Religious traveling is driving the growth of Saudi Arabia Travel & Tourism Market, in the forecast period, 2022-2026.
According to TechSci report on, “Saudi Arabia Travel & Tourism Market - By Product/Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Others) By Type (Domestic, Inbound and Outbound) By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity and Others) By Tourist Profile (Saudians and Foreign Nationals) By Region, Competition Forecast & Opportunities, 2026”, Saudi Arabia travel & tourism market is expected to soon overcome the major setback experienced due to COVID-19 meanwhile registering an impressive growth in the forecast period, 2022-2026. Factors like reopening international travels, and reinstatement of industrial sectors are anticipated to substantiate the claims of growth in the upcoming five years. The Kingdom of Saudi Arabia supports the tourism industry with accessible rules and regulations and the industry supports the country’s economy lavishly. The tourism sector revenue in the country reached USD 28billion by December 2019 that dropped drastically to USD 5billion in the next 12 months due to pandemic situation. With the recent advancements and reopening of the international travels, the situation is expected to change again, and the country is expected to experience substantial CAGR growth in the next five years until 2026.
Moreover, developing healthcare sector, rapid advancements in the education sector, schemes like student exchanges and development of advanced educational institutions is anticipated to further aid the Saudi Arabia travel & tourism market growth in the upcoming five years. Furthermore, cheaper air travels, affordable tour packages, are attracting tourists for the visits and supporting the growth of the market in the forecast years, until 2026.
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The Saudi Arabia travel & tourism market is segmented on the basis of product/ service offering, type, purpose of visit, tourist profile, regional distribution, and competitional landscape. Based on type, the market is divided among domestic, inbound, and outbound. Domestic tourism is anticipated to hold the largest shares of the market on the account of consistently increasing number of populations visiting the religious pilgrimage like Mosque of Mecca, Kaaba, Masjid Quba, among others. Moreover, the exquisite and lavish lifestyle due to rising disposable income among the population is further aiding the growth of the market. With the reinstatement of international travels, the inbound tourism segment may register fastest CAGR growth in the upcoming five years.
Based on purpose of visit, the market is further bifurcated into business, leisure & recreation, education, medical, social activity, and others. Leisure & recreation may account for the largest revenue shares of the market growing substantially on the ground of rising number of tourists inclined toward lavish and exquisite lifestyle offered by the hospitality industry of the country. Moreover, business segment may register significant growth in the revenue shares due to easier regulations from the government to expand industrialization in the country.
A partial list of market player in the Saudi Arabia travel & tourism market includes Akbar Travels and Tourism, Almosafer, Saudi Arabia, Saudi Arabian Airlines (SAUDIA), Saudi Arabia Tours, HelloTravel, Make My Trip, Yatra, Expedia, Ease My Trip, Travelocity, among others. These market players hold larger shares of the market than the new market players. With the advancement of the technology, it is appropriate to say that the effective research and development of the technologically advanced services like better tour packages, convenient ticket booking processes, would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide services that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments and better service provisions.
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“Travel and tourism market in the country is anticipated to experience substantial growth in the upcoming five years on the grounds of various sectors evolving and inviting multiple business along with the religious tourism and medical tourism. The tourists are looking further to a tour and trip with the exquisite tour packages by the many market players in the industry. New market players can work on the better packages and in better promotions. Advertisements and aggressive promotions might aid new market players in substantiating their brand hold,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Travel & Tourism Market By Product/Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Others) By Type (Domestic, Inbound and Outbound) By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity and Others) By Tourist Profile (Saudians and Foreign Nationals) By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia travel & tourism market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia travel & tourism market.