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Think about it for a moment – over USD 600 million in capital has been raised in seven years by companies in the tours and activities sector.

It is also seven years since Phocuswright published its debut report into the sector: When They Get There and Why They Go.

Yet despite the large scale investment in travel’s third largest segment and the profile it has received (with an upcoming report from PCW: Tours and Attractions Come of Age), it still remains heavily fragmented, mostly offline, and no clear leader or major player has emerged.