New research suggests global tourism is worth more than US$7,581bn (€7,075bn, £6,088bn) with the market expected to surge in value to US$11,382bn (€10,622bn, £9,140bn) by 2025.
The report, by market research and consulting company Research Nester, said that forecasted year-on-year growth in for tourism was 3.9 per cent, meaning that by 2025 tourism will account for 10.6 per cent of global GDP.
In-line with this, total investment for the global travel and tourism sector is anticipated to surge from US$814bn (€760bn, £654bn) in 2014 at a year-on-year growth rate of 4.7 per cent to reach US$1,336bn (€1,246bn, £1,072bn) in 2025.
Europe’s tourism industry has the lion’s share of the market, accounting for 51 per cent in 2015. The industry is spiked by the increase in tourist numbers for France, Spain, Italy, Germany and the UK, with UK tourism accounting for US$142bn (€132.5bn, £114bn).
North America is also strong, with its travel and tourism industry accounting for US$1,412bn (€1,317bn, £1,133bn) in 2015. As a stand-alone country, the US accounts for the largest travel and tourism market in North America by some margin, accounting for US$1,218bn (€1,136bn, £978bn), with Canada a distant second at US$98.2bn (€91.6bn, £78.8bn).
On a global scale, the Asia-Pacific region accounts for 9.4 per cent of global tourism GDP, with the areas forecast to witness the highest growth between 2015-2021. According to the report, the market is likely to get propelled from strengthening economy, rise in disposable income and increasing infrastructural developments in some of the major countries such as India, China, Japan and Singapore. Backed up by these factors, Asia-Pacific region is projected to attract more than 502 million visitors in 2020.
For the full report,
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