Global Travel Services Industry
The global travel and tourism sector continues to witness strong growth in both international and domestic segments, reports Global Industry Analysts. The business travel sector topped recovery expectations following the 2009 recession. However, growth is being slowed by political and economic tumult in Africa, the EU and the Middle East, reports Euromonitor International. Growth in other regions, such as Latin America and Asia Pacific, should help to offset the latter. The industry has also witnessed expansion through re-investment of revenue in new services.
Global demand for travel insurance declined due to the economic recession and falling levels of disposable income, reports IBIS World. Market growth rebounded in 2010 partly due to consumer awareness as to the risk of flight delays and cancellations, which saw more travelers opt for insurance to recover losses incurred. Over the next five-year period, the global travel insurance sector is forecast to continue recording strong growth and should see leading companies venture into niche markets such as those represented by business travelers and students.