Projections show annual revenue in 2023 will hit US$854.7 billion
New research by Statista indicates that annual revenue in the global travel and tourism market could reach US$854.7 billion by the end of 2023.
In addition, the sector is expected to grow at a compound annual growth rate (CAGR) of 4% from 2023 to 2027, passing the trillion-dollar mark within the next four years.
The travel and tourism sector is on course to contribute US$49.18 billion to the UAE economy alone in 2023, according to figures released by the World Travel and Tourism Council (WTTC). This figure is predicted to reach US$64.12 billion by 2033, accounting for 10% of the nation’s GDP.
As the Middle East’s travel and tourism industry continues to mature, it is expected to create new jobs and income for millions of people from across the globe. The UAE Government estimates that the country’s travel and tourism market will support 770,000 jobs by 2027.
Arabian Travel Market (ATM), taking place at Dubai World Trade Centre (DWTC) in the UAE from Monday 6 to Thursday 9 May 2024, will explore ways to support the industry's continued growth.
Arabian Travel Market exhibition director Danielle Curtis 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 US$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.”
For more information, visit www.wtm.com/atm/en-gb.html