The tourism sector is changing rapidly, demanding the integration of innovation, strategic investments, and education as the foundation for a sustained growth over time. Destinations and businesses that manage to effectively adopt technology and prioritise sustainability while embracing inclusivity, are better positioned for success in an increasingly competitive global market.
Artificial intelligence (AI), virtual reality and blockchain are changing how tourism is experienced and, more importantly, managed. The vital role of technology in shaping the future of our industry is captured by the global smart tourism market, whose overall value is expected to reach $126.8bn by 2030. This trend is also reflected in the $48bn that tourism technology driven companies have raised through venture capital over the past five years, with 2.9% of global unicorns emerging from the tourism sector according to Crunchbase.
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Investments in technology need to be complemented with a social approach. Investing in people and particularly younger generations is key as the tourism sector employs more than 50% of the global workforce under the age of 25, reports the International Labour Organisation (ILO) and the OECD.
Young people are not just the present but also the future of our industry as humans are front and centre in the tourism sector. Despite its strong importance, ILO data analysed by the World Bank notes more than half (56%) of the world’s youth population are economically disengaged or under-engaged, with 26% of young people globally not in education, employment or training. To address this, UN Tourism has partnered with leading educational institutions through the UN Tourism Online Academy, offering 38 courses to more than 30,000 students worldwide. These efforts are also promoted with the development of campus-based Tourism Academies in collaboration with member states, such as those in Uzbekistan, Saudi Arabia, the Dominican Republic, Zambia and Zimbabwe.
In order to achieve a socially inclusive and environmentally responsible sector, as well as technologically advanced, we should focus on capacity building and education. Gender inclusivity is also an important topic, which plays a crucial role in this transformation. Empowering women through education programmes will help enhance social equity and wellbeing. A tourism sector that embraces inclusivity and diversity, will always be in a better position to benefit from the different perspectives led by innovation and creativity, elements that are important for overcoming present and future challenges.
UN Tourism initiatives have been helpful in supporting destinations to accelerate their development and balanced growth with environmentally responsible, socially inclusive and economically viable practices. As we move forward, our focus on innovation and strategic investments will hopefully adapt to the evolving needs of the travellers and support at the same time the wellbeing of communities while ensuring the sustainability of the sector and our planet.
By empowering the future through innovation, we can drive global tourism forwards towards a prosperous and inclusive horizon.
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This article is part of the Special Report:
Tourism Investment Report 2024