Revenue in the global travel and tourism market is projected to reach USD854.7 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 the period 2023-2027, passing the trillion-dollar mark within the next four years.
Allied Market Research valued the global business travel market at USD689.7 billion in 2021, predicting that the segment would grow to USD2.1 trillion by 2031. The global luxury travel market, meanwhile, is on course to pass USD440 billion by the end of this decade, according to research from Coherent Market Insights. 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 USD3.5 billion in 2022.
In line with ATM 2024’s theme of ‘Transforming Travel Through Entrepreneurship’, attendees will consider how the segments of leisure, business, luxury and MICE are driving economic growth and sustainable development across destinations, hospitality and aviation, creating fresh opportunities for entrepreneurs and investors from across the Middle East and beyond.
Danielle Curtis, exhibition director, Arabian Travel Market, 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 USD1 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.”
The travel and tourism sector is on course to contribute USD49.18 billion to the UAE economy alone this year, according to figures released by the World Travel and Tourism Council (WTTC). This figure is predicted to reach USD64.12 billion by 2033, accounting for an impressive 10.2 percent of the nation’s GDP.
