Global travel market jumps 24%

The global travel industry showed impressive growth in 2023, expanding 24% to US$1.5 trillion.

It's a pivotal moment for the global travel industry; This New Age of travel demands companies to meet rising expectations for digital ease and technological efficiency.

The Phocuswright Conference program is set to drop in September, with a focus on how travel distribution is being totally upended, as new players and paradigms exert their influence. This tussle for control over content, the customer and their allegiance is reaching a new level of intensity.

Ahead of the program, let’s frame the state of the biggest global markets:

• Phocuswright projects annual global travel market growth between 6-10% through 2026.
• Europe continues to capitalize on early gains.
• The Middle East touts strategic positioning and investment in tourism infrastructure.
• North America maintains robust growth pace, leveraging domestic demand and international visitors.
• LATAM's travel market is stabilizing, benefiting from increased connectivity.
• Phocuswright projects that through 2026, the Middle East, LATAM and Eastern Europe will all continue to grow at a faster pace than their more-developed counterparts.
• Online travel continues to outpace total market advances, with a projected CAGR of 9.8% between 2023-2026.

The travel executives and companies driving these numbers will attend The Phocuswright Conference – are you ready to engage with them?