Market Research Blog – Page 3403 – New Product Development

Philippines Culinary Tourism Market Projections: Savory Delights Worth US$ 21,302.47 Million by 2032 | FMI

The Philippines culinary tourism market size is anticipated to reach US$ 5405 million in 2022 and to surpass US$ 21,302.47 million by 2032. According to the analysis, the market for culinary tourism in the Philippines is anticipated to expand at a CAGR of 14.7% between 2022 and 2032.

The Philippines culinary tourism market share is predicted to increase significantly due to its unique location, hospitality, cultural heritage, and the presence of popular food destinations. Cooking, or the potential to deliver, taste, or eat delicious food, is one of several factors influencing the adoption of culinary tourism in Philippines.

People are opting for culinary tourism in Philippines as it is tranquil and fascinating region with a rich cuisine culture. Increased exposure to various social media sites have boosted people’s knowledge of several trends driving the expansion of the Philippines culinary tourism market.

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The growing demand for culinary tourism in Philippines may be attributed to the increase in the number of travelers selecting unique and exotic holiday spots to escape their busy daily lives and gain useful experiences.

Tourists choose the Philippines as the best culinary tourism destination due to the variety of tasty foods and beverages available. As a result, the market value of Filipino cuisine has soared in recent years. In the realm of culinary, people can visit other locations and taste and enjoy various dishes and beverages from other locations. The demand for culinary tourism in the Philippines is predicted to rise as people from all over the world visit to learn about their cuisine culture.

According to the World Tourism Organization, border closures, airport closures, hotel closures, and restrictions on large gatherings, land travel, and related services endanger 100-120 million jobs worldwide. In addition, the closure of public spaces and tourism activities, pandemic negatively impacted the Philippines culinary tourism market.

However, in the face of this situation, key players in Philippines culinary tourism market are currently focusing on revitalizing and revitalizing their businesses through a variety of strategies, including: By developing an online platform and providing quality tourism services, we will be able to reach a larger consumer base at low cost.

Key Takeaways:

Food festivals continue to dominate the market, based on the type of activity most tourists prefer. The food festival is estimated to contribute heavily to the culinary tourism market in Philippines.
The online booking segment is the leader in booking segments. It is estimated to contribute more to the culinary tourism market in Philippines.
The age group most interested in culinary tourism in Philippines is the age group 26-35, representing millennials who love to discover new places and new cuisines.
It is estimated that domestic tourists will increase in the projected year due to increased knowledge of how self-sufficient and how many different dishes are available in Philippines.

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Competitive Landscape

Major companies in the Philippines culinary tourism market are projected to account for approximately 2%-7% of the total market share by 2032. Furthermore, key players of Philippines culinary tourism are focusing on promotional strategies and advertising popular tourist destinations in Philippines to improve sales in the market.

Major players present in the Philippines culinary tourism market

Rio Travel and Tour
Viator travelers
Tripadvisor travelers
Leisure Pro Journeys
Yolo Travel Philippines
Blue Horizons Travel and Tours, Inc
Rio Travel and Tour
CTPH TOUR
Saferide Car Rental
Traveling Spoon
Royal Island Resort and Watersports
Explore Manila Tours
Sebastien Chamaret and Michelle Africa
World Holiday Travel and Tours Palawan
Poochie’s Kitchen
Joner Germina

Recent Developments in the Philippine Culinary Tourism Market

Tours & Travel in Asia has developed tailored programmes and “à la carte” itineraries for a variety of niche specialisations, including high-end luxury, honeymooners and families, special interest, group tourism, and meetings and incentive events.
Rajah Vacation Corporation and Club Med have joined forces to provide luxury travel experiences to the Philippine market. Club Med has been known as the pioneer of all-inclusive vacation packages with a French touch since the 1950s. It operates approximately 70 locations throughout the world, including 20 ski resorts.

The Philippines Culinary Tourism Market by Category

By Activity Type:

Culinary Trials
Cooking Classes,
Restaurants
Food Festivals
Others

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tourist Type:

Domestic
International

By Tour Type:

Independent Traveler
Package Traveler
Tour Group

By Consumer Orientation:

Men
Women

By Age Group:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Loudspeaker Subwoofer Market on the Rise: Predicted 5.0% CAGR Set to Propel Growth by 2032

The global sales of loudspeaker subwoofers are projected to increase between 2022 and 2032 at a moderate CAGR of roughly 5.0%. The need for loudspeaker subwoofers is expected to increase due to uses in home audio, sound reinforcement, and automobile audio.

A component of a complete loudspeaker, which is commonly referred to as a woofer or Loudspeaker Subwoofer, reproduces low-pitched bass or sub-bass. The typical frequency of a Loudspeaker Subwoofer ranges from 20 Hertz to 200 Hertz for most consumer products.

The Loudspeaker Subwoofer frequency is below 100 Hertz in the case of professional live sound equipment and below 80 Hertz in THX Limited-approved high-fidelity sound systems. A Loudspeaker Subwoofer augments the low frequencies of a loudspeaker that is intended to cover higher frequency bands.

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Technically, a Loudspeaker Subwoofer is a common loudspeaker driver. However, in regular parlance, a Loudspeaker Subwoofer refers to one or multiple sound drivers mounted inside a loudspeaker or Loudspeaker Subwoofer cabinet.

These Loudspeaker Subwoofer enclosures are available in varied designs, such as bass-reflex design that includes a vent or a port, a Loudspeaker Subwoofer with a variable number of passive radiator speakers in the cabinet, acoustic suspension with a sealed cabinet, horn-loaded, infinite baffle, and band-pass designs that represent innovative trade-offs with regards to low-frequency ranges, efficiency, Loudspeaker Subwoofer enclosure prices, and sizes.

A passive Loudspeaker Subwoofer is powered by external amplifiers and has an enclosure and a Loudspeaker Subwoofer driver. A built-in amplifier is included in an active Loudspeaker Subwoofer. A Loudspeaker Subwoofer was developed to facilitate a bass response feature in home sound systems.

With the introduction of Sensurround sound in motion pictures, Loudspeaker Subwoofers gained popularity in the market. A large Loudspeaker Subwoofer produces loud low-frequency Sensurround sound.

Loudspeaker Subwoofer: Market Drivers and Challenges

Loudspeaker Subwoofers possess the capability of reproducing a wide range of frequencies that the audio source in a home or professional theatre system transmits. This factor is the primary driver of the global Loudspeaker Subwoofer market.

The continuous research, development and upgrades in the automotive sector will also propel the global Loudspeaker Subwoofer market to greater heights. Customers have the option to customize the Loudspeaker Subwoofer cabinet material based on their requirements.

For instance, some applications require wooden Loudspeaker Subwoofer cabinets for technical purposes or to give the loudspeaker an aesthetic look. This service offered by the manufacturers will enable the global Loudspeaker Subwoofer market to grow.

However, with respect to the acoustics, a Loudspeaker Subwoofer with 15-inch, 18-inch, and 20-inch sound drivers is susceptible to distortion when compared to 10-inch, 12-inch, and 13-inch Loudspeaker Subwoofer sound drivers. The availability of cheap and poorly designed Loudspeaker Subwoofers is expected to challenge the growth of the global Loudspeaker Subwoofer market.

Also, most Loudspeaker Subwoofers are extremely delicate and a tiny tear could destroy the quality of the sound. This factor restraints the growth of the global Loudspeaker Subwoofer market.

Loudspeaker Subwoofer Market: Regional Outlook

Among all the regions, North America holds the largest market share of the global Loudspeaker Subwoofer market and is anticipated to maintain a steady growth rate over the forecast period. The Loudspeaker Subwoofer market in Southeast Asia and others of Asia Pacific is expected to register the highest growth rate.

The growth of the Loudspeaker Subwoofer market in the SEA and others of the APAC region is attributed to the ever-rising trend of research and development in Loudspeaker Subwoofer and loudspeaker-related fields. China and Japan are expected to register a significant growth rate in the Loudspeaker Subwoofer market.

The Loudspeaker Subwoofer market in Western and Eastern European countries is also expected to generate a steady growth rate during the forecast period. The rise in disposable income in the residential sector plays a major role in driving the overall growth of the global Loudspeaker Subwoofer market. Also, the ever-rising growth in the entertainment industry acts as a propellant for the global Loudspeaker Subwoofer market.

Loudspeaker Subwoofer Market: Key Players

Some prominent players in the global Loudspeaker Subwoofer market include Klipsch Group, Inc.; Polk Audio; Yamaha Corporation; SVS Inc.; ELAC Electroacustic GmbH; Sonos, Inc.; Samsung; BIC America; Rockford Corp.; JL Audio; Alpine Electronics, Inc.; Kicker Audio (Stillwater Designs); MTX International; and Pioneer Electronics (USA) Inc., among others.

Key Segments Profiled in the Loudspeaker Subwoofer Industry Survey

By Application:

Car Audio
Home Audio
Cinema Sound
Sound Reinforcement
Other Applications

By End User:

Residential
Commercial

By Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa

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Contact Us:

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T: +1-845-579-5705
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Interactive Tables Market: Forecast Indicates Impressive 7.7% CAGR Through 2032

The interactive tables market refers to the global market for touch-sensitive tables that allow users to interact with digital content through touch, gestures, and other interactive approaches. These tables are utilized in a variety of industries, including education, hospitality, retail, healthcare, and entertainment, to give users an interesting and participatory experience.

The market for interactive tables is predicted to expand at a high CAGR of 7.2% to 7.7% between 2022 and 2032, reaching a valuation of more than US$ 1.5 billion by 2027. The market is expanding as a consequence of the increased usage of interactive tables across a variety of end-use verticals, including the commercial and educational sectors.

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Interactive Tables Market Growth and Trends

Interactive tables are being adopted across various industries, including hospitality, retail, education, healthcare, entertainment, and corporate sectors. These tables offer engaging and interactive experiences for customers, students, patients, and employees, leading to their increased demand. Technological advancements in touch and display technologies have greatly improved the user experience of interactive tables.

With the rise of digital transformation, businesses and organizations are seeking innovative ways to engage their audience and provide immersive experiences. Interactive tables offer a unique and interactive platform for presenting information, showcasing products, and enhancing customer interactions.

The integration of interactive tables with AR and VR technologies has opened up new possibilities for interactive content and applications. Users can now experience virtual objects and environments in a tangible and collaborative manner, further enhancing the value proposition of interactive tables.

Challenges Faced by the Interactive Tables Market

Interactive tables typically involve advanced technologies and components such as touchscreens, sensors, and powerful computing systems. As a result, the cost of developing and manufacturing these tables can be high. Despite the growing popularity of interactive tables, there is still a lack of awareness among many potential users about the benefits and applications of these devices.

Many organizations already have established systems and technologies in place. Integrating interactive tables into existing workflows and IT infrastructure can be challenging. Interactive tables rely on engaging and interactive content to deliver value to users. However, creating and managing such content can be complex and time-consuming.

Major Key Players:

TouchIT Technologies Holdings Inc
SMART Technologies
Boxlight
Microsoft Corporation
Bare Conductive
Promethean Limited
Pathway Innovations & Technologies, Inc.
Sharp Electronics Corporation
Samsung Corporation
Google Corporation
Cisco Systems, Inc.
Panasonic Corporation
Dell, Inc.

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Interactive Tables Industry Segmentation:

By Functional Platform:

Android
iOS
Windows
Other platforms

By Interactive Touch Board Technology:

Resistive
Capacitive
Electromagnetic
Laser Scan
Ultrasound
Infrared
IWB Software

By Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Next Generation Wireless Network Market Set to Surpass US$ 56,782.0 Million Revenue Mark by 2032, Anticipates Impressive 7.1% CAGR

The global next-generation wireless network market is projected to amass a revenue of about US$ 56,782.0 million by 2032, up from US$ 28,578.0 million in 2022 moving forward with a CAGR of 7.1% during the forecast period (2022–2032).

Radio waves are used in wireless technology to send and receive data. It is utilized to transmit data. Wireless technology is currently undergoing continual development, moving from 0G (such as radio telephony) through 5G, the next generation of wireless technology.

The upcoming 5G wireless network will use extremely high frequencies, have a huge capacity, and very little latency.

More services are emerging as a result of the expanding IoT (Internet of Things) connectivity. Two services, Sigfox and LoRa technology, are revolutionizing IoT communication in the low power wide area network to substantially reduce cost and energy usage.

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Another technology RPMA (Random Phase Multiple Access) is developed which has excellent upload and download capacity and coverage.

Wireless Technology is used in various applications like GPS, cellular phones, Home entertainment system control boxes, satellite television, wireless LAN, and many others.

Next Generation Wireless Network Market: Drivers and Restraints

The factors driving the market of next-generation wireless networks are high speed, low prices, and increasing applications and usage.

Also, internet of things is driving the growth of the market massively. These next-generation wireless network also provides more coverage and secured access than existing networks.

The increasing applications of wireless technology like self-driving cars, drones, household appliances and industrial machines are significantly influencing the market growth of next generation wireless network.

The significant challenges faced in the next generation wireless network market are the trade between the flexibility of use and the platforms.

Interoperability with existing technology, compatibility issues with old devices, and high initial investment are some of the challenges hampering the growth of next generation wireless network.

Leading Key Players:

Qualcomm Technologies, Inc.
IBM Corporation
Cisco Systems, Inc.
AT&T Inc.
Idea cellular
Nokia Corporation
Semtech Corporation
Sigfox technology
Verizon Digital Media Services
T-Mobile International AG

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Regional Overview

By geography, the market of next generation wireless network is largest in North America since many large companies like Qualcomm Technologies, Cisco Systems, Inc., AT&T Inc., are investing in next generation wireless network due to the high availability of bandwidth, the growth of IoT in the region and wide network coverage.

Asia Pacific region is also expected to grow since many companies in this region are investing in their next generation wireless network research and development.

Next Generation Wireless Network Market Segmentation:

By Type:

Fixed wireless
Mobile wireless
Portable wireless
IR wireless

By End Use:

Telecommunications
Healthcare
Banking
IT services
Automotive
Security systems

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific
Japan
The Middle East and Africa

Author By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Nandini Singh Sawlani

Hydronic Underfloor Heating Market Soars to US$ 8,012.2 million by 2033

The hydronic underfloor heating market size is projected to cross US$ 4,390.4 million in 2023 and is estimated to attain a valuation of US$ 8,012.2 million by 2033. The hydronic underfloor heating market share is expected to thrive at a CAGR of 6.2% from 2023 to 2033.

Hydronic underfloor heating systems are renowned for being energy-efficient. They function by pumping warm water via pipes buried in the floor, which distributes heat equally across the space. Because it reduces temperature stratification in the room and prevents heat loss through ducts, this heating technology is more effective than conventional forced-air systems. Consumer interest in hydronic underfloor heating is rising as awareness of energy efficiency and sustainable living increases. This rising inclination is promoting market growth significantly.

Hydronic underfloor heating systems are increasingly being used in both new construction and retrofit projects, which is a key factor driving the market rise. Builders, builders, and homeowners are beginning to acknowledge the value and long-term advantages of this heating alternative, which is increasing demand for and supply of such systems in the market. Furthermore, improvements in installation methods, control systems, and materials have made retrofitting simpler and more affordable, enticing current homeowners to consider replacing their heating systems.

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Hydronic underfloor heating systems provide design freedom since they reside underneath the floor surface. Due to the absence of radiators or other visible heating components, homeowners and architects are given greater authority when designing interior spaces. Hydronic underfloor heating offers a practical heating solution while retaining a neat and uncluttered look, which is becoming increasingly popular with open-concept layouts and minimalist design trends.

The hydronic underfloor heating market is growing due to the increasing popularity of smart homes and home automation. These systems are simple to integrate with smart home technologies, enabling consumers to remotely manage and check on their heating using voice assistants or smartphone applications. Consumers that are into technology find hydronic underfloor heating systems more enticing due to the ease, energy management tools, and customization choices provided by smart home connectivity.

Key Takeaways from Hydronic Underfloor Heating Market:

In 2018, the global market size stood at US$ 3,701.6 million.
The market expanded at a CAGR of 3.5% from 2018 to 2022.
In 2022, the global market size stood at US$ 4,243.1 million.
The United States captured 21.0% of global market shares in 2022.
India captured 7.2% of global market shares in 2022.
China captured 6.9% of global market shares in 2022.
The United Kingdom captured 5.5% of global market shares in 2022.
The residential segment under application captured 34.2% of global market shares in 2022.
The new installations segment acquired 56.2% of global market shares in 2022.

Recent Developments Observed by FMI:

In October 2022, Warmup unveiled a low-profile hydronic underfloor heating series. Warmup seeks to enhance and simplify the underfloor heating specification process.
Advanced work packing and heat mapping features were added to AnVent Electric plc’s software in November 2021. It launched software with integrated heat management system (HMS) design capabilities incorporating the client’s 3D plant modeling systems.

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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South Africa Faith-Based Tourism Market Anticipates 8.4% CAGR Boom by 2032 | FMI

The faith-based tourism industry in South Africa is expected to grow at a compound annual growth rate (CAGR) of 8.4%, with a projected value of US$ 72 million in 2022. In the worldwide faith-based tourism market, South Africa accounts for 2 to 4% of the market.

Embark on a transformative odyssey as South Africa opens its heart to seekers of spiritual enrichment. In a world pulsating with modernity, the sacred landscapes of South Africa beckon, inviting pilgrims and curious souls alike to discover the profound tapestry of faith and culture. The South Africa Faith-Based Tourism Market promises a unique fusion of spirituality, heritage, and natural beauty, crafting an unparalleled experience for those seeking both inner reflection and external discovery.

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Key Trends of faith-based tourism industry in South Africa:

South Africa boasts a rich tapestry of religions, from indigenous belief systems to Christianity, Islam, Hinduism, and more. Explore the kaleidoscope of faith that paints the nation’s spiritual canvas.
Immerse yourself in the serenity of spiritual sanctuaries. Whether it’s the historic churches of Stellenbosch or the vibrant mosques of Cape Town, each holds a unique narrative waiting to be unveiled.
Experience the warmth of South African hospitality through community-based initiatives. Engage with local congregations, participate in cultural events, and contribute to meaningful projects that uplift both the spiritual and social fabric of the communities.
South Africa’s breathtaking landscapes serve as a divine backdrop to spiritual exploration. From the majestic Drakensberg Mountains to the serene beaches of Durban, let nature be your guide in this transcendent journey.

Scope of faith-based tourism industry in South Africa:

The South Africa Faith-Based Tourism Market opens a gateway for travelers to connect with their spirituality in an authentic and culturally immersive manner. Whether you seek a pilgrimage to historical landmarks, wish to engage with diverse communities, or yearn for solace amidst nature’s wonders, this market offers an array of experiences tailored to nourish the soul.

Embark on a journey that transcends time, embracing the essence of South Africa’s spiritual heritage. Come, be a part of a movement that unites people through shared beliefs and celebrates the diversity of faith in a land where spirituality dances with the rhythm of life.

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Key Players

XL Turners Travel- Cape Town
Summer Place
Wanderer Cape Town Tours & Travel- Private Capes Town Tours
Club Traveler
ILIOS Travel (Pty) Ltd
Kabura Travel & Tour
Hotspots2c, The Cape Town Tour Guide Company
Nomad Africa Adventure Tours
Springbok Atlas
Giltedge Travel Group
Earthstompers Adventures
Halal Tourism Africa

South Africa Faith Based Tourism Market by Category

By Tourism Type:

Day Trips & Local Gateways
Museums
Pilgrimages
Religious and Heritage Tours
Others

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tourist Type:

Domestic
International

By Age Group:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

By Consumer Orientation:

Men
Women
Children

By Tour Type:

Independent Travellers
Tour Groups
Package Travellers

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Heritage Tourism Market Growth Predicted: Anticipates US$ 1316.4 Billion by 2033 | FMI

From 2023 to 2033, the global market for heritage tourism is anticipated to increase at a thriving CAGR of 7.2%. By the end of 2023, the worldwide market is projected to generate more than US$ 657.2 billion in sales. The market for heritage tourism is expected to increase over time, with a projected value of US$ 1,316.4 billion by 2033. Future industry Insights’ historical analysis indicates that the worldwide heritage tourism industry is expected to reach a value of US$ 617.0 billion by 2022.

Travel based on religion also plays a significant role in actively promoting heritage tours and travels. Every year, millions of religious travelers move from one part of the world to other. Heritage tourism is a perfect mixture of education, economy, and entertainment.

The fabric of the tourism industry is drastically changing with time. Diverse new streams of tourism are included within the global tourism ecosystem. The rising popularity of heritage tourism has surged in the last few years.

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According to data published by the US government, heritage-rich places such as New Jersey are predicted to attract more than 10 million tourists every year. Countries like India and China also attract several tourists yearly and have a prominent place in the heritage tourism segment. The revenue generated by heritage travel is likely to have a rippling effect on the global tourism economy.

A massive heritage boom has been witnessed over the assessment period and it significantly contributed to the GDP of numerous developing economies of the world. In recent years, the development of heritage tourism has impacted the total revenue earning of several countries spread across the globe. Visitor spending on heritage sites has increased considerably. The culturally rich and heritage-rich countries are rolling out special promotional measures to showcase heritage sites and to woo visitors. Furthermore, millions of enthusiastic visitors queue up at various historical and heritage sites every year.

Key Takeaways

Various governments all over the world are actively promoting and preserving heritage sites. The Ministry of Tourism in India launched an invitation known as Swadesh Darshan to develop theme-based tourist circuits to cater to mass and specialist tourism.
The Council on Library and Information Resources (CLIR) and Stanford Libraries announced the launch of the Digital Library of the Middle East (DLME), which intends to become one of the world’s largest online repositories of Middle Eastern and North African antiquities. This would further lead to a boost in cultural tourism in this region.

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Heritage, culture, and nature have rapidly become major tourist attractions spots. They are being embraced as tools for social and economic development. Countries can tap into their rich history to gain a competitive advantage as the tourism industry is more closely associated with the culture and heritage of a country than any other industry.
Heritage has significantly contributed to the economy and society by generating income and creating employment opportunities. This has resulted in the creation of various employment opportunities that led to social well-being and the formation of social capital.
The relationship between culture and economy has changed from the basic preservation of heritage sites to ensuring economic progress. Therefore, countries are trying to preserve their heritage sites and use them as an opportunity to grow their tourism sectors further giving a boost to global heritage tourism.
Heritage tourists significantly benefit the tourism industry. This is because tourists love to spend some extra hours at heritage sites to obtain in-depth knowledge of that place. Furthermore, the boost in heritage can generate a feeling of pride amongst the denizens and it can also elevate the standards of living of the commoners. Heritage tourism is not only a boon to the global economy; it also has a positive effect on the lives of heritage properties.

Competitive Landscape

With the aid of heritage tourism, numerous companies are likely to expand their customer base with attractive packages and services. Effective collaborations are taking place within the travel industry which will assist tourists in planning the best heritage tour and exploring the regions.

Heritage Tourism Market by Category

By Direct Suppliers:

Airlines
Hotel Companies
Car Rental
Train
Tour Operators
Government Bodies

By Indirect Suppliers:

OTA (Online Travel Agency)
Traditional Travel Agencies
TMC’s (Travel Management Companies)

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Visit Purpose:

Business Travel
Leisure Travel
Education-Employment-Pilgrimage
Visiting Friends & Relatives

By Tour Type:

Independent traveler
Package traveler
Tour Group

By Tourism Type:

Domestic
International

By Consumer Orientation:

Male
Female
Kid

By Age Group:

Under 15
16-25
26-35
36-45
46-55
Over 55

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Tourism Security Market Eyes 8.7% CAGR, Expected Worth US$ 11.39 Billion by 2033 | FMI

At a compound annual growth rate (CAGR) of 8.7% between 2023 and 2033, the global market for tourism security, currently valued at US$ 4.94 billion, is projected to reach US$ 11.39 billion by 2033.

According to WTO tourism figures, up to 117 million foreign visitors traveled throughout the globe in the first quarter of 2022. The good news is that this amount represented an increase of 76 million over the prior year (Q1).

Security and safety are the basic necessities of travelers. The historical sites, theme parks, restaurants, and hotels, for addressing safety concerns at well-known tourist destinations, make use of police security services and private security organizations. The tourism vertical could be turned into the highest revenue-generating vertical by taking care of basic safety and security norms. In all, the ability of a tourist destination to make provisions for a secure and safe atmosphere for the visitors would determine its success.

The middle-class population in regions like Mexico, Brazil, India, and China is witnessing an expansion in the wake of rapid industrialization. This, in turn, calls for tourism to spread to more number of nations.

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At the same time, the fact that tourism security is subject to threats, that too, virtual – can’t be ignored. It needs to be noted that cyber security is equally important in the present scenario. Internet drives the entire travel and tourism sector; right from room occupancy, billing, bus schedules, flight patterns, credit card payments, room service, and likewise.

Initially, these activities fell under the category of ‘cybercrime’, but now they could be termed as ‘cyber terrorism’ (looking at the volumes committed). Many of the tourist sites aren’t well-equipped to fight these attacks. This factor could restrain the tourism security market in the near future. Plus, these days, frauds happen through false payment gateways as well. The senior citizens would be amongst the worst-affected ones as they would incur heavy losses by the time they get to know that their accounts have been tampered with.

Future Market Insights has entailed these facets with future perspectives in its latest market study entitled ‘Tourism Security Market’. The line of expertise in the form of analysts and consultants is there to execute with its bottom-up approach in its primary, secondary, and tertiary modes of research.

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“With the increasing frequency of tourists traveling abroad, the global tourism security market is likely to grow manifold in the forecast period”, says an analyst from Future Market Insights.

Key Takeaways from the Tourism Security Market

North America holds the largest market share followed by Europe and the Asia-Pacific. This could be attributed to the increasing awareness about security in tourism around the world.

The key players in the tourism security market

Olive Group
Triple Canopy
Control Risks
United Healthcare Global
MEDEX Global Solutions etc.

What does the Report state?

The research study is based on safety issues (tourism and security issues, tourism and crime issues, and tourism crisis management issues), by age group (15 to 25 years, 26 to 35 years, 36 to 45 years, 46 to 55 years, 56 to 65 years, and 66 to 75 years), by booking channel (phone booking, online booking, and in-person booking), and by tourist type (domestic and international).
The tourism security market is expected to gloat over ascertaining that visitors end up having a trouble-free and pleasurable experience.

Tourism Security Market by Category

By Safety Issues:

Tourism and security issues
Tourism and crime issues
Tourism crisis management issues

By Age Group:

15 to 25 years
26 to 35 years
36 to 45 years
46 to 55 years
56 to 65 years
66 to 75 years

By Booking Channel:

Phone Booking
Online Booking
In-person Booking

By Tourist Type:

Domestic
International

By Region:

North America
Europe
Asia-Pacific
Rest of the world

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Nandini Singh Sawlani

China Outbound MICE Tourism US Market Gears Up for US$ 112.39 Billion Target by 2033 | FMI

The global China outbound MICE tourism to US market is worth US$ 32.53 Billion as of now and is expected to reach US$ 112.39 Billion by the year 2033 at a notable CAGR of 13.2% between 2023 and 2033.

The UNWTO states that China ranks 4^th worldwide regarding the number of outbound tourists (57 Million) staying overnight at a foreign destination. Spain, the US, and France come in later. More than 60% of the overseas tourists all across China are reported to be the Asian economies, ~10% from the American economies, and ~20% from the European economies.

Sustainability is the hotspot for any of the businesses. This goes to say that any of the events that are unsustainable would be out of race. Authenticity is another factor to be looked through.

Though things look good at the outset, the fact that the US-China political relations have strained in the past few years can’t be ignored. This could definitely compel the Chinese population to think twice before venturing into anything related to the US.

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The post-Covid era has put China on the radar for an indefinite time-span. Ideological differences always existed between China and the US; but the outbreak of Covid has worsened the things. These factors could act as the major restraints to China Outbound MICE Tourism to US in the forecast period. It would certainly take time for China to be on conversational terms with the US.

Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘China Outbound MICE (Meetings, Incentives, Conferences, and Exhibitions) Tourism to US Market’. It has its team of analysts and consultants to execute with a bottom-up approach along macros and micros.

“With the US showing readiness toward capitalizing on China’s MICE Tourism sector, China Outbound MICE Tourism to US market is expected to grow on an unprecedented note in the near future”, says an analyst from Future Market Insights.

Key Takeaways from China Outbound MICE Tourism to US Market

With more of the Chinese population travelling overseas for work and pleasure alike, there is a greater scope for growth of China Outbound MICE Tourism to US Market in the near future.
The US, owing to a broad range of hotels, venues, and activities coupled with established infrastructure, is a preferred MICE travel destination. It is, in fact, popular for exhibits and conferences due to it being home to various multinational organizations and corporations.
The Chinese citizens are moving toward financial stability. This increases the likelihood of them traveling abroad for leisure and business.

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Competitive Arena

The US-based companies, with the objective of attracting Chinese MICE tourists, are providing recreational and cultural activities like sporting events, food and wine experiences, city tours, and likewise. They are emphasizing on fostering partnerships with the key players in China for offering end-to-end, customized travel solutions. Investments in technology-driven and digital services like VR and mobile applications is there to add.
Of late, the companies have been eying high-end luxury MICE sector; thereby making way for personalized and exclusive travel experiences like five-star hotels, private jets, and various bespoke activities. This could be credited to growing demand for luxury MICE travel amongst the rising standards of middle class population of China.

What does the Report say?

The research study is based on age (under 15, 16-25, 26-35, 36-45, 46-55, and over 55), by event type (meetings, incentives, conferences, and exhibitions), by demographics (female, male, and kid), by nationality (international and domestic), by booking channel (online booking, phone booking, and in-person booking), and by type (premium, standard, and budget).
With growing demand for outbound tourism from China’s middle class, China Outbound MICE Tourism to US Market is expected to grow on a remarkable note going forward.

China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to US Market by Category

By Age:

Under 15
16-25
26-35
36-45
46-55
Over 55

By Event Type:

Meetings
Incentives
Conferences
Exhibitions

By Demographic:

Male
Female
Kid

By Nationality:

Domestic
International

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Type:

Budget
Standard
Premium

About Future Market Insights (FMI)

Contact Us:

Nandini Singh Sawlani

Staycation Market Forecast: Envisioned Growth at 8% CAGR by 2033 | FMI

The global staycation market is worth US$ 363.6 Million as of now and is anticipated to reach US$ 758.1 Million by the year 2033 at a CAGR of 8% between 2023 and 2033.

Vacation could be referred to as a period wherein one could take a break from the routine chores and engage in activities of his/her own interest to provide pleasures like recreation, resting, and holidaying or exploring. The pandemic was certainly detrimental to the very concept of vacationing in the wake of forced lockdowns all across. As such, the post-Covid era has asked for higher frequency of staycation. The fact that the pandemic brought in a lot of negative energy can’t be ignored. Humans are social beings. Being cooped up within the four walls for a longer duration could adversely affect the health. The medical practitioners also advise to go on staycations to refresh oneself.

However, staycation destinations could differ from person to person. Some people might prefer spending the holiday in their home country or even traveling abroad.

The core activities involved in a staycation include using a backyard pool, visiting any local museum or park, participating in local carnivals/festivals, amusement parks, or – simply lie down besides the seashore.

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There is a paradigm shift observed as well. After Covid-19, hybrid work models have flourished. Many employees are found to be more productive on working from their favorite places. This helps in striking the balance between work and life and ascertain mental health. All these factors are expected to take the staycation market by storm in the forecast period.

At the same time, one can’t rule out a blatant fact that not all the areas in the vicinity are good for holidaying. Budget constraints also matter.

Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Staycation Market’. It has its team of analysts and consultants to execute using a bottom-up approach in its primary, secondary, and tertiary modes of research.

“The staycation market is likely to grow on an unstoppable note in the near future on the back of the concept of staycation getting recognized post the US crisis”, says an analyst from Future Market Insights.

Key Takeaways from Staycation Market

Europe holds a significant market share with the UK leading from the front. This could be reasoned with people wanting to pay a visit to scenic, rural locations. Research states that Devon and Cornwall were amongst the in-demand staycation spots in summers of 2022 and 2021. Coming to the other parts of Europe, Milos (Greece), Lindau (Germany), Isle of Skye (Scotland), and Positano (Italy) are the leisurely destinations for enjoying geothermal spas along with foodstuff and wine. As such, the place’s local culture could be absorbed as well.
North America holds a sizable market share with the US being the flagbearer. Cities like Tampa, Portland, Seattle, Chicago, Atlanta, and likewise are amongst the well-known staycation destinations all over the US. Staycations are being increasingly opted for to do away with the stressful life for some time.
The Asia-Pacific is expected to witness turbulence in the staycation market with India being at the forefront. Indians generally choose mountains for reconnecting and rejuvenating. There are places like Shimla, Manali, Kasol, which stay packed on weekends with almost everyone craving to spend some time in hills.

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Competitive Analysis

Some of the travel agencies in staycation market include TripAdvisor, AirBnB.com, booking.com, and Adoda.

What does the Report state?

The research study is based on direct suppliers (airlines, hotel companies, car rental, train, tour operators, and government bodies), by indirect suppliers (OTA (Online Travel Agency), traditional travel agencies, TMC’s (Travel Management Companies), and corporate buyers), by age (under 15, 16-25, 26-35, 36-45, 46-55, and over 55), by visit purpose (business travel, leisure travel, education-employment-pilgrimage, and visiting friends & relatives), by consumer orientation (individual, couples, families, and group), by booking channel (phone booking, online booking, and in-person booking), by tour type (independent traveller, and tour group), and by tourism type (international and domestic).
With growing inclination of the end-consumers toward breaking from daily routine, the global staycation market is slated to grow on a good note in the near future.

Staycation Market by Category

By Direct Suppliers:

Airlines
Hotel Companies
Car Rental
Train
Tour Operators
Government Bodies

By Indirect Suppliers:

OTA (Online Travel Agency)
Traditional Travel Agencies
TMC’s (Travel Management Companies)
Corporate Buyers

By Age:

Under 15
16-25
26-35
36-45
46-55
Over 55

By Visit Purpose:

Business Travel
Leisure Travel
Education-Employment-Pilgrimage
Visiting Friends & Relatives

By Consumer Orientation:

Individual
Couples
Families
Group

By Booking Channel:

Phone Booking
Online Booking
In Person Booking

By Tour Type:

Independent traveler
Package traveler
Tour Group

By Tourism Type:

Domestic
International

About Future Market Insights (FMI)

Contact Us:

Nandini Singh Sawlani