Last Updated on July 8, 2024 by Mrunal & Jiten
Technology can be the industry for the real-world situation of improving travel and tourism, but it cannot be automated. Going forward in this segment, there are many factors that will go into making a company more successful in that regard.
However, there are still gaps in the development of this industry in India. What needs to be eliminated is to focus on providing high-quality products, to the minimum system of customers.
Marketing campaigns need to be more wowed and act on travellers’ visions. Additionally, foreign policy changes, economic instability, the Covid pandemic and political instability have severely affected the tourism industry.
However, the Government of India has proposed various schemes to boost the tourism sector. The travel market in India is estimated to reach US$125 billion by the financial year 2027. International tourist arrivals are expected to reach 30.5 million by 2028 As in various other sectors, Indian companies have been using technology as an important enabler in the growth of this sector for over a decade now.
Looking ahead to 2024, it is estimated that 87% of sales in the luggage and bag market will be accounted for by non-luxury. India’s growing middle class and growing travel aspirations are driving the demand for premium luggage and bags.
However the negative environmental impact of tourism is considerable. These include the degradation of local natural resources and pollution and waste problems. Tourism often puts pressure on natural resources through additional costs, often in places where resources are already scarce the travel and tourism market in India is expected to generate revenue of US$23.72 billion in 2024.
The market size is expected to reach US$34.25 billion by 2028 at an expected annual growth rate (CAGR 2024- 2028) of 9.62%.
