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Key regions: Malaysia, Europe, Singapore, Vietnam, United States
The Travel & Tourism market in Iraq has been experiencing significant growth and development in recent years.
Customer preferences: Travelers in Iraq are increasingly seeking unique and authentic experiences, driving demand for cultural and historical tourism. Additionally, there is a growing interest in adventure tourism activities such as desert safaris and hiking in the picturesque landscapes of Iraq.
Trends in the market: One notable trend in the Iraqi travel market is the rise of religious tourism, with many visitors coming to the country for pilgrimage purposes. The holy sites in Iraq attract a large number of religious tourists each year, contributing to the overall growth of the tourism sector. Moreover, there has been an increase in international visitors exploring the rich cultural heritage and archaeological sites in Iraq.
Local special circumstances: Iraq's diverse cultural heritage and historical significance make it a unique destination for travelers. The country is home to ancient civilizations, UNESCO World Heritage sites, and religious landmarks that attract tourists from around the world. Despite security concerns in certain regions, the government has been taking steps to promote tourism and improve infrastructure to support the industry.
Underlying macroeconomic factors: The improving security situation in Iraq, coupled with government initiatives to promote tourism, has played a key role in driving the growth of the travel market. Additionally, investments in infrastructure development, such as new hotels and transportation facilities, have enhanced the overall tourism experience for visitors. The country's strategic location in the Middle East also contributes to its attractiveness as a travel destination.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)