Aurojyoti Bose, lead analyst, GlobalData, commented, “Although this is a marginal growth, it has reversed the decline that the sector has been witnessing for the past few months. This growth is mainly driven by the improvement experienced in the Asia-Pacific region, as deal activity declined in May in other key regions such as North America and Europe compared to the previous month.”

The number of deals announced in the travel and tourism sector in the Asia-Pacific region increased from 10 in April to 17 in May, while Europe and North America witnessed a decline in deal activity by 10 percent and 10,7 percent, respectively.

Bose continued, “Within Asia-Pacific, India, Australia and China registered a month-on-month improvement in deal activity in May. Meanwhile, deal activity declined in several key global markets including the US.”

The number of venture financing and private equity deals also decreased by 39,1 percent and 9,1 percent in May compared to the previous month, respectively, while M&A deals volume increased by 28,9 percent.