The value of the global tourism market is expected to exceed $1 trillion in the next four years

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

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

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

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

Danielle Curtis, ATM Exhibition Directorsaying,

“Tourists represent a crucial focus for the Middle East travel community, but leisure is just one component of a much broader 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.

News source: Emirates News Agency