Share: ResearchAndMarkets.com's offering. According to this report the market was valued at $667.34 million in 2019 and is projected to reach $1,295.07 million by 2027; it is expected to grow at a CAGR of 12.3% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market. Rising globalization, increasing trade volumes, and positive economic outlook are a few of the major macroeconomic factors driving the growth of the tourism market. Growing digitalization of payments and travel bookings is another important reason that is increasing the demand for travel solutions across the world. In the past 5 years, the launch of new tourist destinations offered lucrative opportunities in the global travel and tourism industry. With rising number of tourism operators, there is an increasing demand for fascinating tours packages. Travel technology software are used across the hospitality and travel industry to provide information along with communication technology to the user, which is driving the growth of the tour operator software market.