The geotourism market size has shown strong growth in recent years, anticipated to grow from $668.9 billion in 2023 to $709.34 billion in 2024 at a compound annual growth rate (CAGR) of 6%. This growth during the historic period can be linked to the rising popularity of nature-based travel and off-the-beaten-path experiences, the increasing availability of eco-friendly accommodations, the expansion of international travel and tourism markets, the growing trend of digital nomadism and remote work, and the influence of social media and travel influencers. The geotourism market is projected to reach $901.62 billion in 2028, with a CAGR of 6.2%. This forecast growth is attributed to heightened awareness of environmental conservation, an increase in eco-friendly travel preferences, a rising interest in sustainable tourism, expansion in adventure travel activities, and higher disposable incomes leading to increased consumer spending on travel. Major trends anticipated during this period include the development of new geotourism destinations, technological advancements in travel and booking platforms, strong marketing for geotourism locations, collaborations between tourism operators and local communities, and enhancements in transportation infrastructure to remote areas.
Major Driver In The Geotourism Market
The increasing number of international tourists is projected to significantly boost the growth of the geotourism market. International tourists, who travel abroad for leisure, business, or other purposes, contribute to foreign economies through their spending on various services and attractions. The rise in international tourism is driven by improved travel accessibility, enhanced global connectivity, and a desire for cultural experiences. Geotourism appeals to international tourists by providing immersive experiences that showcase unique geological features, local cultures, and sustainable travel practices. According to the Office for National Statistics in May 2023, the UK experienced 31.2 million visits in 2022, an increase of 24.9 million visits compared to 2021, while UK residents’ trips abroad rose from 51.8 million in 2021 to 71.0 million in 2022. Therefore, the growing number of international tourists is driving the growth of the geotourism market.
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Geotourism Market Competitive Landscape
Major companies operating in the geotourism market are TUI AG, China CYTS Tours Holding Co. Ltd., Abercrombie & Kent Group, Intrepid Travel Pty Ltd., Backroads Inc., Mountain Travel Sobek, Natural Habitat Adventures, G Adventures Inc., Omega World Travel Inc., Butterfield & Robinson, World Expeditions, AAA Travel, Exodus Travels, JTB Americas Group, GeoEx Ltd., Adventure Life, Zegrahm Expeditions Inc., Naturetrek Ltd., National Geographic Expeditions, EcoTours International LLC, InnerAsia Travels, All Star Travel Group, Boundless Journeys Inc., AdventureSmith Explorations Inc., Wild Frontiers Ltd.
Key Geotourism Market Trend
Major companies in the geotourism market are developing technologically advanced products, such as geolocation services, to enhance the travel experience by offering personalized and interactive tours. A geolocation product utilizes precise geographic data to provide location-based information and functionalities. For instance, in May 2024, OpenBet, a UK-based software company, launched the OpenBet Locator. Built on Amazon Web Services (AWS), OpenBet’s strategic cloud provider, this low-latency geolocation product enables operators worldwide to accurately locate, promote to, and monitor customers while maintaining compliance with regulatory requirements. Key features include flexible geo-fence management, high precision location tracking, real-time VPN and location spoofing detection for fraud prevention, player targeting for CRM, data analysis, and in-venue promotions, along with a multi-tenanted solution supporting a traveling wallet and easy configuration options to streamline business operations.
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Global Geotourism Market Segmentation
The geotourism market covered in this report is segmented –
1) By Tour Type: Individual Travel, Professional Groups, Group Travels
2) By Tourism Type: Sustainable Tourism, Urban Geo-Tourism, Rural Geo-Tourism, Natural Tourism, Eco Geo-Tourism, Other Tourism Types
3) By Booking Channel: Phone Booking, Online Booking, In-Person Booking
4) By Direct Suppliers: Airlines, Hotel Companies, Car Rental, Train, Tour Operators, Government Bodies
5) By Application : Below 30 Years, 30-40 Years, 40-50 Years, Above 50 Years
By Geography:The regions covered in the geotourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the geotourism market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Geotourism Global Market Report 2024 furnishes information about the global geotourism market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
