New Delhi, July 31 : India's outbound tourism market is projected to reach over $55.3 billion by 2034, from the estimated more than $18.8 billion in 2024, growing at a compound annual growth rate (CAGR) of 11.4 per cent, a report showed on Wednesday.

The FICCI-Nangia knowledge paper also highlighted India's online travel market, which consists of sales of travel services through online channels, is expected to grow at a CAGR of 10.5 per cent between 2024-29 -- from $17.24 billion to $28.40 billion.

Few emerging markets and opportunities for outbound travel include various Southeast Asian, Middle Eastern, African, and Eastern European countries.

"India alone stands out as a key source market for Sri Lanka. The integration of the Indian UPI payment system with 'LankaPay' has simplified payment options for Indian tourists visiting Sri Lanka," said Geshan Dissanayake, Minister Commercial, High Commission of Sri Lanka in India.

The report said the government administration and the tourism industry stakeholders in India may undertake various strategic interventions to promote the outbound tourism market. These include bilateral engagement, improved connectivity, support to travel industry stakeholders, MSME development, marketing of international destinations, digital transformation, curated packages and hospitality partnerships.

Mary Mutuku, Deputy High Commissioner of Kenya to India, informed that currently, the India market is among the top 5 in Kenya's key sources of tourists, and this has the potential to grow even further.

"With an increase in the number of flights between the two countries along with the opening of Nairobi Expressway, tourists will have more convenience travelling in Kenya. A new cruise terminal at Mombasa port is a major boost to cruise tourism," she added.

According to Seitenov Darkhan, Deputy Ambassador of Kazakhstan to India, there has been a significant growth in the number of tourists coming to Kazakhstan from India which is also due to offering a 14-day visa-free regime for Indian tourists along with an increase in the number of direct flights.

"We invite major Indian investors to participate in implementing these initiatives in our country," he added.

Ankush Nijhawan, Chairman, FICCI Outbound Tourism Committee, said the global travel and tourism industry is expected to reach $2.6 trillion by 2027, growing at a CAGR of 8.2 per cent. "The traveller preferences are becoming increasingly diverse, and demand tailor-made travel services. Demographic boost, government support, increased connectivity and niche segment growth are powering India's outbound travel boom," he added.

/IANS