Saudi Arabia Travel & Tourism Market to Outgrow COVID-19 Setback by 2026
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.
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