The tourism event global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Tourism Event Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The tourism event market size has grown strongly in recent years. It will grow from $1627.39 billion in 2023 to $1709.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to globalization, rising digital marketing, surging disposable income, increasing cultural exchange, emerging destinations.
The tourism event market size is expected to see steady growth in the next few years. It will grow to $2009.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increased government support, rising social media influence, surge in medical tourism events, rising infrastructure development, increased preference for experiential marketing. Major trends in the forecast period include event technology advancements, collaborations and partnerships, live streaming and social media engagement, virtual reality (VR) experiences, personalized experiences.
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Scope Of Tourism Event Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Tourism Event Market Overview
Market Drivers –
The increasing government investment is expected to fuel the growth of the tourism event market going forward. Government investment refers to the allocation of funds by the government into various sectors, projects, or initiatives aimed at stimulating economic growth, improving infrastructure, fostering development, providing public services, or supporting specific industries. Government investment significantly influences the expansion rate of tourism events, and by allocating funds towards infrastructure development, promotional initiatives, and cultural enrichment, governments bolster the foundations necessary for hosting successful events, enhancing tourism experiences, and elevating local economies. For instance, in March 2023, the Government of British Columbia, a Victoria-based governing body responsible for administering the province’s policies and programs, invested in the Tourism Events Program (TEP), offering funding up to 10% of the event budget (maximum $250,000, minimum $10,000). Eligibility requires a minimum event budget of $100,000 to promote events, attract tourism, and stimulate economic growth by showcasing regional attractions and fostering community resilience. Furthermore, in May 2022, the U.S. Economic Development Administration (EDA), a US-based federal agency within the United States Department of Commerce, allocated $510 million for state investments in travel projects and an extra $240 million for communities hit hard by challenges in travel, tourism, and outdoor recreation. Therefore, increasing government investment will drive the growth of the tourism event market.
Market Trends –
Major companies in the tourism events market are focused on developing digitally advanced event planning products, such as event apps, to ensure meticulous organization and coordination in orchestrating events within the tourism or hospitality industries. An event app solution is a software application designed to optimize event planning, organization, and participant experience through features like scheduling, registration, and real-time engagement tools. For instance, in November 2023, Simpleview, a US-based leading CRM, CMS, website design, and digital marketing software provider, launched the Eventsforce mobile app. The Eventsforce mobile app offers a cost-effective solution for tourism event organizations seeking to boost attendee engagement with gamification and engagement features. The app is designed to benefit event attendees, exhibitors, sponsors, organizers, and everyone in between by offering intuitive and easy-to-use features, integration with all major AMS/CRM (Association Management Software/Customer Relationship Management) and event management systems, mobile and desktop access, advanced QR code scanning features, and the capability to boost attendee engagement with gamification and engagement features.
The tourism event market covered in this report is segmented –
1) By Event Type: Cultural Or Festival Event Tourism Fair, Sports Event Tourism, Business Events, Music And Entertainment Events, Spiritual And Religious Tourism, Travel Trade Shows
2) By Revenue Source: On-Line Registration, Off-Line Registration, Sponsorship, Other Revenue Sources
3) By Channel: Virtual Channel, Physical Channel
4) By Organization Size: Corporations, Associations, Government Agencies, Non-Profit Organizations
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Regional Insights –
North America was the largest region in the tourism event market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tourism event market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the tourism event market report are TUI Group, Live Nation Worldwide Inc., Carnival Corporation & plc, Reed Exhibitions, Royal Caribbean Cruises Ltd., CWT Global B.V., Airbnb Inc., BCD Group International BV, Informa Markets, American Express Global Business Travel, ATPI Ltd., GL Events, Maritz Holdings LLC, Messe Frankfurt, Cvent Holding Corp., Emerald Expositions, Kuoni Group, Eventbrite Inc, ITE Group, Comexposium, Cox & Kings Ltd., Tarsus Group, Riviera Events, Wizcraft Entertainment, Event Planet , Disney Destinations LLC, TicketWeb
Table of Contents
- Executive Summary
- Tourism Event Market Report Structure
- Tourism Event Market Trends And Strategies
- Tourism Event Market – Macro Economic Scenario
- Tourism Event Market Size And Growth
…..
- Tourism Event Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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