The Travel and Tourism industry is one of the largest industries worldwide, with a total contribution of around 8.8 trillion USD to the global economy. It is considered to be the second-fastest-growing sector in the world, just behind manufacturing according to the World Travel &Tourism Council.
The Travel and Tourism industry is one of the largest industries worldwide, with a total contribution of around 8.8 trillion USD to the global economy. It is considered to be the second-fastest-growing sector in the world, just behind manufacturing according to the World Travel &Tourism Council. The sector is estimated to represent around 10% of the world’s GDP and 1 out of 10 jobs globally are within this industry. In the coming years, this number is expected to increase to 1 out of 9 jobs, with an additional 100 million sector-dependent jobs to be created by 2028.
In addition, international tourism revenues earned by destinations all over the world has grown significantly over the past six decades from a mere 2 billion USD in 1950 to an astronomical amount of 1260 trillion USD in 2015. While developed countries are the top markets, representing around 50% of the global Travel and Tourism GDP, developing countries are showing impressive growths. The growth worldwide was significantly aided by fast growth in travel and tourism in regions such as Oceania (Australia, Indonesia, Malaysia, and the Southwest Pacific Islands), Southeast Asia, India, and China. Among the top 10 destinations worldwide, cities from developing countries have a very good representation as highlighted below.
According to Soultancy those are top 10 Destinations worldwide by a number of visitors:
- Bangkok in Thailand – 22.78 M
- Paris in France – 19.1 M
- London in England – 19.09 M
- Dubai in UAE – 15.93 M
- Singapore – 14.67 M
- Kuala Lumpur in Malaysia – 13.79 M
- New York City in USA – 13.6 M
- Istanbul in Turkey – 13.4 M
- Tokyo in Japan – 12.93 M
- Antalya in Turkey 12.41 M
According to UNWTO, the UN World Tourism Organization, tourism is expected to continuously grow at an average rate of 3% annually until 2030. This growth will be driven by several factors and trends which we will go into more details in the following.
Today, it is not enough to offer travelers with a standard travel package. Almost 90% of travelers expect personalized travel options and value unique experiences high. They require customized offerings and personal services, both in relation to holidays and business travel.
Recognizing and implementing technologies such as Artificial Intelligence, Augmented and Virtual Reality, The Internet of Things, chatbots, robots, fingerprints, facial recognition, retina scanning, and other biometric identification methods will enable data collection, more personalization, self-service and automation opportunities, superior experiences, increased security and swift payment and authorization procedures.
Online Booking and Mobile Applications
Whether it is flights, accommodation, tours or other journey-related activities, over 57% of reservations are made online today, of which over half are done mobile. Mobile applications have also given travelers the option to make use of the special discount, make better use of member benefits and access personal information. Given the rise are new technologies and the increased demand for personalization this is set to increase further.