Introduction

The travel and tourism sector is one of the most lucrative sectors in the global economy. For instance, in 2019 before the pandemic, tourism contributed to over $9.6 trillion of the global GDP. This figure amounted to about 10.3% of the total income generated worldwide. With the outbreak of Covid-19, earnings from the sector declined suddenly due to ever-tightening restrictions on movement in an an attempt to control the spread of the virus.

The global tourism sector then began to recover over the course of 2021, and its market size increased by roughly 20% over the previous year as restrictions on domestic and international travel were relaxed. As of 2021, the market size of worldwide tourism was estimated to be roughly $1.31 trillion U.S. dollars. As the economy recovers, forecasts show that this figure will rise to $1.67 trillion U.S. dollars in 2022

The depiction above shows there is an immense opportunity in the travel and tourism industry. With the right strategies and innovation, the market can be expanded farther and both businesses and individuals can extract more value from this sector.

This means industry participants should come up with more creative and efficient ways of serving people within the sector. Additionally, new ways of incorporating niche technological solutions like blockchain and crypto should also be devised