The travel and tourism industry has grown exponentially over the last decades. Now, the travel industry is the largest one all across the world. You get this when you add all parts of it and every sector of it together in the world. What to expect from the travel industry in the years to come? Where to get a reliable and affordable travel merchant account to grow your business? This article will tell you what and where.
Travel Industry by 2030: Latest Research
The travel industry in Europe and the Americas is projected to further grow. The growth rate in these two regions is incomparable to the other ones. It accounted for about 1.2 billion international arrivals in 2015, compared to 25 million in 1950.
By 2030, the travel industry is going to account for 2.4 billion international trips.Artificial Intelligence (AI), big data, and cloud computing all contribute to the growth of personalized and frictionless travel experiences.China, France,and the US will be the two top beneficiaries of international arrivals.
The new research from Euromonitor International shows that global arrivals will grow by 5% between 2017 and 2018. As a result, they’ll account for 1.4 billion trips, thanks to an upgraded economic outlook for major economies such as the US, Japan, and the Eurozone.
What is more, low-cost carriers are anticipated to witness a 6% passenger growth rate between 2018 and 2023, surpassingthe scheduled operators.Travel intermediaries are also expected to further grow. By 2023, they’re anticipated to exceed $2 trillion.
Future of the Travel Industry: Travel Merchant Account
The Skift Global Forum has recently been held in New York City. The professionalsin the field were sharing their thoughts on the future of the travel and tourism sector and making projections of where the industry would be heading to in the coming years.
Overall, talks of authentic and immersive travel have been dominant in 2018. In fact, this trend is going to evolve further and include meaningful experiences. Moreover, the industry is going to witness more partnerships between ultra-high-end brands such as Hermes with hotels to offer exclusive experiences to discerning travelers.
With all this in mind, look for only a reputable merchant services provider to work with. With a reliable and experienced payment processor, you can open a travel merchant account without any difficulty at all. Only a true professional in the field can help you get the right merchant services tailored to your own specific business wants and needs. With a respectable payment expert, you can enjoy the lowest rates and the best terms in the industry.
According to Nadejda Popova, travel industry manager at Euromonitor International, rising incomes and middle classes make consumers worldwide become more confident. Young and urban consumers are on the lookout for new travel experiences, which results in more targeted services and products than ever before.
Historically, travel was a luxury only available to those who were wealthy enough to afford it. Today, the situation has changed. Travel barriers are lowering, and real travel costs are falling, thus making the travel and tourism industry flourish.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers an affordable and secure travel merchant account, and other merchant services. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.