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Museums in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Museums Market Research Report | NAICS 71211 | May 2016

Work of art: Museum visitation and private donations have increased industry revenue

IBISWorld’s Museums market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 11-16
2.4%
Annual Growth 16-21
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Profit
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Employment
100,693
Businesses
9,669
Industry Analysis & Industry Trends

The health of the Museums industry is tied to individuals' inclination to donate or spend money on leisure activities, which is affected by trends in disposable income and consumer confidence. Following a drastic downturn during the recession, the industry began to turn around at the end of 2011, with the majority of museums reporting an increase in attendance, a trend that has continued throughout the five-year period. Furthermore, improving economic conditions resulted in a rise in private donations, the second-largest source of industry revenue. The majority of museums in the United States qualify as nonprofit organizations and therefore benefit from a tax-exempt status from the Internal Revenue Service (IRS). As a result, many of these institutions rely on government support... purchase to read more

Industry Report - Industry SWOT Analysis Chapter

The Museums industry is in the mature stage of its life cycle. Indicators of this stage include well-established products and services, saturated demand for industry services and stable revenue growth. Industry value added (IVA), which measures the industry's contribution to the overall economy, is forecast to rise at an average annual rate of 5.3% during the 10 years to 2021. The industry is growing faster than the overall economy, with GDP rising at 2.2% over the same period. While a faster growth rate usually means the industry is growing, the Museums industry remains in the mature phase. The industry was negatively affected by the recession and recent cuts to government spending... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Museums Industry?

This industry engages in the preservation and exhibition of objects of historical, cultural and educational value and includes art galleries, art museums and other museums in general. This industry does not include commercial art galleries that sell art products and objects.

Industry Products
Art museums and galleriesHistorical museumsScience and technology museumsHalls of fameMilitary museums
 
Industry Activities
Art galleries (except)Art museumsHalls of fameHerbariumsHistorical museumsMarine museumsMilitary museumsMobile museumsNatural history museumsScience and technology museums


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