Where are you going for your next holiday? How about the moon?
Experts believe space tourism could blossom into a multi-billion-dollar market within the next decade. It comes as billionaire trailblazers Sir Richard Branson and Jeff Bezos pioneer commercial flights outside of the earth's atmosphere.
Amazon (AMZN) founder Bezos, the world's richest man, successfully completed a trip to space on Tuesday on a rocket made by his own private space exploration company Blue Origin.
Bezos completed a roughly 10-minute trip to space on Thursday accompanied by his brother, Mark Bezos, Wally Funk, an 82-year-old veteran of the original space race, and 18-year-old Dutch student Oliver Daemen.
The trip comes just days after fellow billionaire Sir Richard Branson completed a similar trip on a Virgin Galactic (SPCE) ship.
Along with Tesla (TSLA) boss Elon Musk, who runs SpaceX, the mega-wealthy trio are pioneering a private space industry that one day hopes to offer commercial services to the masses.
Analysts at investment bank UBS said on Tuesday that space tourism could become a reality for ordinary folk "in the not too distant future".
"While space tourism is still nascent, we think it will become mainstream as the technology becomes proven and cost falls," analysts wrote in a note circulated to clients just hours before Bezos' trip on The New Shepherd rocket. "By c2030, we estimate space tourism will be a $3bn-plus p.a. opportunity growing at double digit-rates."
Watch: Republican Don Beyer on the new US space race
Space tourism is predicted to be just one part of a $805bn market by the start of the next decade. The other major opportunity is long-haul flights via space.
While it might sound far-fetched, UBS analysts said hotel companies, airlines, and tour operators should start thinking about space now before it's too late.
"Like many other new disruptive segments (e.g., internet, digital photography), it is not the risk-averse incumbents that are the first movers, but new players," analysts wrote. "One could ask whether, at that point, it will be too late for incumbents to engage."
Watch: Blue Origin rocket successfully lands with Amazon founder Jeff Bezos on board