Global Domestic Tourism Industry to 2030 – Demand for improved service standards presents opportunities

DUBLIN, November 05, 2021– (BUSINESS WIRE) – “Domestic Tourism Market by Location, Booking Method, Tour Type & Age Group: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com offer.

The size of the domestic tourism market was estimated at $ 1,226.1 billion in 2020 and is expected to reach $ 6,736.1 billion by 2030, registering a CAGR of 13.4 from 2021 to 2030.

The domestic tourism industry has helped mitigate the impact of COVID-19 at least to some extent. Governments around the world have taken strategic steps to rebuild and revitalize the industry while protecting jobs and businesses. In addition, many countries are developing measures to create a more sustainable tourism economy. Strong impact of social media on the tourism industry; increased popularity of agrotourism and ecotourism; and the collective use of artificial intelligence, business analytics, and smartphones to improve user experiences when booking tourism packages and paying is a major contributor to the growth of the domestic tourism market. Countries have recognized the need to prioritize products and destinations of interest to the target market and ensure that they are cost effective.

While the pandemic restrictions are liberal, the trend of rural and nature tourism has increased dramatically. A recent study found that local tourists in South Korea and Thailand are changing their preferences to travel to sparsely populated areas. Rural tourism in many countries can be further developed, especially in agricultural tourism, gastronomic tourism and health tourism, which are important types of rural tourism. The strong increase in demand for rural tourism is expected to accelerate the growth of the domestic tourism market during the forecast period.

In addition, increasing people’s exposure to different forms of social media has improved their knowledge about various trends. Social media is increasingly becoming a pseudo-travel agent. Customers are increasingly choosing travel products and services by seeking advice from people who have stayed or traveled there before. Also, they refer to reviews and detailed information on various social media sites. The views and opinions shared on the sites provide greater transparency regarding products, services and experiences. Thus, the increase in the number of social media users and the increase in the use of social media as a tool for advertising and promotion is expected to promote the growth of the domestic tourism market.

The domestic tourism market is segmented by location, method of booking, type of tour, age group and region. Based on location, the market is divided into local or regional travel and interstate travel. By booking method, it is separated into online travel agency (OTA) and direct booking. Depending on the type of tour, it is fragmented into conferences / meetings, weekend getaways, adventure tours, organized tours, vacation trips and others.

Based on the age group, it is differentiated into under 30, 30-41, 42-49, and 50 and over. By region, it is analyzed in North America (United States, Canada and Mexico), in Europe (Germany, France, United Kingdom, Spain, Italy, Russia, Sweden, Switzerland and the rest of Europe), in Asia -Pacific (China, Japan, India, Australia, New Zealand, South Korea, Thailand, Malaysia, Philippines, Indonesia and rest of Asia-Pacific) and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, Emirates Arab Emirates, Turkey and rest of LAMEA).

Key Benefits

  • The study provides an in-depth analysis of the global domestic tourism market with current trends and future estimates to elucidate impending pockets of investment in the market.

  • The report provides insight into drivers, restraints, and opportunities with impact analysis.

  • Quantitative analysis from 2020 to 2030 is provided to highlight the financial competence of the market.

  • Porter’s five industry forces model illustrates market competitiveness by analyzing various parameters such as the threat of new entrants, the threat of substitutes, the bargaining power of buyers, and the bargaining power of suppliers operating in the market. .

  • The value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.

  • Competitive intelligence highlights the business practices followed by the main market players in various regions.

Market dynamics

Conductors

  • Increased trend of online bookings

  • Uphill climb to unique and exotic vacation experiences

  • Increased influence of social media and its impact on the travel industry

  • Mobile apps, big data analytics and artificial intelligence evolve together amid a burgeoning tourism industry

Constraints

  • Increased rate of terrorism and crime, political uncertainty and natural disasters

  • Inadequate support infrastructure undermines market expansion

Opportunities

  • New emerging destinations

  • Request for improved service standards

  • Eco-friendly tourism – a new trend among millennials

Companies mentioned

For more information on this report, visit https://www.researchandmarkets.com/r/gmlpah

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211105005721/en/

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