Expanding Tourism Industry with Growing Individuals' Traction for Exploring New Places: Fact.MR Report

The newly published report by Fact.MR, a market research and competitive intelligence provider, has evaluated the global tourism market and mentioned valuation to reach US$ 2,379.15 billion in 2024. The market is further forecasted to advance at a CAGR of 4.8% between 2024 and 2034.

As more tourists become aware of the several advantages of visiting new places, the global tourism industry is expanding at a rate never seen before. Rising discretionary incomes and better worldwide connections are the main drivers of significant annual growth in both domestic and international travel, according to industry analysts. This increase is a reflection of several uses of tourism, ranging from enriching education to fostering cultural interaction. Specialized tourism industries are growing because of modern tourists' need for genuine experiences, which range from eco-friendly excursions to immersive cultural stays.

The economic impact is especially notable since the tourist industry contributes significantly to local economies through the transportation, entertainment, and hospitality industries. Because tourism boosts infrastructure development and generates job possibilities, potentially high growth countries particularly gain.

Further, travel planning has been transformed by the emergence of internet platforms, which have made locations more accessible than before. Global market growth is driven by this technology integration as well as rising awareness of the benefits of tourism for cultural preservation and intercultural understanding.

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Key Takeaways from Market Study:

• The global tourism market is forecasted to attain a valuation of US$ 3,801.88 billion by the end of 2034.
• The East Asian market is projected to reach US$ 491.01 billion by 2034-end.
• The market in Mexico is analyzed to progress at a CAGR of 3.4% through 2034.
• The market in South Korea is evaluated to expand at a CAGR of 6.6% from 2024 to 2034.
• Based on the products and services, air transportation segment demand is projected to rise at a CAGR of 6% from 2024 to 2034.
• The Middle East & Africa market is forecasted to expand at a CAGR of 4.2% through 2034.

“Tourism enabling individuals to step outside their daily routines and immerse themselves in different ways of life, further helping in rejuvenating individuals,” says a Fact.MR analyst.

Growing Influence of Social Media in Increasing Knowledge among Travel Enthusiasts about Far Unexplored Places:

With tourists choosing genuine local experiences above conventional tourism, experiential travel has become a powerful force. A new class of long-term tourists known as "digital nomads" has emerged, combining work with travel, which is increasing demand for co-working spaces and extended-stay lodging.

Travelers who care about the environment are looking for carbon-neutral accommodations and eco-friendly experiences, which is driving an unprecedented surge in sustainable tourism. Travel decisions are still influenced by social media, as seen by the rise in tourists visiting "Instagram-worthy" destinations.

Contactless services, AI-powered customized itineraries, and virtual reality preview tours are all examples of how technology is transforming the travel experience. Travelers are combining their vacations with health-related pursuits, such as fitness adventures and meditation retreats, which is driving a surge in wellness tourism. While culinary tourism encourages foodies to visit places, especially for their culinary delights, microtourism and staycations have grown in popularity. Travel is becoming more accessible and varied than ever thanks to these changing trends.

Tourism Industry News:

Key players in the tourism market are adapting to emerging trends to stay ahead in the industry.

In August 2022, Hilton Worldwide Holdings Inc. announced its plans to expand its presence in the Caribbean and Latin America. The company aimed to open its 200th hotel in the region by the end of the year and secured 15 new development agreements. Additionally, Hilton planned to launch 15 more hotels in the second half of 2022, bringing its total pipeline to 105 projects, encompassing over 15,750 rooms.

Meanwhile, in June 2022, RIU strengthened its footprint in Zanzibar by opening its second hotel, Riu Jambo, on Unguja, the island’s largest landmass. This four-star, 24-hour resort features 461 rooms, catering to the region’s growing tourism demand.

Leading Players Driving Innovation in the Tourism Market:

Key industry participants like Exodus Travels Limited; Cox & Kings Ltd.; TUI Group; Butterfield & Robinson Inc.; Geographic Expeditions, Inc.; Scott Dunn Ltd.; Travel Edge (Canada) Inc.; Abercrombie & Kent USA, LLC; Micato Safaris; Lindblad Expeditions etc. are driving the tourism industry.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the tourism market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (traveler accommodations, air transportation, food & beverage establishments, other retail activities, recreation & entertainment, gasoline, travel arrangement & reservations, other transport, including car rental), and major market (leisure, recreation, & holiday travelers, VFR, health, & religious travelers, business & professional travelers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR Research:

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Travel insurance market is projected to generate revenue worth US$ 51.67 billion in 2024 and has been thoroughly analyzed to expand at 7.2% CAGR to reach a size of US$ 103.56 billion by the end of 2034.

U.S and Canada travel market is anticipated to secure US$ 952 Million in 2022 and is likely to exhibit a CAGR of 10.14% from 2022 to 2032.

Transportation management system market revenue is estimated at US$ 8.76 billion in 2024 and is forecasted to increase at a CAGR of 10.3% to reach US$ 23.35 billion by the end of 2034.

Travel technologies market is estimated to increase at a CAGR of 8% from 2023 to 2033. Currently, the global travel technologies market is valued at US$ 6 billion and is predicted to reach a market size of US$ 13 billion by the end of 2033.

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