Market Overview

The global tourism industry is one of the largest and fastest-growing industries, with a current estimated value of over $8 trillion USD. In 2019, the industry accounted for 10.4% of the world's GDP and provided employment for 330 million people worldwide. However, the COVID-19 pandemic has significantly impacted the industry, with international tourist arrivals dropping by 74% in 2020 compared to the previous year.

Despite the pandemic's impact, the industry is expected to recover and continue to grow in the coming years, with forecasts projecting a global tourism market value of over $12 trillion USD by 2028. This growth is attributed to several factors, including rising disposable incomes, increasing access to affordable travel options, and the growing popularity of sustainable and eco-tourism.

In terms of geographic regions, Asia Pacific is the largest tourism market, accounting for over 30% of global tourism revenue. Europe and North America follow closely behind, with each region accounting for around 25% of global revenue. Africa, the Middle East, and South America represent smaller but growing markets in the industry.

Sources:

• Statista