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[196+ Pages Report] According to Facts and Factors' newest study, the global E-tourism market was valued at over USD 886.07 billion in 2020, and is predicted to reach USD 1,699.80 billion by the end of 2026, rising at an extraordinary CAGR of nearly 11.50% between 2021 and 2026.
E-tourism is the package that refers to the use of technological and virtual communication for integrating the tourism sector. E-tourism involves the digitization processes that are involved in the traditional tourism market for better functionality and usability for quicker solutions in sectors of the value chain that deal with the logistics of the following. It involves procurement and booking of flights, hotels, reservations, car renting services, and other forms of travel that are required. The E-tourism industry relies heavily on internet-based services for all forms of support that make the consumers travel more leisurely and comfortably on. Furthermore, they provide a smooth form of communication between all chains involved in the process.
The major factor associated with the steadiness in the growth of the e-tourism sector can be contributed to the comfort that comes associated with a well-implemented system. Electronic communications allows for a far greater reach across consumers in untapped markets. Furthermore, with growing connectivity services and greater advancements in technology in the smartphone sector, the growth of the e-tourism market seems to be capped at a stable rate for the forecast. Furthermore, complete access to all the latest travel guides and access points to relevant locations help consumers plan their routes in a well-advanced manner. This takes away the major physical exertion consumers feel during travel plans. These factors further propel the growth of the e-tourism market to a great extent.
The heavy dependency on technological framework might restrain the growth of the e-tourism market to a certain extent. Additionally, the lack of compatible computers or smartphones on consumers for easy access will also hamper the growth of the market during the forecast period. Furthermore, with an increase in phishing attacks and misleading information being posted all across the internet, consumers are bound to fall for these pitfalls which takes away some share of the consumer base from the e-tourism market.
The global e-tourism market can be segmented on the basis of type, applications, and regions.
On the basis of type, the global e-tourism market can be divided on the basis of computer reservation systems, property management systems, social networks, and global distribution systems. On the basis of applications, the global e-tourism market can be divided into the hospitality industry and the aerospace & medical industry. The hospitality industry is expected to witness the highest market share during the forecast period owing to an increase in demand from consumers for international and inter-region travel.
North America is expected to recoup the largest market share during the forecast period. Factors pertaining to technological advancements with improved access systems for consumers will drive the market in the region. Additionally, the region possesses some of the most aesthetic visual creations in the world which makes them a constant hotspot for global tourist hoarding. Additionally, the region of Asia-Pacific is expected to witness the highest growth CAGR during the forecast period. Countries in the region that account for the largest contribution in the region are Japan, India, and China.
The major participants in the global e-tourism market are Aban Offshore Ltd., Crown Ltd., Accor Group, Balkan Holidays Ltd., Fred Harvey Company, and G Adventures, among others.
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