Saudi Arabia Outbound Tourism Market is Projected to Grow at a CAGR of 3.78% Over the Forecast Period (2019 - 2027), Owing to the Rising Need for Enjoyment Through Holiday Activities Such as Relaxation, Shopping and Sightseeing, Says Absolute Markets Insights

PUNE, India, Jan. 27, 2020 /PRNewswire/ -- Travel and Tourism sectors are emerging as one of the fastest growing economic sectors in Saudi Arabia. Saudi Arabia has a population of over 33 million, wherein more than seven million live in the capital, Riyadh. The major interesting fact in Saudi Arabia is that the number of outbound tourists is higher than the inbound tourists. For many decades, Saudi Arabia has been focusing their attention on the huge oil reserves in the nation. According to the International Monetary Fund, oil industry accounts for around 85% of exports and almost 90% of fiscal revenue in the country. According to the analysis provided by the World Tourism Organization (UNWTO), in 2017, the number of departures amounted to approximately 28.6 million, compared to 4.7 million in 2008. However, 2019 has seen a drifting focus in which the country has started focusing towards other economic sectors like education and military amongst others.

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Saudi Arabia compared to the other nations are more conservative in nature. It's mainly due to the strong religious customs followed in the country. The millennial population in Saudi Arabia finds it difficult to enjoy the night life because of the lack of pubs and the restrictions imposed on them. This mainly includes the Gen Z population who were borne between the year 1997 and 2012. The lack of leisure activities has paved way for the outbound tourism market in Saudi Arabia. Also, the rising purchasing power enables the people to explore the foreign countries and enjoy the life culture. Till 2019, outbound medical tourism has provided a significant impact on the country's economy. But the Vision 2030 plan launched by the kingdom of Saudi Arabia has formulated strategy to radically transmute the Kingdom's economy with a very comprehensive plan to endorse more efficient government services and to expand the economy by boosting more employment opportunity in private sector and developing the non-oil economy. This majorly aims at reducing the overdependence on oil industry. According to the organization of the petroleum exporting countries (OPEC), Saudi Arabia accumulates around 18 per cent of the world's petroleum reserves and ranks as the major exporter of petroleum.

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In terms of revenue, Saudi Arabia outbound tourism market was valued at US$ 17.155 billion in 2018 and is expected to reach US$ 23.93 billion by 2027, growing at an estimated CAGR of 3.78% over the forecast period. The detailed research study provides qualitative and quantitative analysis of healthcare consulting services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes majorly on the different geographical regions world wide

Key suggestions from the report:

• In terms of geographical location, Eastern part of Saudi Arabia accounted for the highest market share in 2018 owing to the work pressure environment in city areas like Riyadh which demands entertainment related activities.
• Business segment holds the largest market share among the purpose category owing to huge investment opportunities in developed nations.
• Some of the major players operating in the Saudi Arabia outbound tourism market are Saudi Ebreez Company (Flyin.com), Dadabhai Travel LLC, ITL World, dnata Travel,  Kanoo Travel, Zahid Travel Group, Abdullah Al Rajhi Holidays, Attar Travel, Fursan Travel & Tourism Co. LLC., Sky International Travel & Tourism Co., Saudi Tourist & Travel Bureau Ltd, Saudi International Travel Agency and Cox & Kings Ltd amongst others.

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Saudi Arabia Outbound Tourism Market:

• By Booking Medium
• Online
• Offline
• By Purpose
• Business
• Education
• Leisure
• Others
• By End-User
• Individuals
• Corporate
• By Geography
• Region
• Southern
• Eastern
• Western
• Central
• Southeastern
• Northern

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SOURCE Absolute Markets Insights