The growing demand for tourist visas is expected to grow the worldwide visa market’s growth at a 7% annual rate through 2029. Industry participants are positive about the development potential of the tourist visa category, even in the face of restrictions on visas in nations including the US, UK, and Canada.
By 2029, it is expected that tourist visas will control 70% of the market. Increases in disposable income, experience travel, visa liberalization, and visa-free travel are the main drivers of this development. People are taking more than one vacation each year, continuing the pace of leisure travel that began after the pandemic.
But the industry is witnessing a change to stricter regulations for work, business, and study visas. The Optional Practical Training (OPT) program is about to end, and the US government has put a halt to new visa interviews for foreign students. By increasing the waiting term for permanent residency from five to ten years for certain individuals, the UK government also intends to tighten immigration regulations.
Despite these obstacles, the high demand for tourist visas is predicted to fuel growth in the worldwide visa business. While the percentage of business and work visas may drop from 19% in 2024 to 16% in 2029, the percentage of student visas is expected to drop from 15% in 2024 to 13% in 2029.
According to a source, long-term volume growth is continuing even if nations’ visa requirements are becoming more unclear. “We are experiencing high growth in tourist visas even as other segments are facing policy-related issues,” source said. “People are taking multiple vacations in a year, and it has become a new normal.”
Although restrictions on visas in several large nations, the worldwide visa business is expected to expand. Due to the growing demand for leisure travel, the tourist visa category is anticipated to dominate the market. The industry is, meanwhile, witnessing a change toward stricter regulations for work, business, and study visas, which may have an effect on the expansion of these markets.
