As per newly released data by Future Market Insights (FMI), the museums’ tourism market is estimated at USD 25.2 billion in 2023. FMI 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 USD 74.8 billion by 2033.
| Report Attributes or Data Points | Details |
|---|---|
| Global Museums Tourism Market Valuation in 2022 | USD 20 billion |
| Estimated Global Market Share in 2023 | USD 25.2 billion |
| Forecasted Global Market Size by 2033 | USD 74.8 billion |
| Projected Global Market Growth Rate from 2023 to 2033 | 11.5% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 4.1% |
Key Points Covered in Museums Tourism Market Survey
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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.
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.
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.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 25% |
| Europe | 20% |
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.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 5% |
| Germany | 4.9% |
| Japan | 5.5% |
| Australia | 6% |
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.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 4.7% |
| China | 5.3% |
| India | 4% |
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History Museums Are the Most Preferred Museum for Its Chronological Collections
According to the analysis, in terms of type, history museums are mostly preferred by the tourist. Historical museums offer a wide variety of historical collections, which are presented in chronological order. The objects collected and offered could be artifacts, documents, archeological findings, etc. It helps a tourist to learn about specific historical aspects. Besides this, art museums and science museums are equally preferred as much as history museums.
| Category | By Museum Type |
|---|---|
| Top Segment | History Museum |
| Market Share in Percentage | 24% |
| Category | By Tourist Type |
|---|---|
| Top Segment | Domestic |
| Market Share in Percentage | 55% |
Tourists from All the Age Group May Increase Significantly
In terms of age group, tourists in all age groups are expected to rise since this demographic is more inclined to explore and discover certain learning as per their interest. The museum is a fun and effective way of learning. People from different age groups like different types of museums as per their scope of knowledge or for leisure or to explore something beyond their limitations. Apart from that, the government is making efforts to provide free-of-charge entry for local citizens and developing applications for virtual museums for the convenience of tourists.
For example, The British Museum in London has made free entry for tourists to visit the Museum. The fee is only chargeable for exhibitions and events. A tourist need to book tickets in advance on the online website of The British Museum. Likewise, there are various other museums that don't cost money for museum visits.
Online Booking is Generally More Preferred by The Tourist
In terms of booking channels, the online booking channel is more preferred than in-person booking. As the world is upgrading and digitizing, museums websites are also upgrading. Travelers travel to museums across the globe, and therefore for their convenience and ease, many museums have allowed and offered online booking on their websites. At the same time, many museums like The British Museums and The National History Museums inform travelers to book tickets in advance on their websites. The hazel-free process helps travelers to plan a visit efficiently.
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
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million or USD billion for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania & The Middle East and Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, Colombia, Germany, United Kingdom, France, Italy, Russia, South Africa, Turkey, UAE, Egypt, Jordan, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Philippines, Cambodia, Vietnam Australia & New Zealand. |
| Key Segments Covered | Museum Type, Booking Channel, Tour Type, Consumer Orientation, Age Group, and Region. |
| Key Companies Profiled |
Louvre; National Museum of China; Russian Museum; Multimedia Art Museum; Metropolitan Museum of Art; Galleria degli Uffizi; National Gallery of Art; State Hermitage Museum; Museo Reina Sofía; Vatican Museums; Tretyakov Gallery; Centre Pompidou; Natural History Museum; Tate Modern; National Museum of Natural History; National Air and Space Museum; Shanghai Museum; London Science Museum |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is expected to flourish at a CAGR of 11.5%.
25% of market share is expected in North America.
Increasing interest in culture & heritage, and unique artifacts.
From 2018 to 2022, the market registered a CAGR of 4.1%.
The market is expected to reach USD 74.8 billion by 2033.
| Estimated Market Size (2023E) | USD 657.2 Billion |
|---|---|
| Projected Market Valuation (2033F) | USD 1,316.4 Billion |
| Value-based CAGR (2023 to 2033) | 7.2% |
| Market Estimated Size (2022) | USD 43 Billion |
|---|---|
| Market Projected Size (2032) | USD 52.42 Billion |
| Market Value-based CAGR (2022 to 2032) | 2% |
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