Modern travelers prioritize authentic experiences over material possessions, seeking to connect with local cultures and communities.

Experiential travel provides a deeper understanding of a destination's way of life and people. Younger travelers value creating memories and stories to share, and social media has fueled a culture of sharing unique experiences.

Travel companies can cater to this trend by offering activities that align with travelers' values and interests, generating captivating content for social media platforms. This not only benefits the travelers but also promotes the destination and the company.

Terrorism has significantly affected the travel industry since its rise globally, particularly after 2016. The primary objective of terrorist acts is to instill fear among people, altering their travel plans.

For instance, an explosion occurred on January 1, 2023, at a checkpoint near Kabul International Airport in Afghanistan, resulting in injuries and fatalities. This incident, situated just 200 meters from the commercial airport, directly impacted industries like hotels and travel activities.

Additionally, border clearance procedures have become more stringent and time-consuming due to heightened security measures, making travel a tiresome process.

Report on how AI is redefining market landscape - The travel market and it is set to grow by USD 2.86 trillion from 2024 to 2028. However, the growth momentum will progressing at a CAGR of 11.1% during the forecast period, according to Technavio. The travel market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Accor S.A., American Express Global Business Travel GBT, Balkan Holidays Ltd., BCD Travel Services BV, Booking Holdings Inc., Carlson Inc., Corporate Travel Management Ltd., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group Ltd., G Adventures, JPMorgan Chase and Co., JTB Corp., MakeMyTrip Ltd., Marriott International Inc., Omega World Travel Inc., PT Global Digital Niaga, Traveloka, The Scott Travel Group Ltd., Travel Leaders Group Holdings LLC, World Travel Holdings, and World Travel Inc. Are some of the major market participants.

https://www.technavio.com/report/travel-market-industry-analysis