1 Global SAVE Tourism Market Insight Analysis
The global SAVE Tourism Market is expected to be valued at USD 68761 million in 2024. It is expected to grow at a CAGR of 10.49% between 2024 and 2033.
SAVE Tourism refers to scientific, academic, volunteer, and educational tourism. Volunteer tourism is a major part of SAVE tourism. Voluntourism combines travel with volunteering and involves individuals or groups traveling to different destinations to participate in community projects and contribute to social or environmental causes. Common forms of volunteer service include childcare projects, environmental protection, animal protection, medical services, etc.
Figure Global SAVE Tourism Market Size (M USD) and CAGR (2024-2033)
2 SAVE Tourism Market Growth Drivers and Restraints
The SAVE tourism market is influenced by a complex set of drivers and restraints that shape its trajectory. Among the key drivers, the demand for meaningful and experiential travel stands out. As consumers seek more than just leisure, the desire for personal growth, cultural exchange, and contribution to environmental or social causes propels the SAVE segment. The growing awareness of sustainable travel and the need for responsible tourism practices also boost this market. The rise of eco-tourism and adventure travel, which often intersect with SAVE tourism, is another factor contributing to its growth.
However, several restraints challenge the market’s potential. Financial barriers are significant, with high initial investments required for infrastructure and ongoing operational costs. Technological barriers include the need for continuous updates to meet consumer expectations and security concerns, particularly with the increasing digitization of services. Talent barriers are also prominent, with a need for skilled personnel in a competitive job market. The establishment of a strong brand is another barrier, requiring significant marketing efforts and customer trust.
The impact of regional situations, such as political instability or economic downturns, can significantly affect SAVE tourism. Inflation rates and currency fluctuations add to the financial risks, influencing travel costs and consumer spending power. Additionally, the industry is sensitive to environmental changes and natural disasters, which can disrupt travel plans and damage destinations.
3 Technological Innovations and Mergers in the SAVE Tourism Market
Technological innovations are revolutionizing the SAVE tourism industry, offering new opportunities for growth and efficiency. Artificial intelligence (AI) is at the forefront, with applications in personalized travel recommendations, customer service through chatbots, and dynamic pricing models. Virtual reality (VR) and augmented reality (AR) are enhancing the pre-travel experience, allowing tourists to virtually explore destinations and offering innovative marketing tools for travel companies.
Mobile solutions and digital platforms have become integral to the industry, facilitating bookings, reviews, and social media sharing, which are crucial for attracting millennial and Gen Z travelers. The Internet of Things (IoT) is introducing smart luggage, facial recognition for room keys, and other connected devices that enhance the travel experience.
Corporate mergers and acquisitions (M&A) are shaping the competitive landscape, with major players consolidating their market positions and expanding their service offerings. Strategic M&A activities, such as American Express Global Business Travel’s acquisition of Egencia, signal a trend towards vertical integration and the creation of comprehensive travel solutions. Airbnb’s acquisition of GamePlanner.AI demonstrates the company’s commitment to enhancing its AI capabilities, which is crucial for staying competitive in the evolving travel landscape.
These technological advancements and corporate strategies are not without challenges. Cybersecurity becomes a paramount concern as personal data and financial transactions are increasingly digital. The travel industry has been a target for data breaches, emphasizing the need for robust security measures. Additionally, the rapid pace of technological change requires continuous investment and adaptation, which can be a burden for smaller players in the market.
4 Global SAVE Tourism Market Size by Type
Scientist Tourism: This segment, targeting travelers interested in scientific and technological exploration, is projected to generate a revenue of USD 6852 million in 2024. Scientist tourism is expected to experience a steady growth, driven by the increasing interest in educational travel and the desire to explore scientific landscapes.
Academic Tourism: As the largest segment, Academic tourism is projected to reach USD 21487 million in 2024, accounting for a significant share of the total market. this segment is fueled by the growth in educational travel, study abroad programs, and the demand for academic credits through travel experiences.
Volunteer Tourism: This segment, which allows travelers to combine leisure with volunteering, is expected to generate USD 18297 million in 2024, reflecting the increasing trend of voluntourism and the desire to contribute to social or environmental causes during travels.
Education Tourism: Focusing on educational experiences, this segment is projected to reach USD 22125 million in 2024. Education tourism is gaining momentum as it offers a unique blend of learning and adventure, appealing to a wide range of travelers seeking to enhance their knowledge and skills through travel.
These segments cater to different aspects of SAVE tourism, providing diverse opportunities for market players to tap into specific traveler interests. Scientist tourism appeals to those seeking knowledge and insights into scientific advancements, while Academic tourism serves students and researchers looking to gain academic credits and conduct research abroad. Volunteer tourism attracts individuals who wish to make a positive impact on their travel destinations, and Education tourism offers immersive learning experiences for all ages.
Table Global SAVE Tourism Market Size and Share by Type in 2024
|
Type |
Market Size (M USD) 2024 |
Market Share 2024 |
|---|---|---|
|
Scientist |
6852 |
9.97% |
|
Academic |
21487 |
31.25% |
|
Volunteer |
18297 |
26.61% |
|
Education |
22125 |
32.18% |
5 Global SAVE Tourism Market Size by Application
The SAVE tourism market is segmented into two primary applications: Travel Agent and Online. In 2024, the projected market values and shares for these applications are as follows:
Travel Agent: This traditional application is expected to generate $19125 million in revenue in 2024, holding a market share of 27.81%. Despite the rise of online platforms, travel agents continue to play a crucial role, especially for personalized services and complex itineraries.
Online: The online application, which includes e-commerce websites and review platforms, is projected to dominate the market with a revenue of USD 49,636 million, capturing a 72.19% share. The convenience of online bookings and the wealth of information available online make this segment particularly attractive to modern travelers.
These applications cater to different consumer preferences. While travel agents offer tailored services and expert advice, online platforms provide ease of access and a wide array of choices, often at competitive prices. The growth of the online segment underscores the digital transformation sweeping the tourism industry.
Table Global SAVE Tourism Market Size and Share by Application in 2024
|
Application |
Market Size (M USD) 2024 |
Market Share 2024 |
|---|---|---|
|
Travel Agent |
19125 |
27.81% |
|
Online |
49636 |
72.19% |
6 Global SAVE Tourism Market Size by Region
United States: With a projected value of USD 16,480 million, the US market is expected to lead with a 23.97% share. The country’s strong economy and developed tourism infrastructure support a thriving SAVE tourism sector.
Europe: Europe is projected to generate USD 27,716 million, accounting for a 40.31% share. The region’s cultural diversity and well-established tourism industry attract a significant number of SAVE tourists.
China: The Chinese market is expected to reach USD 6,827 million, holding a 9.93% share. The growing middle class and increasing interest in educational and cultural travel are driving factors in this region.
Japan: Japan’s market is projected at USD 3,887 million, with a 5.65% share. The country’s unique culture and commitment to sustainability make it a popular destination for SAVE tourism.
India: With a projected value of USD 2,736 million, India holds a 3.98% share. The country’s rich cultural heritage and efforts to promote eco-tourism are significant attractions.
Southeast Asia: This region is expected to generate USD 2,410 million, capturing a 3.50% share. The region’s natural beauty and cultural attractions are key drivers for growth.
Latin America: Projected at USD 2,288 million, this region holds a 3.33% share. Its diverse landscapes and cultural offerings are gaining traction among SAVE tourists.
Middle East and Africa: With a projected value of USD 1,824 million, this region accounts for a 2.65% share. The region’s unique attractions and efforts to develop sustainable tourism are promising.
These regional analyses highlight the diverse development statuses of the SAVE tourism market. While developed regions like the US and Europe dominate, emerging markets in Asia and Latin America are gaining momentum. Each region’s unique offerings and challenges shape the global landscape of SAVE tourism, indicating a market that is both diverse and interconnected.
Figure Global SAVE Tourism Market Size (M USD) by Region in 2024
7 Global SAVE Tourism Market Analysis by Major Players
7.1 Booking Holdings
Company Introduction and Business Overview:
Booking Holdings, established in 1997, is a leading global provider of online travel and related services, operating through brands like Booking.com, Priceline, and Agoda, among others.
The company offers a comprehensive platform for travel bookings, including accommodations, flights, and various travel experiences, serving customers in over 220 countries and territories.
Products:
Priceline, a subsidiary, provides smart and easy ways to save on hotel rooms, airline tickets, rental cars, vacation packages, and cruises, with access to over 600,000 properties.
Market Performance in 2024:
Booking Holdings is projected to achieve a revenue of USD 3,863 million with a gross margin of 61.95%.
7.2 Tui Group
Company Introduction and Business Overview:
TUI Group, founded in 2007, is one of the world’s leading global tourism platform companies, combining hotels, cruises, tours, and travel services under one umbrella.
TUI Group operates a vast network that includes over 400 owned hotels, 16 cruise ships, and a digital platform offering more than 160,000 tours and activities, serving 21 million customers across 180 regions.
Products:
The group provides a full range of travel services, from inspiration and booking to the travel journey and destination experience, including hotel and cruise brands and destination services.
Market Performance in 2024:
With a projected revenue of USD 2,926 million and a gross margin of 70.78%.
7.3 Expedia Group
Company Introduction and Business Overview:
Expedia Group, established in 1996, is an online travel company with a mission to power global travel for everyone, leveraging a vast supply portfolio and technology capabilities.
The group provides solutions to business partners and empowers travelers to research, plan, book, and experience travel through its extensive brand portfolio, including Expedia, Vrbo, and Hotels.com.
Products:
Expedia Group offers a wide range of travel products and services, from lodging properties and alternative accommodations to flights, packages, rental cars, cruises, and activities.
Market Performance in 2024:
Expedia Group is expected to generate a revenue of USD 1,821 million with a gross margin of 63.05%.