 2,141 Billion in 2025, exhibiting a CAGR of 4.0%. Total investment on global travel and tourism sector is anticipated to swell from USD 814 Billion in 2014 at a year-on-year (Y-O-Y) growth rate of 4.7% to reach USD 1,336 Billion in 2025.

Market Size and Forecast

Europe tourism industry is the largest in the world accounting for 51% of share in 2015. Europe tourism industry is spiked by increase in number of international tourists in France, Spain, Italy, Germany and the U.K.  The revenue generated from tourist travel in the U.K. accounted for USD 142.0 Billion in 2015North America travel and tourism industry accounted for USD 1,412 Billion in 2015.

With USD 1,218 Billion of revenues in 2015, the U.S. is the largest travel and tourism market in North America followed by Canada with USD 98.2 Billion. The U.S. tourism market is further anticipated to witness a robust CAGR during the forecast period. Asia-Pacific tourism industry accounts to witness the highest growth over the forecast period i.e. 2016-2025. The tourism market in Asia-Pacific is likely to get propelled from strengthening economy, rise in disposable income and increasing infrastructural developments in some of the major countries such as India, China, Japan and Singapore. Backed up by these factors, Asia-Pacific region is projected to attract over 502+ million visitors by 2025.  CLICK TO DOWNLOAD SAMPLE

Market Segmentation

  • By Type

Based on type, the global tourism industry can be segmented into international tourism and local/domestic tourism

  • By Purpose of Travel

On the basis of purpose of travel, the global tourism industry is divided as adventure tourism, business tourism, medical tourism, religious tourism and others.

  • By Geography

Geographically, the global tourism industry can be segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and rest of world

The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Growth Drivers and challenges

Increasing per capita income in most of the emerging nations is believed to be one of the key drivers of global tourism industryIn addition to that, promotion of tourism by certain government bodies such as UNWTO (United Nations World Tourism Organization) is also expected to escalate the global tourism industry.

However, natural calamities, terrorist activities, political unrest in many countries, outbreak of some fatal diseases such as Ebola and Swine Flu etc. are projected to restrain the growth of tourism industry in some countries of the world.

Key Players

The global tourism industry is very competitive and includes some of the top players such as

  • TCS World Travel
  • DuVine
  • Gray & Co
  • Air BnB
  • Crown Ltd.
  • Accor Group
  • Balkan Holidays Ltd
  • G Adventures
  • Fred Harvey Company
  • Adris Group

 


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