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Tourism Market to Perceive Substantial Growth by 2020

09-25-2017 03:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

Increasing per capita income is driving the growth of global tourism market leading to continuous growth in international tourism. Over the last five years, tourism market in emerging economies, especially countries in South America and Asia have driven the global tourism market. Compared to a decade ago, global tourism market has undergone a lot of changes. Emerging economies now account for more market share as compared to developed economies. As per International Travel Association (ITA), the number of international tourists arrivals in the U.S.is expected to grow from 69.8 million in 2013 to 83.8 million by 2018.

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Government bodies and organizations such as World Tourism Organization UNWTO are promoting tourism in order to attract diverse tourists across the globe. These initiatives are leading to the growth of global tourism market. Adventure tourism is new concept in tourism market driving the overall tourism market. Further, medical tourism is also a new trend observed in global tourism market. Significant price difference of medical procedures between different countries is driving the trend of medical tourism across the world. Global sports and game events is another driving factor for the global tourism market. People travel to enjoy sports events such as FIFA World Cup 2014, London Olympics 2012 and ICC World Cup 2011. However, disease outbreaks such as Ebola in specific countries affect the global tourism up to large extent. Ebola outbreak in West Africa affected the tourism market in African region.

The global tourism market is segmented on the basis of type, industry products, activities involved and geography. On the basis of type, international tourism and domestic/local tourism are the two major types of tourism market. Along with it, on the basis of purpose of travel or tourism the market for global tourism is segmented into adventure tourism, leisure business travel, conference or seminar travel, business tourism, visiting relatives and friends. The companies providing tourism services offer various products and services to their customer. Thus, the industry products included in the global tourism industry are traveler accommodations, travel arrangement and reservations, air transportation, other local transport such as car rental, food and beverage establishments, recreation and entertainment, gasoline and other retail activities. Further, the industry activities considered within the global tourism market include traveler accommodation services, providing hospitality services to international tourists, airline operation, automotive rental, travel agent and tour arrangement services. Countries such as U.S., Germany and France are popular destinations for global tourism; but in recent years other less well known countries from Asia and Africa have emerged as destinations of interest for international travelers. Thus, tourism service providers are realigning their services in order to reap the economic benefits from this trend

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The global tourism market has a low level of concentration as there are large numbers of international and local players in tourism market. The market for global tourism is highly fragmented in nature. Aban Offshore Ltd., Accor Group, Crown Ltd., Balkan Holidays Ltd., Fred Harvey Company and G Adventures are some of the players in global tourism market.

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