ATM 2024 to explore full spectrum of travel and tourism – global market value to pass $1 trillion by 2027

Attendees from around the world will explore opportunities spanning the full spectrum of travel and tourism – including leisure, business, luxury and meetings, incentives, conferences and exhibitions (MICE) – at the 31st edition of Arabian Travel Market (ATM), which will take place at Dubai World Trade Centre (DWTC) in the UAE from Monday 6 to Thursday 9 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 per cent during the period 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 that the segment would grow to $2.1 trillion by 2031. The global luxury travel market, meanwhile, is on course to pass $440 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 $3.5 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 $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.

The travel and tourism sector is on course to contribute $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 $64.12 billion by 2033, accounting for an impressive 10.2 per cent 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, for instance, estimates that the country’s travel and tourism market will support 770,000 jobs by 2027. At the same time, the sector is expected to generate ever-increasing revenues for regional economies – Gulf travellers spending approximately 6.5 times more than tourists from other parts of the world, according to the UN World Tourism Organization (WTO).