Although it took three years for the global travel and tourism sector to fully recover after COVID-19, the entire market has picked up the pace of solid growth and is on its way to reaching a new massive milestone. According to data presented by Stocklytics.com, the global travel and tourism industry is expected to gross $927 billion in revenue this year, 8.3% more than in 2023. This figure will grow by 14% and hit over one trillion dollars in 2027. Camping and cruises will remain the fastest-growing segments Four years after COVID-19 hit, it seems like the travel and tourism sector was never down on its knees, with people worldwide spending billions of dollars on traveling and vacation. Although inflation has significantly raised the prices of accommodation and tourist services,...
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GlobalData says, COVID-19 is accelerating digitization COVID-19 has accelerated the need for companies within the travel and tourism industry to rapidly invest in digital strategies including the global online travel market which is expected to grow at a compound annual growth rate (CAGR) of 8% to reach $765.3 billion between 2022 and 2025, according to GlobalData. The leading data and analytics company notes that due to more consumers shifting to e-commerce, if players fail to invest in a robust digital strategy, they will allow their competitors to take a greater share of the market. FILE PHOTO: A man rides a horse at Cha-Am Beach, amid the coranavirus disease (COVID-19) outbreak, in Phetchaburi province, Thailand, December 25, 2021. REUTERS/Athit Perawongmetha GlobalData’s lat...
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