Revenue in the Travel & Tourism market is projected to reach US$190.40bn in 2023.
Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 3.17%, resulting in a projected market volume of US$215.70bn by 2027.
The market's largest segment is Hotels with a projected market volume of US$106.10bn in 2023.
In the Hotels, the number of users is expected to amount to 160.6m users by 2027.
User penetration is 67.4% in 2023 and is expected to hit 68.7% by 2027.
The average revenue per user (ARPU) is expected to amount to US$0.84k.
In the Travel & Tourism market, 71% of total revenue will be generated through online sales by 2027.
In global comparison, most revenue will be generated in the United States (US$190.40bn in 2023).
The Travel & Tourism market contains package holidays, hotel stays, private vacation rentals, camping and cruises. Users represent the number of travelers. Well-known providers of package holidays are online travel agencies (OTAs) such as Expedia and Opodo and tour operators such as TUI. Specialized providers of hotels and private accommodation booked online are, for example, Hotels.com, Booking.com, and Airbnb. The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.
Offline bookings made, for example, in a travel agencies office or by telephone are also included in this segment
Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone