The global tourist visa service market is witnessing exponential growth on account of rising international travel and tourism activities worldwide. A tourist visa allows foreign nationals to enter a country for the purpose of tourism for a specific period. With growing globalization and increasing economic opportunities across countries, international travel for leisure and business has risen dramatically over the past decade. Various countries have also liberalized their visa policies and processes to encourage more inbound tourism. This has significantly boosted the demand for tourist visa facilitation and related services globally.
Market Dynamics:
Rising international travel is the major growth driver for the tourist visa service market. According to the United Nations World Tourism Organization, international tourist arrivals grew by 4% in 2020 to reach 1.5 billion. The increasing affordability of air travel and emergence of low-cost airlines have made foreign destinations more accessible. Moreover, the ease of online visa applications and biometrics-enabled processes have streamlined the visa acquisition process. However, political uncertainties and security issues in certain countries continue to hinder the growth of inbound tourism. Nevertheless, initiatives toward visa-free or visa-on-arrival policies by various nations present lucrative opportunities for market expansion.
Key Features of the Study:
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