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30 November 2023

Tourism global market value projected to pass $1 trillion over next 4 years: ATM 2024

By E247

Attendees from around the world will explore opportunities spanning the full spectrum of travel and tourism at the 31st edition of Arabian Travel Market (ATM), which will take place at Dubai World Trade Centre (DWTC) from 6th to 9th May 2024.

Revenue in the global travel and tourism market is projected to reach $854.7 billion this year, according to research conducted by Statista. The sector is expected to grow at a compound annual growth rate (CAGR) of 4.42 percent during 2023-27, passing the trillion-dollar mark within the next four years.

Allied Market Research valued the global business travel market at $689.7 billion in 2021, predicting the segment to grow to $2.1 trillion by 2031. Meanwhile, the global luxury travel market is on course to pass $440 billion by the end of this decade.

The MICE segment also continues to make valuable contributions in GCC countries such as the UAE, where DWTC’s most recent Economic Impact Assessment (EIA) Annual Report estimated that the venue’s total economic output – across 63 large-scale events – exceeded $3.5 billion in 2022.

Danielle Curtis, Exhibition Director of ATM, said, “Holidaymakers represent a crucial focus for the Middle East’s travel community, but leisure is only one component of a much bigger picture. Business, luxury and MICE travel are also making significant contributions to economic growth and sustainable development, with Statista predicting a global market volume of more than $1 trillion by 2027.

“It is, therefore, no surprise that the travel and tourism sector is creating unprecedented opportunities for entrepreneurs and investors, thousands of whom will showcase their innovations, exchange ideas and forge new partnerships at ATM 2024,” she added.