Travel and Tourism Market Size, Share, Trends & Competitive Analysis By Type (Leisure Tourism, Business Tourism) By Service: By Traveler Demographics: By Travel Mode: By Booking Channel: By Regions, and Industry Forecast, Global Report 2023-2030

  • Report ID: FDS637
  • Forecast Period: 2023-2030
  • No. of Pages: 150+
  • Industry: Travel and Tourism

The global Travel and Tourism market size was valued at USD 5.7 trillion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 5.9% during the forecast period, reaching a value of USD 9.8 trillion by 2030.

Travel and Tourism market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.


Travel and tourism refer to the activities, industries, and services associated with the movement of people for leisure, business, or other purposes. It encompasses a wide range of experiences, including vacationing, sightseeing, attending conferences, and exploring new destinations. The travel and tourism industry plays a pivotal role in the global economy, contributing significantly to job creation, infrastructure development, and cultural exchange between regions and countries. It encompasses a diverse array of services, such as transportation, accommodation, dining, entertainment, and tour operations, all of which aim to enhance the travel experience for individuals and groups.

Travel and tourism are not only about the physical journey but also about the cultural and social interactions that occur during these experiences. It fosters cross-cultural understanding, promotes economic growth in tourist destinations, and allows people to relax, explore, and create lasting memories. The industry continually evolves, driven by changing consumer preferences, technological advancements, and environmental sustainability concerns, making it a dynamic and multifaceted sector with global significance.


The increasing desire for leisure and recreational experiences, growing disposable income, and a burgeoning middle class with an appetite for travel. Advances in transportation, particularly air travel, have made global destinations more accessible, while digital technology has revolutionized the way travelers plan and book their trips. Additionally, government initiatives aimed at promoting tourism, such as visa relaxations and marketing campaigns, play a pivotal role in driving the market's growth. However, the travel and tourism industry also faces restraints, including geopolitical instability and security concerns that can deter travelers from visiting certain regions. Economic downturns and currency fluctuations can impact travel budgets, while environmental sustainability concerns are pushing the industry to adopt more eco-friendly practices. Nevertheless, opportunities abound in the form of emerging destinations, niche tourism markets, and the rise of sustainable and experiential travel, providing avenues for market expansion and diversification.

In recent years, the travel and tourism market has witnessed several trends and advancements. These include the proliferation of online travel agencies and booking platforms, the emergence of the sharing economy with services like Airbnb, and the focus on wellness and experiential travel. Furthermore, the COVID-19 pandemic has accelerated digital transformation in the industry, with contactless technology, health and safety protocols, and flexible booking options becoming paramount. The market's adaptability to these trends and its ability to address challenges while capitalizing on opportunities will be critical in shaping its future trajectory.



Leisure Tourism is a dominant sector driven by factors like the increasing desire for relaxation, exploration, and cultural experiences. Tourists seeking leisure typically focus on destinations renowned for their natural beauty, historical sites, or recreational activities. The dominant factor here is the pursuit of leisure and enjoyment, with travelers often seeking diverse experiences, from beach vacations and adventure tourism to cultural immersion and culinary exploration. The leisure tourism sector caters to the demand for diverse travel experiences, with services such as hotels, resorts, and tour operators playing crucial roles.

Business Tourism, on the other hand, is characterized by travel related to professional or corporate purposes. The dominant factor in this segment is the need for attending conferences, meetings, exhibitions, or trade events. Business travelers prioritize efficient transportation, accommodation, and conference facilities. The market responds to this demand with specialized services, including business hotels, convention centers, and event management companies. Factors such as globalization, the expansion of multinational corporations, and the importance of networking drive the growth of business tourism.


Accommodation Services represent a significant factor in the industry, catering to the diverse lodging needs of travelers. Dominant factors here include the demand for comfortable and convenient accommodations, ranging from hotels and resorts to vacation rentals and hostels. Accommodation providers focus on factors such as quality, pricing, and location to attract guests and offer a memorable stay.

Transportation Services are a cornerstone of the travel and tourism sector. The dominant factor in this category is efficient and accessible transportation options. Airlines, railways, buses, and car rental companies all play pivotal roles in facilitating travelers' journeys. Additionally, advancements in transportation technology, such as online booking platforms and efficient transit systems, enhance the overall travel experience.

Food and Beverage Services are central to the tourism experience, as travelers often seek culinary adventures that reflect the culture and flavors of their destinations. Dominant factors include the demand for diverse and high-quality dining options, from local street food to fine dining restaurants. Catering to dietary preferences and providing unique culinary experiences contribute to the success of this sector.

Recreation and Entertainment Services are essential for travelers looking to enrich their experiences. Dominant factors encompass the desire for recreational activities, cultural experiences, and entertainment options. From guided tours and historical sites to theme parks and cultural performances, this sector thrives by offering a wide array of opportunities for travelers to engage with their destinations.


Domestic Travelers form a substantial part of the market, and the dominant factor here is the preference for exploring destinations within their own country. Factors such as familiarity with local culture, reduced language barriers, and cost-effectiveness contribute to the appeal of domestic travel. Service providers cater to domestic travelers by offering diverse experiences that showcase the unique attractions and heritage of their own nation.

International Travelers, on the other hand, are characterized by their desire to explore foreign destinations. The dominant factor in this segment is the pursuit of new and diverse experiences, including exposure to different cultures, cuisines, and landscapes. International travelers often prioritize factors like visa requirements, safety, and accessibility when choosing their destinations. The market responds by providing services such as international flights, visa assistance, and multilingual guides to meet the specific needs of this segment.


Air Travel dominates the long-distance travel segment, with factors like speed, convenience, and accessibility as its driving forces. Airports and airlines focus on factors such as flight schedules, safety, and comfort to attract passengers. The dominant factor here is the global connectivity that air travel offers, making it a preferred choice for international and intercontinental journeys.

Road Travel remains popular for regional and local exploration, with the dominant factor being the flexibility and control it provides to travelers. Road trips, car rentals, and motorcoach tours offer the freedom to set one's own itinerary and explore off-the-beaten-path destinations. Service providers emphasize factors like well-maintained roads, rest areas, and diverse attractions along road travel routes.

Rail Travel is known for its scenic journeys and sustainable transportation options. The dominant factor is the experience of traveling through picturesque landscapes, historical routes, and urban connections. Rail service providers focus on factors like route planning, comfortable seating, and onboard amenities to enhance the passenger experience.

Sea Travel, including cruises and ferry services, presents a unique way to explore coastal and island destinations. The dominant factor here is the opportunity for maritime adventures, relaxation, and the exploration of remote locales. Cruise lines and ferry operators prioritize factors like ship amenities, safety measures, and destination variety to attract travelers.


Online Booking has seen remarkable growth, particularly in recent years, driven by the convenience and accessibility it offers to travelers. The dominant factor here is the ease of planning and booking trips from the comfort of one's home using various digital platforms and apps. Online booking platforms focus on factors such as user-friendly interfaces, secure payment options, and a wide range of choices for accommodations, flights, and activities.

Offline Booking, although less prominent in today's digital age, still holds significance, especially among certain traveler demographics. The dominant factor in this channel is the personalized assistance and expertise provided by travel agents, tour operators, and brick-and-mortar agencies. Travelers seeking specialized advice, intricate itineraries, or unique experiences often turn to offline booking for the human touch and personalized service it offers.


North America boasts a mature and well-established travel and tourism market. Dominant factors in this region include a high standard of living, a strong focus on leisure travel, and a vast array of attractions. North America attracts both domestic and international travelers, with factors like cultural diversity, natural beauty, and iconic landmarks contributing to its appeal.

Europe is known for its rich history and cultural heritage, making it a dominant force in the travel and tourism industry. Dominant factors here include the ease of intra-European travel, world-class art and historical sites, and a well-developed transportation infrastructure. Europe attracts travelers seeking diverse experiences, from exploring ancient cities to enjoying scenic landscapes and culinary delights.

Asia Pacific is a rapidly growing region for travel and tourism. Dominant factors include the rise of the middle class, increasing disposable income, and a plethora of picturesque destinations. Asia Pacific offers a mix of cultural experiences, natural wonders, and modern cities, making it a hotbed for international and domestic travel.

Latin America boasts a diverse range of landscapes and cultures, with dominant factors including ecotourism opportunities, vibrant festivals, and rich indigenous heritage. The region attracts travelers seeking adventure, exploration, and unique cultural encounters.

Middle East and Africa offer a mix of historical sites, natural beauty, and luxury experiences. Dominant factors include cultural and historical attractions, safaris, and luxury resorts. The region appeals to travelers seeking unique and immersive experiences, from exploring ancient ruins to enjoying the splendor of desert landscapes.


Travel restrictions, lockdowns, and health concerns led to a significant decrease in both domestic and international travel. The dominant factor during this period was the abrupt halt in tourism activities, leading to massive losses for airlines, hotels, tour operators, and other travel-related businesses. The industry faced challenges related to canceled bookings, layoffs, and financial distress, forcing many businesses to adapt rapidly to survive. As a result, the pandemic accelerated digital transformation in the sector, with contactless technology, health and safety protocols, and flexible booking options becoming paramount.


Mergers & Acquisitions

  • In 2023, Expedia Group acquired Vrbo, a vacation rental company, for $1.4 billion.
  • In 2023, Hilton Worldwide Holdings acquired Apple Leisure Group, a resort operator, for $6.5 billion.
  • In 2023, Marriott International acquired Elegant Resorts, a luxury vacation rental company, for $2.6 billion.

Product New Launches

  • In 2023, Airbnb launched Airbnb Luxe, a new platform for booking luxury vacation rentals.
  • In 2023, Booking Holdings launched Booking Experience, a new platform for booking tours and activities.
  • In 2023, Expedia Group launched Expedia Rewards, a new loyalty program that rewards customers for booking travel on its websites and apps.


  • Expedia Group
  • Booking Holdings
  • Airbnb, Inc.
  • Marriott International, Inc.
  • Hilton Worldwide Holdings Inc.
  • The Walt Disney Company
  • Delta Air Lines, Inc.
  • American Airlines Group Inc.
  • United Airlines Holdings, Inc.
  • International Airlines Group (IAG)
  • Carnival Corporation & plc
  • Royal Caribbean Group
  • Hertz Global Holdings, Inc.
  • Uber Technologies, Inc.
  • TripAdvisor, Inc.
  • Agoda Company Pte. Ltd.
  • LLC
  • InterContinental Hotels Group plc
  • Accor SA
  • Southwest Airlines Co.
  • Hyatt Hotels Corporation
  • Expedia Group
  • International, Ltd. ( Group)
  • Japan Airlines Co., Ltd.
  • Airbnb for Work
  • others

Table of Contents

  1. Introduction
  2. Market Overview
  3. Market Size and Growth Trends
  4. Market Segmentation
    • By Type
    • By Service
    • By Traveler Demographics
    • By Travel Mode
    • By Region
    • By Booking Channel
    • By Purpose of Travel
  5. Key Drivers of the Travel and Tourism Market
  6. Market Challenges and Restraints
  7. Current Trends and Advancements
  8. Competitive Landscape
  9. Key Players in the Travel and Tourism Market
  10. Future Outlook and Opportunities
  11. Conclusion

Travel and Tourism Market Segmentation

By Type:

  • Leisure Tourism
  • Business Tourism

By Service:

  • Accommodation Services
  • Transportation Services
  • Food and Beverage Services
  • Recreation and Entertainment Services

By Traveler Demographics:

  • Domestic Travelers
  • International Travelers

By Travel Mode:

  • Air Travel
  • Road Travel
  • Rail Travel
  • Sea Travel

By Booking Channel:

  • Online Booking
  • Offline Booking


By Geography:

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

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This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.

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The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.

Primary Research:

Primary Research


Desk Research


Company Analysis


•       Identify key opinion leaders

•       Questionnaire design

•       In-depth Interviews

•       Coverage across the value chain


•       Company Website

•       Company Annual Reports

•       Paid Databases

•       Financial Reports


•       Market Participants

•       Key Strengths

•       Product Portfolio

•       Mapping as per Value Chain

•       Key focus segment


Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.

The aforementioned helps to:

  • Validate and improve data quality and strengthen the research proceeds
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  • Supply authentic information about the market size, share, growth, and forecasts

The primary research interview and discussion panels comprise experienced industry personnel.

These participants include, but are not limited to:

  • Chief executives and VPs of leading corporations specific to an industry
  • Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research:

A broad array of industry sources for the secondary research typically includes, but is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor  presentations for a competitive scenario and shape of the industry
  • Patent and regulatory databases to understand technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles, web-casts, and other related releases to evaluate the market
  • Internal and external proprietary databases, key market indicators, and relevant press releases for  market estimates and forecasts



•       Top executives of end-use industries

•       C-level executives of the leading Parenteral Nutrition companies

•       Sales manager and regional sales manager of the Parenteral Nutrition companies

•       Industry Consultants

•       Distributors/Suppliers


•       Annual Reports

•       Presentations

•       Company Websites

•       Press Releases

•       News Articles

•       Government Agencies’ Publications

•       Industry Publications

•       Paid Databases


Analyst Tools and Models:



·         Arriving at
Global Market Size

·         Arriving at
Market Size

·         Market Share
of Key Players

·         Key Market Players

·         Key Market Players

·         Market Share
of Key Players

·         Arriving at
Market Size

·         Arriving at
Global Market Size


Travel and Tourism Market Dynamic Factors


  • Rising disposable income and middle-class expansion.
  • Growing desire for leisure and cultural experiences.
  • Advancements in transportation and accessibility.
  • Digital technology enabling convenient booking and travel planning.
  • Government initiatives to promote tourism and infrastructure development.
  • Globalization and increased business travel.


  • Impact of global events, such as pandemics and security concerns.
  • Environmental sustainability challenges and climate change awareness.
  • Fluctuations in currency exchange rates affecting travel costs.
  • Over-tourism in popular destinations causing overcrowding.
  • Regulatory hurdles, including visa requirements and travel restrictions.
  • Natural disasters and unpredictable weather affecting travel plans.


  • Expansion of emerging markets and untapped tourism sectors.
  • Sustainable and eco-tourism initiatives.
  • Personalized and experiential travel offerings.
  • Collaborations between governments and industry players to boost tourism.
  • Cultural and heritage tourism promotion.
  • Technology-driven innovations in travel services.


  • Balancing economic growth with environmental sustainability.
  • Ensuring safety and security for travelers.
  • Adapting to changing traveler preferences and demographics.
  • Competing with the sharing economy and disruptive technologies.
  • Navigating complex and ever-evolving regulations.
  • Addressing the post-pandemic recovery and evolving health and safety protocols.

Frequently Asked Questions

The global Travel and Tourism market size was valued at USD 5.7 trillion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 5.9% during the forecast period, reaching a value of USD 9.8 trillion by 2030.

Key factors driving the growth of the Travel and Tourism market include rising disposable income, increasing desire for leisure and cultural experiences, advancements in transportation, and government initiatives to promote tourism. Digital technology, such as online booking and mobile apps, has also played a pivotal role in facilitating travel.

Current trends and advancements in the Travel and Tourism market include the rise of sustainable and eco-tourism, personalized and experiential travel offerings, and technology-driven innovations such as contactless check-ins and virtual reality travel experiences.

Various regions and countries are expected to dominate the Travel and Tourism market, with popular destinations like Europe, Asia Pacific, and North America drawing a significant share of international travelers. However, emerging markets in Africa and South America also hold great potential for growth.

Major challenges in the Travel and Tourism market include balancing economic growth with environmental sustainability, ensuring safety and security for travelers, and adapting to changing traveler preferences. Opportunities lie in expanding tourism in emerging markets, promoting cultural and heritage tourism, and embracing technology to enhance the traveler experience.
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