International Tourism Market is estimated at US$ 8.9 trillion by 2027 and is growing at a CAGR of 3.1% during the foreseen period 2022 to 2027. International tourism is tourism where tourists cross national borders. Globalization has made tourism a popular leisure activity around the world. International tourism has become popular around the world as a leisure activity with easy traveling facilities. International tourism has grown into a multi-billion-dollar industry. Tourism is very important in many countries like United Arab Emirates, Nepal, Thailand, Nepal, Maldives, etc. Tourism has a direct impact on the social, cultural, educational, and economic sectors of many countries and helps to build international relationships.

Market Drivers and Restraints:

The increase in income is driving the growth of the global tourism market leading to continuous growth in international tourism. The urge to explore the world among young adults is expected to expand the global international tourism market. Traveling has become increasingly common all over the world. Hence, spending on leisure travel and business travel has seen a yearly increase.

However, disease outbreaks such as Ebola in specific countries affect global tourism to a large extent. The Ebola outbreak in West Africa affected the tourism market in the African region. Also, fear of Covid-19 and travel restrictions posed due to Covid-19 are expected to hinder the growth of the global international tourism market. The growing domestic tourism in developing countries, high cost of traveling internationally, Cultural and communal barriers, cultural clashes among various countries, Seasonal fluctuations, and low-paying jobs in the service sector are expected to hinder growth in the global international tourism market. The rising prices for travel and hotels are making customers opt-out of international tourism. Many cultural and communal barriers such as language barriers among tourists and locals. The high-security risks for tourists traveling to under-developed and developing countries pose an immense challenge for the global international tourism market.

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Report is segmented as:

International Tourism Market is segmented on the basis of by:

By Type (Adventure Tourism, Cultural Tourism, Hospitality Tourism, Culinary Tourism, Business Tourism Medical Tourism Others)
By Services Provided: (Accommodation, Food & Beverages, Recreation & Entertainment, Transportation, Travel)
Geographical Segmentation:

North America
Europe
Asia-pacific
Latin America
Middle East & Africa
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Impact of COVID-19 on the International Tourism Market:

Due to the COVID-19 pandemic there is an unprecedented global health, social and economic crisis. International tourism, considered one of the most affected areas experiences a massive fall since all the boarders were closed inorder to get rid of virus. The global revenue was dropped by 17 percent with an estimated loss of 2.4 trillion $. With the launch of vaccines, the industry is expected to recover. However, the fear of Covid-19 among tourists is slowing market growth. A full recovery is expected in 2023. The recent growth is due to countries easing travel restrictions and coming out of lockdowns and businesses resuming operations.

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