KUALA LUMPUR, Sept 27 (Bernama) -- The travel industry is set to record strong growth with international arrivals reaching 2.4 billion by 2030, corresponding to USD2.6 billion (RM10.76 billion) in incoming receipts. (USD1 = RM4.14)
The market research company, Euromonitor International in a statement released the new data on the future of the travel industry which China, France and the US are the main beneficiaries of international arrivals.
Travel industry manager at Euromonitor International, Nadejda Popova said the sharing economy and digitalisation are bringing new business models with consumers becoming more sophisticated and demanding.
Therefore it is critical to provide a seamless travel experience for competitive advantage, from the inspiration stage, through search and booking to in-destination services with Artificial Intelligence (AI), big data and cloud computing help to drive for personalised and frictionless travel experiences.
The research reported that global arrivals will grow by five per cent between 2017 and 2018 to reach 1.4 billion trips while low-cost carriers are expected to show a passenger growth rate of six per cent in 2018 to 2023, thus outperforming the scheduled operators.
The travel intermediaries are also forecast to exceed USD2 trillion by 2023 stimulated by digital advances and the shift to mobile sales representing 70 per cent of travel agents’ sales in 2017.
Euromonitor International’s analysts will introduce the ‘Megatrends Shaping the Future of Travel’ report on November 6 at the World Travel Market (WTM) in London. More details about the company at www.euromonitor.com.
--BERNAMA
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