The global tourism industry market is segmented into type such as international tourism and local/domestic tourism. Among these segments international tourism market is anticipated to flourish in the upcoming year. Global tourism market has shown a prosperous growth on account of growing population and sparked by increasing technological advancements and transport networks all over the world. In the recent past, tourism industry market has shown an affluent growth. Moreover, growing popularity of various types of tourism i.e. adventure tourism, business tourism, medical tourism, religious tourism and others is anticipated to drive the growth of the market. Further, the market is also driven by favorable government initiatives to boom their tourism industry. Tourism industry plays an important role in boosting the economy by making tremendous sale of goods and services needed to the tourist. Enhancement in tourism services such as transportation service (airlines, buses, train and taxi/caps), hospitality services (such as accommodations, including hotels and resorts) and entertainment venues (such as amusement parks, restaurants, casinos, shopping malls, music venues, and theaters) are believed to aid to the growth of the market.
Global tourism industry market is expected to flourish at a significant CAGR during the forecast period. Rising population, urbanization and increasing disposable income are some of the key factors driving the growth of the tourism industry market. Moreover, the tourism industry market is expected to garner USD 11,382 Billion by the end of 2027.
Europe captured the largest market share in overall tourism industry market and is expected to continue its dominance over the forecast period. Rising standard of living and increasing oversea businesses in the region is anticipated to aid the growth of the market. Moreover, increase in disposal income is expected to accelerate the growth of tourism market in the upcoming years. Asia Pacific and North America tourism industry market is anticipated to witness lucrative growth during the forecast period. Moreover, Middle East is anticipated to grow at modest CAGR during the forecast period.
Government Initiative toward the Expansion of Tourism Industry Market
Government of every country is promoting tourism for the welfare of the economy. Favorable initiatives of various government bodies and organizations such as UNWTO (United Nations World Tourism Organization), Federal Industry Of Tourism, World Travel And Tourism Council and many other is escalating the market of tourism industry in different part of the world. Furthermore, they also take care of the hospitality such as transportation facility, accommodations and various facilities to foreign tourists and their medical helps. These factors are driving the growth of the market.
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Expanding Tourism Industry Market
Increasing medical tourism across the globe is driving the growth of tourism market. Significant price difference of medical procedures between different countries is driving the growth of medical tourism across the world.
In contrast, activities like natural calamities, terrorist activities, political unrest in many countries, outbreak of some fatal diseases such as Ebola and Swine Flu are projected to restrain the growth of tourism industry in some countries of the world.
The report titled “Tourism Industry Market: Global Historical Growth (2013-2017) & Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global tourism industry market in terms of market segmentation by type, by application, by end users and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global tourism industry market which includes company profiling of Aban Offshore Ltd, Crown Ltd., Accor Group, Balkan Holidays Ltd, G Adventures, Fred Harvey Company, Adris Group, TCS World Travel, DuVine, Gray & Co, Air BnB. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global tourism industry market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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