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Travel Market to Grow by USD 5.50 Trillion (2024-2028), with AI Driving Market Transformation and Rising Demand for Experiential Travel – Technavio Report

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NEW YORK, Sept. 17, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global travel market  size is estimated to grow by USD 5.50 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  18.52%  during the forecast period.  Growing popularity of experiential travel is driving market growth, with a trend towards increasing international tourist footfall. However, threat from growing terrorism  poses a challenge. Key market players include Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Sector (Transportation, Hotel, and Travel activities), Type (Leisure and Business), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc.

Key Market Trends Fueling Growth

Inbound tourism has experienced significant growth worldwide, leading to an increase in the number of tourists and demand for travel activities. Business travel, both international and domestic, is a significant contributor to this trend. The presence of numerous multinational corporations drives corporate visits, boosting the travel industry. Online travel platforms cater to the rising demand for travel activities from an increasing number of international tourists, primarily from North America, Europe, and the Pacific region. Government initiatives, such as improved connectivity through new airports, further fuel tourism growth. Overall, these factors are expected to expand the global travel market during the forecast period. 

The travel industry is experiencing significant shifts driven by trends such as the growing middle class population, heightened security and health concerns, and the increasing role of foreign tour operators and online platforms. Digital transformation is at the forefront, with tourists relying on online resources for trip planning, booking flight tickets and hotels, and even renting cars. Economic stability and leisure activities continue to be key motivators for vacations and holiday packages. The pandemic has created an acquisition opportunity for online travel agents, with promotional activities and new year holidays driving bookings. Mobile apps and holiday packages for international cities cater to elite travelers seeking new experiences in unexplored destinations. The luxury travel market remains strong, with a focus on security and personalized services. Overall, the online travel market is thriving, offering tourists convenience, affordability, and access to a world of new opportunities. 

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Market Challenges

Terrorist activities have grown globally since 2016, with the primary goal being to instill fear and alter people’s behavior. An example is the bombing on January 1, 2023, at a Kabul checkpoint near the commercial airport, resulting in injuries and fatalities. This incident directly affects industries like hotels and travel, as border clearances experience delays and stricter inspections. Furthermore, heightened security around oil and gas pipelines and electricity transmission lines leads to increased costs. Travel insurance and reinsurance also become more expensive. Consequently, the rise in terrorist activities may impede the expansion of the global travel market during the forecast period.The travel market faces various challenges in both the tourism sector and beyond. Micro trips are popular, but providing personalized services, reliable transport, and professional interaction remains crucial for customer satisfaction. Political stability is essential for business growth, especially for customized tours and private tours. Technological advancements, such as the adoption of IoT, impact airlines, cruise liners, hotels, and resorts. Natural disasters and stringent immigration policies pose risks. Business, sports, and cultural events drive domestic and overseas travel. Governmental support and infrastructural development are vital for addressing challenges like public transportation and accommodation facilities. Rapid globalization and the interconnected world increase competition, requiring technical integration and online booking platforms. Social media networks and influencer marketing influence travel decisions. Country revenue depends on addressing challenges like political instability, natural disasters, and stringent immigration policies.

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Segment Overview 

This travel market report extensively covers market segmentation by

Sector 1.1 Transportation1.2 Hotel1.3 Travel activitiesType 2.1 Leisure2.2 BusinessGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Transportation-  The Travel Market is a thriving industry that connects service providers with customers seeking unique travel experiences. It offers various opportunities for businesses to expand their reach and increase sales. By utilizing effective marketing strategies and providing exceptional customer service, companies can attract and retain customers. The Travel Market also encourages innovation and collaboration, allowing businesses to offer competitive prices and diverse offerings. Overall, it is a dynamic and profitable sector that continues to grow and evolve.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The online travel market has experienced significant shifts in the wake of the pandemic, with a growth in domestic tourism and an increase in bookings for New Year holidays. Mobile apps have become essential tools for travelers, allowing them to easily compare holiday packages, book flights, hotels, car rentals, and more. The adoption of IoT technology in the tourism sector offers new experiences and personalized services, creating opportunities for innovation. However, political instability, natural disasters, and stringent immigration policies pose challenges. The acquisition of smaller players in the online travel market presents opportunities for growth, particularly in the luxury travel market catering to elite travelers. Unexplored destinations and micro trips are also gaining popularity as travelers seek new experiences. Business and sports travel are expected to rebound as restrictions ease. Despite these trends, the tourism sector continues to face uncertainty and must adapt to changing consumer preferences and external factors.

Market Research Overview

The online travel market has seen a significant boost during the pandemic as people look for acquisition opportunities in the tourism sector. Domestic tourism has become a popular choice for travelers, leading to an increase in bookings for new year holidays. Mobile apps and online travel agents offer convenience for holiday packages, car rentals, and international city explorations. The luxury travel market caters to elite travelers seeking new experiences in unexplored destinations. Micro trips and personalized services are also in demand, as is reliable transport and professional interaction. Political stability, customized tours, and private tours are essential for some travelers, while others prioritize baby boomers, Gen X, and millennials’ preferences. Technological advancements, such as the adoption of IoT, have transformed the industry, with online booking platforms, travel websites, and rapid globalization playing key roles. However, challenges such as political instability, natural disasters, and stringent immigration policies persist. Business, sports, and leisure activities continue to drive travel, with economic stability and infrastructure development crucial for the tourist industry’s digital transformation. Online resources, flight tickets, hotels, and trip planning remain essential, with health and security concerns also influencing travel decisions. Foreign tour operators and online platforms cater to various tourist destinations, while influencer marketing, travel blogs, and user-generated content shape travel trends. Country revenue depends on public transportation, accommodation facilities, and the middle class population’s growing demand for travel.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

SectorTransportationHotelTravel ActivitiesTypeLeisureBusinessGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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TCI Network: Cluster development policies in Latin America need continuity

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MEXICO CITY, Sept. 20, 2024 /PRNewswire/ — Latin America is a region in the world where “cluster policies have been developed more,” mainly in Mexico and Colombia. However, these initiatives have had “boom periods that later have not had continuity,” says Alberto Pezzi, founder of TCI Network, a global network dedicated to exchanging and improving practices in this sector.
“The main problem in several Latin American countries has been the initial implementation of certain norms and institutions to support the cluster policy that later, with a change of government (…) or due to a lack of trained personnel, are abandoned,” he said. 
For Pezzi, who has been working in this field for 25 years, clusters have helped to strengthen dialogue between the public and private sectors, to understand the problems companies have, and for small and medium-sized businesses to implement “strategic changes” to increase their competitiveness.
The also former CEO of TCI was optimistic about the promotion of cluster policies. He also recognized the work members of the Economic Commission for Latin America and the Caribbean (ECLAC) have done in Colombia in creating the Cluster Initiatives Platform.
To continue to strengthen these ecosystems in the region, Pezzi highlighted that this year the city of Chihuahua, in northern Mexico, will host the 27th TCI Global World Conference from October 8 to 10. There attendants will talk about the application models of artificial intelligence in clusters and the construction of a more collaborative future, considering the emergence of disruptive technologies.
“TCI’s annual event is the point of reference for professionals who are dedicated to the development of clusters around the world and the expectation is, on the one hand, to learn about methodologies, projects, good cluster practices and, at the same time, innovation ecosystems,” he said.
Also, the organizers said that the intention is to publish a white book for all the conclusions of the meeting. These would contain lessons learned from local networks and internationally recognized panelists, such as the expert in artificial intelligence, Rebeca Hwang, and Mariana Mazzucato, an economist specializing in development issues.
Regarding this year’s event, Pezzi said that Chihuahua is a special place for TCI. The state was where the American economist Michael Porter and other “cluster methodology pioneers” met in 1997 to celebrate the first International Cluster Workshop.

https://tciglobalconference.com/2024/
https://desec.mx/

View original content:https://www.prnewswire.co.uk/news-releases/tci-network-cluster-development-policies-in-latin-america-need-continuity-302254087.html

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This Week in Finance News: 10 Stories You Need to See

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A roundup of the most newsworthy financial press releases from PR Newswire this week, including a new Volkswagen/Wells Fargo agreement and Americans’ worries about the election’s impact on their finances.

NEW YORK, Sept. 20, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

Volkswagen Financial Services U.S. and Wells Fargo announce cooperation agreement for vehicle purchase financing of Volkswagen, Audi, and Ducati brands in the United States
Wells Fargo will provide new U.S. consumer retail financing for vehicle purchase as a co-branded offering, with an estimated transition beginning in April 2025.Credit Builders Alliance Launches New Financial Inclusion Pilot Program Using VantageScore 4plus™ Open Banking Credit Score
The program, with support for technical assistance from JPMorganChase, will select and lead a cohort of ten CBA nonprofit members to test the VantageScore 4plus credit score that uses both credit report data and alternative open banking data to generate a more predictive credit score, especially for underserved or “thin” credit file consumers. Eight in 10 Americans worry about the impact of the election on their retirement plan Two in 10 (19%) Americans believe the election will affect when they retire—a concern most prevalent among Gen Z (29%), according to the study of 1,000 U.S. adults. Americans who have not retired yet also fear inflation has set back their retirement goals, delaying them by nearly 8.5 years on average (55%).Carver Bancorp, Inc. Names Donald Felix President and CEO, Effective November 01, 2024
Donald Felix is only the sixth CEO in Carver’s 76-year history and will also serve as a member of the Carver Board. Carver continues to pay its mission forward, focusing on Minority and Women Business Enterprises and the growing middle-income neighborhoods it serves.National Real Estate Brokerage REALTY OF AMERICA Announces Launch
Four industry titans come together to launch Realty of America. The virtual brokerage invests in agents through technology, training, culture, and an innovative compensation structure.Two Boxes Secures $5.3M in Oversubscribed Funding Round
The oversubscribed funding round led by Peterson Ventures more than doubled the company’s valuation and saw participation from new investor Assembly Ventures, alongside renewed support from existing backers Vinyl, Range Ventures, and Matchstick Ventures. With Two Boxes, brands and 3PLs optimize returns inspection, prioritization, processing, tracking, and a growing list of obstacles.Stratix and Samsung Drive Financial Services Innovation with Mobile-First Solutions
Stratix services and Samsung’s state-of-the-art devices powered by Android empower financial service organizations to improve workflows, increase automation, and create better experiences for users and customers. AES Announces Strategic Partnership with CDPQ to Support AES Ohio’s Robust Growth Plans
The AES Corporation announced that it reached an agreement to sell a 30% indirect equity interest in AES Ohio to CDPQ, a global investment group, for approximately US$546 million, with closing expected in the first half of 2025.Announcing the 2024 Most Powerful Latina Summit at L’ATTITUDE: Celebrating the Trailblazers Powering the $3 Trillion U.S. Latino Economy
Now in its 8th year, the Most Powerful Latinas list continues to highlight the critical contributions of Latina leaders across multiple industries. Released at the Most Powerful Latina Summit during L’ATTITUDE, this year’s list reflects the growing influence of Latinas in shaping the New Mainstream Economy.IEX Enters Options Market with Top Talent and Innovative Solutions
IEX Group, Inc. announced that it will launch a U.S. options exchange to partner with liquidity providers to uniquely tackle risk management challenges experienced in the options markets, pending regulatory approvals.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

About PR Newswire

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ATFX Connect Wins “Institutional Forex Broker of the Year 2024” Award

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HONG KONG, Sept. 20, 2024 /PRNewswire/ —  ATFX Connect, the institutional division of ATFX Group, has been recognised for its exceptional service and innovative technology platform, earning the prestigious “Institutional Forex Broker of the Year 2024” award from Corporate Vision. This accolade reflects ATFX Connect’s client-first approach, advanced liquidity solutions, and leadership in the institutional brokerage industry.

This accolade acknowledges ATFX Connect’s contributions in the field of institutional brokerage services and affirms its continuous efforts in driving industry progress and innovation.

Corporate Vision magazine, an internationally renowned business and financial information platform, presents its annual Corporate Excellence Awards to honor companies and individuals who demonstrate excellent leadership, innovation, and performance in their respective fields. This year, ATFX Connect, earned unanimous praise from the judging panel for its professional service team, efficient trade execution system, and comprehensive solutions tailored for institutional clients.

The magazine also featured an extensive report on ATFX Connect, highlighting its customer-centric approach. The core focus is providing clients with fast and straightforward access to financial markets, along with all the necessary tools, which has always been a hallmark of the brand.

ATFX Connect continues to customise liquidity solutions based on client needs while maintaining competitive pricing. Clients benefit from competitive spreads across 65 different currency pairs and access to over 20 liquidity providers, including Tier 1 banks and non-bank liquidity. Looking ahead, ATFX Connect plans to offer services specifically tailored for professional traders.

With the establishment of its Australian office, the brand’s influence continues to grow. ATFX has laid out an ambitious development blueprint, to enhance its brand influence and leverage its unique advantages to expand into broader international markets.

About ATFX
ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK’s FCA, Cypriot CySEC, UAE’s SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.

For further information on ATFX, please visit the ATFX website: https://www.atfx.com.

About ATFX Connect
ATFX Connect is a trading name of AT Global Markets (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. ATFX Connect’s bespoke liquidity offerings are available to institutions, hedge funds, broker-to-broker, family offices, asset managers, and High-Net-Worth Individuals.

ATFX Connect supports institutional clients by providing them with direct market access to liquidity from T1 banks and non-bank providers in Spot FX, Precious Metals, and CFDs. In addition, the flexible infrastructure enables ATFX to manage aggregation and pricing and allows integration with any third-party platform.

AT Global Markets (UK) Limited is part of the ATFX Group. For further information on ATFX Connect, please visit the ATFX Connect Website: https://www.atfxconnect.com

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