PORTLAND, OR—Allied Market Research recently published a report, “SAVE Tourism Market by Type (Scientific, Academic, Volunteer and Education), and by Sales Channel (Travel Agent and Online): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global SAVE tourism market was pegged at $69.5 billion in 2018 and is projected to reach $106.9 billion by 2026, registering a CAGR of 5.8% during the forecast period.
Whys and wherefores of market ups and downs
Growing interest of travelers to interact with culture, nature, and local people, continuous growth of international travel, and formation of SAVE travel alliance have boosted the growth of the global SAVE tourism market. However, different rules and regulations related to visas and the advent of commercialization in SAVE tourism hamper the market. On the contrary, contribution to sustainable tourism and benefits to developing and underdeveloped countries are expected to create lucrative opportunities in the near future.
The Academic Segment Dominated the Market
By type, the academic segment held the largest share in 2018, contributing more than one-third of the global SAVE tourism market. This is due to an increase in the number of international students owing to an increase in opportunities to collaborate with higher education institutions or universities. However, the education segment is projected to manifest the fastest CAGR of 6.5% during the forecast period, owing to rise in the voluntourism organization that sends voluntourists in different countries.
The Online Sales Channel to Grow at Fastest CAGR by 2026
By sales channel, the online segment is expected to portray the fastest CAGR of 7.5% during the forecast period, owing to the increase in penetration of the internet in the tourism industry and preference of people to book tours online. However, the travel agent segment dominated the market in 2018, contributing around 88% of the global SAVE tourism market, as they operate locally, nationally and internationally to offer unique and life-changing experience toward sustainable tourism.
Europe Holds the Largest Share, Followed by North America
Europe held the largest share in 2018, contributing more than two-fifths of the market, owing to the initiative to make Europe the world’s No. 1 tourism destination to stimulate competitiveness and promote development of sustainable tourism. North America also held major share of the total revenue. However, the global SAVE tourism market across Asia-Pacific is projected to register the fastest CAGR of 8.5% during the forecast period, owing to a rise in both outbound and inbound trips and an increasing middle class looking to spend its rising disposable income for traveling purposes.