Global Museum Market (2023 Edition): Analysis By Source of Revenue, Museum Type (Art, History and Culture, Natural, Others), By Age Group, By Region, By Country: Market Insights and Forecast (2019-2029)

Global Museum Market (2023 Edition): Analysis By Source of Revenue, Museum Type (Art, History and Culture, Natural, Others), By Age Group, By Region, By Country: Market Insights and Forecast (2019-2029)

Executive Summary

Azoth Analytics has released a research report titled “Global Museum Market (2023 Edition)” which provides a complete analysis of the Global Museum industry in terms of market segmentation by Source of Revenue (Ticket Sales, Gift Shops and Souvenir, Food and Beverage, Other Sources), Museum Type (Art Museum, History and Culture Museum, Natural Museum, Others), and by Age Group (Less than 25 years, 25- 39 years, 40-59 years, Above 60 years), for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.

The research is global in nature and covers a detailed analysis of the market in Americas (U.S., Canada, Rest of the Americas), Europe (United Kingdom, Germany, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, South Korea, Rest of Asia-Pacific), and the Middle East and Africa. Additionally, the research report displays data including market size, market volume/numbers, yearly growth & potential analysis, the competitive study of market players, investment opportunities and demand forecast.

The Global Museum Market is expected to generate USD 17.23 billion by the end of 2029, up from USD 7.48 billion in 2022. Museums play a crucial role in safeguarding and presenting artefacts, artworks, and historical documents, ensuring their accessibility to present and future generations. During the forecast period, 2024-2029, the Global Museum Market is expected to expand at a CAGR of 13.24%. The museum market is propelled by the rising number of tourists and their increasing interest in art, culture and history, followed by an increasing number of exhibitions and events, membership and educational programs conducted by Museums.

Museums organize temporary exhibitions, special events, and interactive experiences to attract visitors. Many tourists include visits to Museum as part of their itineraries to explore the cultural and historical aspects of a destination. Museums offer workshops, lectures, guided tours, and educational resources for schools, families, and lifelong learners to expand their educational programs and outreach initiatives.

The COVID-19 pandemic had a significant impact on the industry with many museums facing closures, reduced visitor numbers, and financial challenges due to lockdowns and travel restrictions. However, the pandemic accelerated the digital transformation of Museums. Institutions rapidly adapted to provide virtual experiences, including online exhibitions, virtual tours, educational resources, and interactive content.

The Global Museum Market is highly competitive, with the leading five most visited Museums in the market are Louvre, the National Museum of China, the Vatican Museum The Metropolitan Museum of Arts, and the British Museum. Louvre is the largest museum exhibited over an area of 72,735 square meters (782,910 square feet) with over 7 Million visitors in the year 2022.

Further, the future of the global Museum market will likely continue to evolve as technology advances and societal trends. Digital technologies can be used to improve the accessibility and reachability of collections, interactive and multimedia transfer of knowledge, and increased efficiency in the administration of the museum's operations, such as by improving inventory management and visitor tracking.

Scope of the Report:

• The report analyses the Museum Market by Volume (Numbers).
• The report analyses the Museum Market by Value (USD Million).
• The report presents the analysis of the Museum Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2028.
• The report analyses the Museum Market by Source of Revenue (Ticket Sales, Gift Shops and Souvenir, Food and Beverage, Other Sources).
• The report analyses the Museum Market by Museum Type (Art Museum, History and Culture Museum, Natural Museum, Others).
• The report analyses the Museum Market by Age Group (Less than 25 years, 25- 39 years, 40-59 years, Above 60 years).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by Source of Revenue, by Museum Type & by Age Group.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Louvre, National Museum of China, Vatican Museum, The Metropolitan Museum of Arts, British Museum, Tate Modern, National Gallery, Natural History of Museum, the American Museum of Natural History and the State Hermitage.