The global travel market is projected to expand by USD 2.86 trillion from 2024 to 2028, according to a recent report by Technavio. The market is expected to grow at a compound annual growth rate (CAGR) of 11.1% during the forecast period.
One of the key drivers of this growth is the rising popularity of experiential travel, with an increasing focus on unique and immersive travel experiences. The trend is also supported by a surge in international tourist visits, further boosting the market’s expansion.
However, the market faces challenges, particularly the growing threat of terrorism, which poses a significant risk to global tourism.
Key players in the market 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.
