Global travel & tourism market is expected to reach US$ 13,556.4 billion by 2027

Travel and Tour World | April 17, 2019

According to a new market report, the global travel & tourism market is expected to reach US$ 13,556.4 billion by 2027, expanding at a CAGR of 5.2% from 2019 to 2027. The market is categorized into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.The travel & tourism market in North America is a mature and organized market and the second largest in the world. As per the UNWTO Report 2018, the number of international tourist arrivals in North America increased from 97.1 million in 1995 to 174.0 million in 2017.The U.S. travel & tourism market is the largest, the most organized and mature market in North America.

Spotlight

Hey big spender, luxury’s lap is just a flight away. Welcome to MojoTravels, and today we’re counting down our top five European luxury destinations to visit in 2019.

Spotlight

Hey big spender, luxury’s lap is just a flight away. Welcome to MojoTravels, and today we’re counting down our top five European luxury destinations to visit in 2019.

Related News

TRAVEL TECHNOLOGY

SKT and Joby Join Forces to Bring Air Taxi Service to South Korea

Joby | February 07, 2022

SK Telecom (NYSE:SKM, “SKT”), South Korea’s leading telecommunications company, and Joby Aviation (NYSE:JOBY, “Joby”), a California-based company developing an all-electric, five-seat aircraft that can take off and land vertically (eVTOL), today announced they will work together to introduce emissions-free aerial ridesharing services to cities and communities across South Korea.SKT’s CEO Ryu Young-sang and Joby’s founder and CEO JoeBen Bevirt signed a strategic collaboration agreement at Joby’s manufacturing facility in Marina, California. The agreement will see the two companies work closely on introducing this revolutionary form of transportation in support of the South Korean Ministry of Land, Infrastructure, and Transport’s “K-UAM” (Korean Urban Air Mobility) Roadmap, first announced in 2020. With a maximum range of 150 miles (241 kilometers), a top speed of 200 mph (321 km/h), and a low noise profile that will allow it to access built-up areas, Joby's piloted aircraft is designed to make convenient, emissions-free air travel an everyday reality. SKT has been promoting the development of urban air mobility by leveraging its expertise in telecommunications, autonomous driving, precise positioning, and security to become a leading company in connected intelligence. As a member of the “UAM Team Korea”, SKT is also working together with other major Korean companies to enhance the nation’s competitiveness in the field. The partners intend to leverage SK’s T Map mobility platform, Korea’s largest mobility platform, and UT ride hailing service to provide multi-modal journeys to customers seamlessly integrating both ground and air travel. UT was established as a joint venture between SKT and Uber in 2021, bringing together SK’s T Map platform and Uber’s ride sharing technology. Joby and Uber have been collaborating since 2019. “By joining forces with Joby, a global leader in this field, we expect to accelerate our journey towards the era of Urban Air Mobility and lead the way on introducing this exciting new technology,” said Ryu Young-sang, CEO of SKT. Collaborating with leading global companies is essential to securing leadership in future industries, which we are confident will be driven by the growth of UAM, autonomous driving, and robots. Joby has spent more than a decade developing the technology behind its aircraft, completing more than 1,000 test flights and becoming the first, and only, eVTOL company to sign a G-1 (stage 4) Certification Basis for their aircraft with the Federal Aviation Administration (FAA). Commenting on the partnership and the opportunity presented by the South Korean market, "We are thrilled to be partnering with the team at SKT who bring a wealth of relevant experience and technology to the table." -JoeBen Bevirt, founder and CEO of Joby With more than 42 million people living in urban areas, South Korea offers a remarkable opportunity for Joby to make air travel a part of daily life, helping people to save time while reducing their carbon footprint. While Joby’s aerial ridesharing service will be operated directly by the company and offered to passengers via the Joby app or the Uber app in core U.S. markets, this announcement reflects Joby’s strategy to partner with local companies committed to delivering exceptional customer service and operational excellence to launch its service in select markets outside the U.S. Images of the signing ceremony are available here. Photos and video footage of the Joby aircraft are available in Joby's Media Kit. About Joby Aviation Joby Aviation, Inc. (NYSE:JOBY) is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a maximum range of 150 miles (241 kilometers) on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph (321 km/h). It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs around 1,000 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington, D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com. About SK Telecom SK Telecom (NYSE:SKM) is Korea’s leading ICT company, driving innovations in fixed & wireless telecommunications, AI service, and digital infrastructure service. Armed with cutting-edge ICT including AI and 5G, the company is ushering in a new level of convergence to deliver unprecedented value to customers. As the global 5G pioneer, SKT is committed to realizing the full potential of 5G through ground-breaking services that can improve people's lives, transform businesses, and lead to a better society. SKT boasts unrivaled leadership in the Korean mobile market with over 30 million subscribers, which account for nearly 50 percent of the market.

Read More

TRAVEL TECHNOLOGY

Hopper expands strategic technology partnership with Sabre

Hopper | February 15, 2022

Sabre Corporation (NASDAQ: SABR), a leading software and technology company powering the global travel industry, and Hopper, one of the world's fastest growing online travel agencies, today announced the renewal and expansion of their long-term strategic technology partnership. Since 2012, Sabre has been a strategic partner of Hopper's, helping the company deliver on its promise to save users time and money and make travel planning easier. Given their strong historical performance, today the two companies are committing to further elevate their partnership for the next three years, by making Sabre their primary global GDS and technology partner. Both parties have already defined a joint roadmap and will continue working closely to further evolve the online travel marketplace and customer experience. "Sabre believed in our vision when Hopper was in its infancy and has continued to support us as our strategic retailing and distribution partner since our beginning, Sabre's global distribution network along with its advanced shopping APIs and ability to find the lowest fare was the foundation that we built upon – adding our own proprietary AI-based solutions. Together our innovations have made Hopper the stand-out brand it is today. We look forward to our continued partnership with Sabre as we work together to achieve Hopper's next-generation services and solutions." -Fred Lalonde, CEO and co-founder of Hopper. The number one downloaded travel app in the U.S. in 2021, Hopper utilizes a broad spectrum of Sabre's technology including low fare shopping APIs, post booking automation and shopping data to deliver on their commitment to find the lowest fares for customers and help them save money. When travel was disrupted across the globe in 2020 and travelers sought to cancel or modify travel plans, Sabre's post booking automation technology allowed Hopper to service their customers seamlessly and efficiently, driving cost savings which Hopper reinvested for the benefit of their millions of app users across the globe. "We are thrilled to be a part of Hopper's success over the years as its trusted technology partner, Even more important, we look forward to continuing to invest in the online segment and our work with Hopper to redefine the future of travel retailing through modern, intelligent solutions." -Roshan Mendis, chief commercial officer of Sabre Travel Solutions. As part of Hopper's technology strategy and building on their long-term partnership, Sabre and Hopper are actively exploring opportunities to continue to co-innovate on the future of travel technology through Hopper Cloud. About Sabre Corporation Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveller experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre's technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit www.sabre.com. About Hopper Hopper is the world's fastest-growing mobile-first travel marketplace. By leveraging massive amounts of data and machine learning, the company has developed several unique fintech solutions that help customers save money and travel better. Through its B2B initiative, Hopper Cloud, the company is syndicating its fintech solutions, infrastructure, and agency content. Whether it's pricing volatility or trip disruptions, Hopper's proprietary suite of fintech solutions address every pain point in the customer journey while driving conversion, repeat purchases, and profitability. To find out more about Hopper, visit www.Hopper.com.

Read More

TRAVEL TECHNOLOGY

Expedia Group and Qtech Software Strengthen Collaboration to Supply Travel Firms with High-Quality Hotel Information and Current Technologies

Expedia Group & Qtech Software | April 28, 2022

Expedia Group and Qtech Software announced an expanded collaboration to deliver access to Expedia Group's travel supply to travel businesses globally through Qtech's flagship technology platform, OTRAMS GO. Owing to this collaboration, travel firms of all sizes now have more access to premium hotel content and technology via the OTRAMS GO platform, enabling them to increase revenue, expand their businesses, and improve the travel ecosystem's efficiency. For many travel firms, investing in technology that supports online booking experiences is also a problem. Qtech's OTRAMS GO addresses this issue by charging no upfront fees and a minimal per-transaction fee. With the addition of Expedia Group's enormous hotel inventory, Qtech's clients will be able to provide travelers with high-quality hotel materials at a fair price. "OTRAMS GO revolutionized technology adoption for travel businesses by making it more affordable and accessible. Access to Expedia Group's hotel supply will help further improve the profitability and scalability of our customers. We are working towards helping the travel industry bounce back stronger. This is a major step towards the realization of that vision." -Paresh Parihar, the CEO and managing director of Qtech Software OTRAMS GO is a comprehensive travel Enterprise Resource Planning (ERP) platform that integrates trip booking systems, supplier interfaces, agent management, API redistribution, and dynamic packaging into a single, easy interface. Head of Product Development for OTRAMS GO Jignesh Modi said, We are already operating with Expedia Group's Rapid 3 API, gaining access to the company's competitive accommodation rates and availability from a portfolio of more than 700,000 properties with 35 different property types in more than 25,000 destinations worldwide. This integration enables superfast search results and rich content that will enhance the overall booking experience as well.

Read More