This Middle East Tourism Spend Analytics Forecast market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Middle East Tourism Spend Analytics Forecast market.
Middle East is considered as a cradle of civilisation and has many attractions to offer to the tourists. The importance of tourism in economic development and job creation cannot be underestimated and this is especially important for countries in the Middle East that wish to diversify their economies and want them to be less dependent on the oil income. Dubai is the main destination for leisure and business travel in the region and Saudi Arabia is the main centre for religious tourism. Governments want to capitalise on this potential and make tourism one of the important growth magnets for the region.
Middle East Tourism Spend Analytics: Drivers and Restraints
Tourism is an important sector for the Middle Eastern countries who want to wean off the dependence of their economy from the income derived from oil. Hence the governments are taking the necessary steps in encouraging the building of tourist infrastructure in the region. Saudi Arabia is an important centre for religious tourism and is taking steps to benefit more from the influx of foreign tourists coming from all over the world. Besides, due to the presence of cosmopolitan cities such as Dubai, the entire region of the Middle East is expected to welcome more and more tourists. These are the major drivers of the tourism sector in the Middle East. However, a volatile political situation coupled with incidences of terrorism have adversely affected the tourism sector in the region and act as a major restraint to the development of tourism in the Middle East.
Middle East Tourism Spend Analytics: Key Statistics
According to the World Travel and Tourism Council data, the direct contribution of travel and tourism to the GDP of the Middle East was US$ 73.7 Bn in the year 2014 that comprised 2.7% of the total GDP of the Middle Eastern countries. This is projected to rise by 4.6% per annum and reach a figure of US$ 121.0 Bn in the year 2025 and will comprise 3.1% of the total GDP of the region. According to data from the same source, visitor exports gave rise to US$ 68.3 Bn in the year 2014, which comprised 4.6% of the total exports of the region. This is forecast to grow by 4.5% per annum during the 10-year period 2015-2025 and reach a value of US$ 109.1 Bn in the year 2025, comprising 4.6% of the total exports of the region.
As per the World Travel and Tourism Council figures, leisure travel spending comprising both inbound and domestic tourists generated 81.5% of direct travel and tourism GDP in the year 2014, getting to a figure of US$ 109.2 Bn as compared with 18.5% for business travel spending that reached a figure of US$ 24.9 Bn. As per the estimates from the same source, leisure travel spending in the Middle East is expected to grow by 4.5% per annum to reach a figure of US$ 178.0 Bn in the year 2025. On the other hand, business travel spending is expected to demonstrate a growth of 3.8% per annum to reach a figure of US$ 37.1 Bn in the year 2025.
In the Middle East, domestic travel spending gave rise to 49.1% of direct travel and tourism GDP in the year 2014 and visitor exports generated 50.9% of the direct travel and tourism GDP. Domestic travel spending is expected to generate a growth rate of 4.3% per annum during the 10-year period 2015-2025 and reach a figure of US$ 106.0 Bn in the year 2025. On the other hand, visitor exports are expected to demonstrate a growth rate of 4.5% per annum between 2015 and 2025 and reach a figure of US$ 109.1 Bn in the year 2025.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
What Can Readers Expect from this Report?
- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
- Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers
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Middle East Tourism Spend Analytics Forecast
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Middle East Tourism Spend Analytics Forecast report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Middle East Tourism Spend Analytics Forecast. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Middle East Tourism Spend Analytics Forecast report?
In addition to up-to-date market figures and customized of the Middle East Tourism Spend Analytics Forecast, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.