As per World Travel and Tourism Council (WTTC), the global travel & tourism industry has grown from US$ 6.03 Trillion in 2006 and reached US$ 8.27 trillion by 2017 growing at a CAGR of 2.9%.
Across the globe, rise in middle class population, rise in travels by millennial population compared to other generations, increased awareness among youth about travel destinations with growth in social networks, and decrease in cost of air travel are increasing the number of people travelling across the globe.
Rise in number of international travel departures across the world and leisure travel is driving the global travel & tourism market. As per World Bank, the number of international travel departures increased from 633.4 million in 1995 to 1.57 billion in 2017 increasing at a CAGR of 4.2% from 1995 till 2017. In 2016, globally as per WTTC, about 76.8% of travel revenue was generated from leisure travel and 23.2% of the revenue was generated from business travel.
Rise in the number of leisure travelers across the world is increasing the market size of the travel and tourism industry. Thus, rise in number of international travel departures, rise in leisure travel, and rise in disposable income and travel promotions by international bodies such as United Nations World Tourism Organization (UNWTO) is increasing the market size of the travel and tourism industry.
Major companies operating in the global travel & tourism market including 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.
The Transparency Market Research study provides a conclusive view of the global travel & tourism market by segmenting it in terms of travel days, travel type, and application.