From May 6 to 9, 2024, the Dubai World Trade Centre (DWTC) will be abuzz with global attendees delving into the diverse world of travel and tourism. This will take place at the 31st edition of the Arabian Travel Market (ATM), a global event that spans the entire gamut of the industry – think leisure, business, luxury and MICE (meetings, incentives, conferences, exhibitions).
Now, let’s talk numbers. Statista research projects global travel and tourism market revenue to hit $854.7 billion this year. And it’s not stopping there – we’re looking at a compound annual growth rate (CAGR) of about 4.42% from 2023 to 2027. The trillion-dollar mark? It’s just around the corner.
In 2021, Allied Market Research valued the global business travel market at a whopping $689.7 billion. Fast forward to 2031, and we might be looking at a staggering $2.1 trillion. Meanwhile, the luxury travel market is set to surpass $440 billion by decade’s end according to Coherent Market Insights.
The MICE segment is also playing its part, especially in GCC countries like the UAE where big bucks are involved. Last year alone, DWTC’s total economic output across 63 large-scale events exceeded $3.5 billion.
The theme for ATM 2024? ‘Transforming Travel Through Entrepreneurship’. Attendees will explore how these sectors are driving economic growth and sustainable development across hospitality and aviation industries worldwide, opening up new opportunities for entrepreneurs and investors.
As Danielle Curtis, Exhibition Director at ATM points out: “Holidaymakers are important for Middle East’s travel community but we’re dealing with more than just leisure here.” She highlights how business, luxury and MICE travel are contributing significantly to economic growth and sustainable development – with forecasts predicting a global market volume exceeding $1 trillion by 2027.
The travel and tourism sector is set to pump up the UAE economy with a contribution of $49.18 billion in 2023, as per World Travel and Tourism Council (WTTC) data. By 2033, this figure is anticipated to rise to $64.12 billion, making up an impressive 10.2% of the country’s GDP.
New jobs and income opportunities are expected to arise as the Middle East’s travel and tourism industry matures. In fact, the UAE Government expects that the market will support around