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Tourism

Overview of the tourism industry

The tourism industry is among the global economy’s central and leading segments. It is due to the segment's extensiveness and high values. For example, in recent years, it has extended to feature more than 5 million enterprises. They employ over 270 million workers, or approximately 8.2% of the global workforce. These include popular destinations employing between 20 and 28% of their total enrollment in the industry. It comprises segments such as transportation, hospitality, and entertainment. They also operate within segments that link the tourism industry to other sectors. These include financial, education, restaurant, and catering sectors. They also feature the health, sports, leisure, and education segments. They likewise include the agriculture, health, and F&B industries.

Is the industry extensive and of high value?

The extensiveness of the segment, including its notable connectedness, is due to various causes. Among them is the popularity of tourism as a means of enjoyment for many members of society. For example, the expected number of international tourists is expected to reach 1.53 million in the upcoming years. It results in a segment that reaches turnovers of $10.9 trillion. Thus, it accounts for 9.1% of the global GDP. Also, it is expected to continue developing at a year-on-year CAGR of more than 17.24% in the upcoming years.

Is the industry innovative?

It is due to its high focus on researching and developing innovations. It enables it to meet the latest industry standards, tourist trends and challenges. Generally, the sector presents its most recent novel solutions during trade expos. It includes annual and biannual events in diverse countries. They attract millions of attendees.