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Museums Market Trends

Report ID: GMI9739
Published Date: Jun 2024
Report Format: PDF

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Museums Market Trends

The museums industry has experienced an increasing trend to open new museums embracing new ideas and themes. The desire to appeal to different audiences and provide unique and engaging experiences is driving this change. New museums offer more interactive and immersive exhibits, and technologies such as virtual reality (VR) and augmented reality (AR) are being used to create engaging spaces. A notable feature is a focus on specific disciplines, such as contemporary art, science, and social history, that follow specific interests and educational goals.

These thematic museums typically offer a dynamic and rotating display presented to ensure that the products remain fresh and interesting for repeat visitors. Furthermore, many new museums emphasize sustainability and inclusion, reflecting a wider range of societal values and trends. They aim to be accessible to all demographics, including features such as multilingual displays and non-disabled graphics. Overall, the emergence of new, innovative museums is reinvigorating the museum market, driving greater visitor engagement and a deeper appreciation of culture and knowledge.

Citing an instance, in May 2024, China's first national museum dedicated to scientists was set to open in Beijing, coinciding with National Science and Technology Labor Day. The Chinese Science Museum was designed to highlight the achievements of Chinese scientists and to promote the spirit of scientific inquiry.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of museums reached USD 57.2 billion in 2023 and is set to witness 6% CAGR from 2024 to 2032, owing to the new additions and new exhibitions worldwide.

The public governance segment in the museums industry accounted for 50% share in 2023, due to the launch of state funds and programs to preserve heritage and promote cultural tourism.

The art museums type segment held over 37% share in 2023, as they offer interactive and educational programs that appeal to a wide range of audiences, from school groups to art enthusiasts.

North America market recorded 35% revenue share in 2023, owing to the strong emphasis on cultural preservation and education along with increasing public and private investments.