The museum tourism market is projected to reach US$ 75bn by 2033
As per newly released data by Future Market Insights (FMI), the museums’ tourism market is estimated at US$ 25.2 billion in 2023. Future Market Insights Inc. forecasts the worldwide business of museums tourism to thrive at a CAGR of 11.5% from 2023 to 2033. Furthermore, according to this analysis report, the overall market value is projected to reach US$ 74.8 billion by 2033.
2018 to 2022 Global Museums Tourism Market Outlook Compared to 2023 to 2033 Forecast
Museum tourism entails learning about unique cultures and events that took place in history. Museums preserve cultural values, exhibits of evolution, and details about nations and communities decades ago. Museum tourism is mainly motivated by cultural and heritage beliefs. The travelers get an opportunity to learn about historical events, bridge the gap between traditional and modern eras, and connect and experience the art and stories of the past. Museums are the most important part of the tourism industry. Museums serve as an effective way of learning; therefore, many tourists visit museums every year to explore and learn.
Growing Participation of Educational Travelers in Museum Tourism
With a rise in trends of learning about historical events, especially at the educational level, there is a rise in participation from Educational Institutions in Museum Tourism. Educational institutions try to teach good values and morals at a young age by introducing cultural beliefs to their student. As museums are an effective way to learn, the student’s participation is more as compared to adult travelers.
In addition, there has been a boom in the new industrial revolution over the past few decades. The possibility of observing industrialization’s progression from its origin to the modern day is ideal for research scholars studying industrialization. The museums help students to learn and explore more than books efficiently. Thus, the above factors are expected to increase the participation of educational travelers in museum tourism.
Exploration of New Artefacts to Drive the Museums Tourism Market
The tourist travels for leisure, to discover, to explore, and to get a break from their busy schedule. There has been an unexpected increase in leisure travel post-pandemic. People are taking an active interest in more leisure activities.
Museums are one of the favorite choices of tourists. With the rising trend of heritage and cultural tourism, travelers are more attracted to museums. Also, certain known museums with their unique artifacts attract tourists worldwide. The growing importance of this trend is driving the market.
Digital Virtual Museums to Grow the Museums Tourism Market in India
India is known for its vast history and its cultural heritage. Every year millions of travelers visit India to learn about Indian culture and Vedas and to study the history of India. Indian museums narrate the origin story and show how humanity has evolved in the past 100 years.
India exhibits a wealth of resources that shed light on its rich culture and heritage of its past. In 2014 the Ministry of Culture Government of India launched the National Portal Digital Repository for Museums of India. In the year 2022, they found the Museums of India mobile app. This allows users to access information virtually on various themes, histories, and artifacts related to the Indian history of 10 leading museums.
The Recovery of Museum Tourism Majorly Contributing to the United Kingdom Tourism Industry
Tourism is one of the leading industries in the United Kingdom. The United Kingdom has one of the world’s most pre-eminent collections and high-profile museums. This attracts tourists from around the world. According to National Museum Director’s Council (NDMC), museums and galleries are one of the most popular tourist attractions.
The museums and galleries of the United Kingdom contribute a massive share to the tourism industry. In 2021, the Natural History Museum had 1.57 million visitors and was the most visited museum, followed by British Museum with 1.32 million, Tate Modern with 1.15 million, and Science Museum with 955k visitors. Region-wise, Scotland had 45% more visitors in 2021 as compared to the year 2020.
Competitive Landscape
Leading players operating around the globe are focusing on expanding new verticals to expand their business. For instance: The Art Institute of Chicago is one of the top museums in the world. It is famous for Edward Hopper’s Nighthawks and Grant Wood’s American Gothic. In 2009, the Terzo Piano restaurant was launched at the Art Institute of Chicago, where tourists can see the Chicago Skyline and Millennium Park.
Recent Developments by the Museums Tourism Service Providers
The industry is anticipated to keep expanding, propelled by rising interest in virtual museum experiences. To develop a virtual tour of the museum, the Louvre Museum in Paris collaborated with the Google Arts & Culture platform in February 2023.
The National Gallery of Art in Washington, D.C., started offering free entry to the museum on a limited basis in November 2022. This initiative is part of its new ‘Art Everywhere’ campaign to enthrall and entertain visitors of all ages.
The article The museum tourism market is projected to reach US$ 75bn by 2033 first appeared in TravelDailyNews International.