The Tourism and Hospitality Market has been valued US$ xx billion in the year 2021 and it is estimated to reach US$ xx billion by the year 2027, with a CAGR of 10% from 2022 to 2027. The Tourism and hospitality is a vast sector that includes all the economic activities that directly or indirectly contribute to, or depend upon, travel and tourism. This industry sector includes: Hotels & Resorts. Restaurants & Catering. Night Clubs & Bars these are the main factors that have considerably increased the demand for the Tourism and Hospitality in the market, thereby driving the huge growth of the Tourism and Hospitality market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Tourism and Hospitality in the market is mainly due to the growing number of foreign tourist’s year on year. The nation’s cultural bases, diversity in traditions, and food choices are making it a heritage-rich nation along with several other factors. In India received more than 10 million foreign tourists for the first time, registering 14% growth over the previous year 2016 and which is almost double the number it received in the years 2009 and 2010. Travel and Tourism Competitiveness Index ranked India 34 out of 136 countries in 2019 and in the category of price competitiveness, India’s tourism sector stood at 10th position out of 136 countries which means India is an affordable tour option to most international travelers the developed nations; these are the main factors that have considerably increased the demand for the Tourism and Hospitality in the market, thereby driving the huge growth of the State of Tourism and Hospitality in the upcoming years

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The report is segmented as:

Tourism and Hospitality Market is segmented on the basis of by :

By Type (Domestic Tourism, International Tourism),

By Services Provided (Lodging, Food & Beverage, Recreation, Travel & Tourism),

By Travel Model (Business, Leisure, Other Activities)

Geographical Segmentation:

Tourism and Hospitality Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Tourism and Hospitality is due to the rising levels of their disposable income, increasing interest among millennials to travel in their home country are a few major reasons that are making the domestic travel industry a profitable one these are the main factors that have considerably increased the demand for the Tourism and Hospitality in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Tourism and Hospitality Market

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Impact of COVID-19 on Market

Covid -19 pandemic has affected the growth of business of every sector and it also affected the growth of the Tourism and Hospitality market, and temporary lack of growth in export and import activities, which has impacted the rays of Tourism and Hospitality market growth. Covid-19 pandemic has impacted huge on the sales revenue of Tourism and Hospitality market. Due to the government restrictions like lockdown in many countries has shut down the commercial and industrial establishments and also stopped in transportation these made huge loss for T Tourism and Hospitality market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.

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