A new market report published by Transparency Market Research expects the global travel & tourism market to reach US$ 13,556.4 Bn by 2027, expanding at a CAGR of 5.2% from 2019 to 2027. The report has segmented the market in terms of regions into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.

According to report, Asia Pacific is the largest travel & tourism market in the world and is a growing market. As per the UNWTO Report 2018, the number of international tourist arrivals in Asia Pacific has augmented from 82.0 million in 1995 to 323.1 million in 2017, holding a market share of 24.0% in 2017 of global international tourist arrivals. The average annual growth from 2005 till 2017 was 6.4%. In the Asia Pacific travel & tourism market, China, Japan, and India are the top three travel and tourism markets. China is the largest travel and tourism market in Asia Pacific followed by Japan and India.

The report further states that the travel & tourism market in North America is a mature and organized market and the second largest in the world. The number of international tourist arrivals in North America (including Caribbean and Central America) increased from 97.1 million in 1995 to 174.0 million in 2017, holding a market share of 13.0% in 2017 of global international tourist arrivals. The average annual growth from 2005 till 2017 was 3.7%. The number of international tourist arrivals in the U.S. increased from 60,010 in 2010 to 76,941 in 2017, holding a market share of 36.5% in 2017 of international tourist arrivals in the whole of the Americas.

The third largest market in the world is Europe as per the report. The number of international tourist arrivals in Europe increased from 308.5 million in 1995 to 671.7 million in 2017, holding a market share of 51.0% in 2017 of global international tourist arrivals. The average annual growth from 2005 till 2017 was 3.3%. In the Europe travel & tourism market, Germany, the U.K., and France are the top three travel and tourism markets. Germany is the largest travel and tourism market in Europe, followed by the U.K. and France. Furthermore, Middle East & Africa (MEA) is a growing travel & tourism market.

The TMR report highlights some of the key companies operating in the global travel & tourism market that include TUI Group, Hilton Worldwide Holdings Inc., Carnival Corporation & plc, Airbnb, Inc., Crown Resorts Ltd., Accor plc, Balkan Holidays Ltd., G Adventures, Adris Grupa d.d., and OYO Rooms.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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