The Global Student Travel/Educational Tourism Market size will surpass US$ 399.8 Bn in 2021. Between 2021 and 2030, the market is expected to exhibit compound annual growth rate (CAGR) of 20.2%.
Student Travel/Educational Tourism is the packaging of travel products and services for age groups ranging from elementary school to young professionals. Students often travel for the primary purposes of participating in educational opportunities, leisure activities, cultural experiences, musical and art performances, and/or sporting events.
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Student Travel/Educational Tourism is increasingly being recognized as an important segment of the global youth travel industry. One major contributing factor behind this growth is an increase in disposable incomes in developed economies. There are two types of student travel mobility including domestic travel and international travel. Domestic travel is defined as which trip is conducted within the student’s own country, and an international trip defines as a trip that includes traveling from one country to another.
As per industry experts, nothing can change the tragic effects the COVID-19 pandemic creates on the student travel/educational tourism industry. Because of this pandemic situation student travel/educational tourism industry forcing into survival mode. The effect of this disruption will continue to be felt in the coming years. But as industry experts revealed that community of student travel operators, school administrators, teachers, and students are prepared for a strong re-entry into the marketplace. As per the data predicted growth for the year 2020 was +7 percent, but the sudden advent of COVID -19 drops the industry growth by -90 percent. And for 2021, tour operators and agencies expect to see a growth of around 9-10%, this indicates that there will be a gradual recovery as compared to the sudden return to pre-COVID levels.
Development in Technologies Used in Traveling Propel Market Growth
Some of the major game-changing technologies in the student travel/educational tourism industry are voice search & voice control, robots, contactless payments, virtual reality, AI chatbots, and others. Among all AI chatbots are the single most sensible travel technology investment. Through this technology service providers are able to help customers query 24/7. As per stats, the chatbot industry is growing in a rapid manner and is expected to reach USD 10.5 billion by the year 2026. Another major travel technology is contactless payments. The rapid development of real-time payment allows travelers to make payments. Market-leading players are heavily investing in recreating the travel supply chain. For instance, some of the student travel/educational tourism market providers are working with Flywire to build group payment experiences.
Growing Interest in Student Travel both From the Tourism Industry and Academic Researchers Drive Market Growth
Increase in the number of programs for student travels, for instance, recently, the Smithsonian Institution, a leading museum, education, and research complex announced the launch of the new educational travel programs for high school students. This program includes traveling to the United States and international locations. Through these programs, students are having an opportunity to explore new topics or interests or to dig deeper into one that is already a passion. Along with this, there is an increase in funding from various grants. These grants are important supports to the student travel industry.
The student travel/educational tourism programs in which young students sign up for a program to take them across all corners of the globe. Some major reasons behind student travels are educational purposes. Today, meaningful travel has become highly popular, there are student travel programs for high school students that focus on one specific country and there are others that take students to multiple countries.
Global Student Travel/Educational Tourism Market Report Coverage
|Historical Data for:||2017-2020|
|No. of Pages:||230|
|Tables, Charts & Figures:||119|
|Segments covered:||COVID-19 Impact Analysis Report, By Application, By Period, By Destination, By Region|
|Companies Covered:||STA Travel, StudentUniverse, Ellison Travel & Tours, Key Travel, Brightspark Travel, Education First, Globus Student Discoveries, Straight A Tours, WorldStrides, ACIS, Catapult Group.|
|Growth Drivers:||1)The Global Student Travel/Educational Tourism Market is segmented by Application, Period, Destination, and Region.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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Increase in Economic Crises Hamper Market Growth
One major hindrance in the growth of student international travel is the economic crisis. The tourism sector is experiencing numerous challenges as a result of the global economic crisis. In terms of external threats, it includes the recession, currency fluctuation, and taxation. And in terms of the internal threats are rising costs, falling revenues, and others.
In travel, industry crises occur at all levels with varying degrees of severity, including from publicized environmental, economic, and political disasters through to internally generated crises such as accidents and sudden illness. In 2020, this industry witnesses a strong hit because of the sudden advent of COVID-19. This crisis put millions of jobs at risk across the globe
The Global student travel/educational tourism market is segmented by Application, Period, Destination, and Region. Based on the Application the market is characterized into the Primary school student, Middle & High School student, and College Students. Base on the Period the market is segmented into the Below 3 days, 3-7days, and 7-14 days. Based on the Destination the market is segmented into the Domestic, and International. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Student Travel Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America is dominating the student travel/educational tourism market. In terms of international trips, the United States is one major destination and the second one is Canada, followed by Italy. In terms of growing demand for international student travel destinations, market professionals anticipate growing demand majorly from three regions including the United States, Canada, and Ireland. In terms of market recovery in the international market, the majority of tour operators anticipated a small recovery in 2021. The recovery of international travel would be slower as compared to domestic travel. And talking about domestic travel, it expects a fast recovery in coming years. As per industry stats, the domestic travel industry expects complete recovery by the year 2023.
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MARKET: COMPETITIVE LANDSCAPE
The companies operating in these industries are focusing more towards on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focus on maintaining sustainable development. The players are focusing towards securing leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet high market share, and developing socially responsible business company are identifying various strategic pillars such as mergers & acquisition, new product launch, product enhancement, and others.
MARKET: KEY PLAYERS
- STA Travel
- Ellison Travel & Tours
- Key Travel
- Brightspark Travel
- Education First
- Globus Student Discoveries
- Straight A Tours
SCOPE OF THE REPORT
The reports also assist in understanding the dynamic and structure of the Student Travel market. The study serves as an investor's guide with its clear representation of competitive analysis of key competitors by product, price, financial condition, product portfolio, growth plans, and regional presence in the market for Student Travel.
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