E-Tourism Market

E-Tourism Market Size (2024-2029):

The Global E-Tourism Market size is estimated at USD 1,240 million in 2023 and is anticipated to reach a valuation of USD 2,542 million by 2029, and is predicted to register a CAGR of 12.71% during the forecast period 2024-2029.

Market Overview:

Technology has played an important role in the tourism industry, giving rise to e-tourism or electronic tourism even more. The design, implementation, and application of IT with e-commerce solutions have helped the travel and tourism industry grow. There is an emergence of the e-commerce sector in tourism known as e-tourism that involves the digitization of all processes, including members of the value chain involved in the tourism, travel, and hospitality industries. It is a means of establishing business relationships through the use of the Internet to offer tourism-related products such as flights, hotel reservations, car rentals, etc., allowing organizations to maximize efficiency and overall efficiency. For tourism companies, the Internet offers immense help by making information and reservation services available at a low cost to a large number of tourists. It also provides a useful tool for communication between tourism intermediaries, suppliers, and end consumers.

Market Drivers and Restraints:

The comfort factor associated with the application and implementation of the e-tourism market has been an important factor in its development. E-tourism allows customers to access all relevant information from the desired and associated websites. Additionally, the processes associated with e-tourism are fast and secure, while providing the control and freedom to plan the trip accordingly. Access to the complete travel package as well as the strategic possibility of knowing all the relevant information related to the place has helped customers to opt for electronic means to make their travel plans. In addition, it also saves time and reduces the need for physical effort, which has also been an important benefit, acting as another important driver for this e-tourism market.

With all these factors positively driving the market, there are certain restrictions that limit the growth of the market. One of these important factors is technology dependence on customers, which is a major constraint for this e-tourism market. People who do not have access to a computer or the Internet cannot benefit from all its features, which limits this business. Another important limitation is the misinterpretation of the information which can cause problems for various customers. After considering all these factors and limitations, technological advances, as well as the penetration of the Internet for the provision of various services, are supposed to provide growth opportunities for this market in the coming years.

E-TOURISM MARKET REPORT COVERAGE:

Market Segmentation:

E-Tourism Market – By Type of System:

• computer reservation systems
• property management systems
• social networks
• global distribution systems

E-Tourism Market – By Application:

• The hospitality industry
• The aerospace and medical industry

Market Regional Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

It is North America followed by Europe forms some of the main regions in this market. Technological advances, as well as better access to information, have been one of the main drivers in this area. The Asia-Pacific is an important region and has one of the fastest-growing regions in the world. Japan, India, and China are some of the main areas contributing to the expansion of this market. The advent of technology and the growing demand for secure access to information have been some of the main drivers in this locale.

Impact of COVID-19 on the E-Tourism Market:

The outbreak of the coronavirus disease acted as a massive strain on the market for the tourism and hospitality sector in 2020, with governments globally imposing restrictions on domestic and international travel limiting the need for the services. COVID-19 is an infectious disease with flu-like symptoms, including fever, cough, and shortness of breath. The virus was first identified in 2019 in Wuhan, Hubei province in the People's Republic of China, and has spread throughout the world, including Western Europe, North America, and Asia. Measures taken by national governments to contain transmission have led to a decline in economic activity, with countries entering a state of lockdown, and the outbreak is expected to continue to negatively affect businesses through 2020 and into 2021. However, with the relaxation of lockdown conditions, the e-tourism market is believed to bounce back soon.

Market Key Players:

The Global E-Tourism Market is concentrated with a few well-established players such as

1. G Adventures
2. Fred Harvey Company
3. Balkan Holidays Ltd
4. Accor Group
5. Crown Ltd

Market Recent Developments:

• SoftBank Group Corp. rode red-hot stock markets to a big quarterly profit, largely on the back of investment gains at its $100 billion Vision Fund and its $10 billion successor. The Japanese technology investor witnessed a net profit of ¥1.17 trillion, which is almost equivalent to USD 11 billion, during the quarter that ended on December 31. Nearly 80% of the investment gains were due to strong performance at Vision Funds 1 and 2.
• IBM will pay GlobalFoundries $ 1.5 billion over the next three years to bring the Mubadala-owned company back to its failed microelectronics business. IBM is moving away from the unit to focus on cloud computing development, big data and mobile data analytics, and semiconductor research in which it has invested $ 3 billion over five years. New York-based GlobalFoundries will acquire IBM's semiconductor, engineering, and intellectual property business assets.