Friday, August 23, 2024 The global Tourism Source Market is projected to grow significantly, reaching an estimated value of $1.1 trillion by 2032, with a compound annual growth rate (CAGR) of 6.6% from 2023 to 2032, according to a report by Allied Market Research.
The market, valued at $599.40 billion in 2022, continues to expand due to rising demand for travel and tourism services across the globe. Tourism, which involves traveling for leisure, recreation, or business purposes, is a major global industry.
It includes exploring various destinations, cultural landmarks, and natural landscapes, as well as engaging in activities such as sightseeing, adventure sports, and cultural immersion. The tourism sector not only promotes the management and administration of travel services but also significantly contributes to social, cultural, and economic developments worldwide. In recent years, the rise of travel to unique and eco-tourism destinations has shown remarkable resilience.
Notable hotspots include Iceland, Kenya, Palau, and Nepal, which have seen substantial increases in tourist arrivals. For instance, Nepal recorded a 24% increase in travelers in 2018, reaching over 1.17 million visitors by the year’s end.
Similarly, Kenya saw a 37% rise in tourist arrivals, surpassing the two million mark in the same year. Additionally, eco-tourism destinations like Costa Rica, the Galapagos Islands, and Panama are gaining popularity. Ethiopia has also emerged as a key player by focusing .