Global tourism market expects to see a growth by 2020

Published on : Wednesday, January 10, 2018

globeGovernment bodies and organizations like the UNWTO are promoting tourism for attracting various tourists from around the globe. 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 actually propelled the global tourism market. The world tourism market has undergone a lot of changes in recent times. Promising economies now account for more market share as compared to the developed economies.

 
Adventure tourism is now a new concept in tourism market which is driving the overall tourism market. Medical tourism is also a new trend that is fetching revenue in global tourism market. Global sports and game events is another major factor driving the global tourism market. People travel to enjoy sports events like FIFA World Cup 2014, London Olympics 2012 and ICC World Cup 2011. However, disease outbreaks like Ebola in specific countries affect the global tourism up to large extent. For example, Ebola outbreak in West Africa affected the tourism market in African region.

 
On the basis of purpose of travel or tourism, the market for global tourism is divided 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 customers. 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.

 
The global tourism market has a low level of concentration as there are large numbers of international and local players in the tourism market.

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