Travel & Tourism Market Could Be Worth the US $16.20 Billion by 2031

From 2022 to 2031, the travel and tourism industry is expected to grow at a 15.5% CAGR. As per industry data 2022, the increased popularity of eco-friendly and sustainable tours would be behind this tremendous growth expected of the travel industry. Furthermore, the trend of special interest tourism is likely add additional momentum to the industry’s growth.

The travel business is expanding as a result of increased discretionary income, the desire among millennials for immersive tours, and people’s desire to explore cultures in various places.

Eco-tourism advancements are broadening opportunities in the travel and tourist business. Many clients are interested in attending excursions to promote health and fitness. Popularity of wellness tourism has been on the rise for past several years now and is likely to continue in the near future. The increase in the number of corporate business visits over the last several years has also contributed significantly to the travel and tourism sector.