Deeptesh Ghosh
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The Tourism Source Market was valued at approximately $599.40 billion in 2022 and is projected to reach around $1.1 trillion by 2032, with a compound annual growth rate (CAGR) of 6.6% from 2023 to 2032.
Tourism involves traveling for pleasure, recreation, or business to destinations outside one’s usual environment. It includes a range of activities such as sightseeing, exploring natural landscapes, engaging in adventure sports, experiencing different cultures, attending local events, or simply relaxing at resorts or vacation spots.
Tourism also encompasses the management, administration, and promotion of tourist activities. It is recognized as a social, cultural, and economic phenomenon, with people traveling to places beyond their usual surroundings for personal, business, or professional reasons.
Globally, the travel and tourism sector has shown remarkable resilience, with countries like Iceland, Kenya, Palau, and Nepal emerging as hotspots for unique eco-tourism destinations. Notably, Nepal saw a significant increase of 24% in traveler numbers in 2018, reaching approximately 1,173,072 by year-end. Similarly, Kenya experienced a more than 37% increase in tourist arrivals in 2018, surpassing two million. Additionally, destinations like Costa Rica, the Galapagos Islands, and Panama are gaining attention as centers for eco-tourism. Ethiopia has effectively focused on niche tourism markets, leveraging its historical, natural, and cultural assets. Third-world countries have attracted tourists interested in wildlife, birdwatching, coral reefs, and pristine natural areas like the Amazon forests.
However, challenges such as limited accessibility, substandard accommodations, constrained growth of tourist attractions, and safety concerns can diminish the appeal of a destination. Issues like inadequate public transport infrastructure, limited airport access, or poor maintenance of roads and bridges can pose risks to tourist safety and restrict travel, reducing demand in the Tourism Source Market.
The demand for tourist services is on the rise due to an increased interest in traveling to new domestic and international locations and engaging in recreational activities. This trend is evident in the growing interest in visiting national parks, historical sites, and cultural events. The popularity of social media has also facilitated the sharing of travel experiences, inspiring others to embark on similar adventures.
Market Segmentation:
The tourism source market is segmented by booking channels, tourist types, and regions. Booking channels include websites, mobile applications, travel agencies, and others. Tourist types are categorized into solo, group, and others. Geographically, the market is divided into North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, Sweden, Netherlands, Denmark, Poland, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Singapore, Indonesia, New Zealand, and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, Egypt, UAE, and Rest of LAMEA).
Key Findings:
In 2022, the mobile application segment held the largest share in the market and is expected to maintain its dominance throughout the forecast period.
Regarding tourist types, the group segment led the global market in 2022 and is anticipated to continue its dominance.
Regionally, Europe held the largest market share in 2022 and is expected to continue leading through the forecast period.
The post Nepal and Kenya Experience Remarkable Growth in Tourist Arrivals appeared first on Travel And Tour World.
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