Tourism Event Market By Type (Exhibition and conference, Festival, Corporate Events, Music Concerts, Sports, Others), By Channel (Virtual Channel, Physical Channel), By Revenue Source (Online Registration, Offline Registration, Sponsorship, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global tourism event market was valued at $1.6 trillion in 2022, and is projected to reach $2.5 trillion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.Tourism events are events that attract visitors to a destination for the purpose of attending the event. These events are expected to be large or small, public, or private, held for a variety of reasons. Tourism events are anticipated to have a significant economic impact on a destination. They are projected to attract visitors who spend money on accommodation, food, transportation, and other goods and services. Moreover, they help to raise the profile of a destination and attract new businesses and investment.
An increase in foreign influences occurs when a nation westernizes, making it more receptive to outside influences and potentially attracting more tourists. As a result, the tourism event sector is anticipated to witness rapid growth.
Furthermore, increased interest in foreign cultures and ways of life is one way that Westernization might accelerate the expansion of the tourist business which is expected to boost the tourism events market. People are anticipated to become more interested in other cultures and more eager to travel to other nations to experience them as they are exposed to Western ideas and practices. A rise in outbound travel from the source market is projected to result from this.
Furthermore, westernization accelerates the expansion of the tourism sector by fostering a favorable business environment for tourism. Countries are expected to attract more foreign investors and visitors when they adopt Western business standards and practices. As a result, the tourism of a country is anticipated to rise, which is projected to enhance the overall expansion of the tourist sector of the source market.
Customized experiences have expanded the tourism business in several ways for group travelers. Customized tours appeal to the distinct interests and preferences of group travelers by offering personalized travel experiences, enabling them to create their own schedules, activities, and lodgings. As a result, the trip becomes immersive and fulfilling while still meeting the needs of the group.
In addition, tailored experiences have expanded the tourism industry for group travelers by luring new visitor demographics that look for specialized and uncommon travel experiences. Customized excursions, for instance, are expected to focus on a particular interest, such as wine tasting, cultural history, or adventure sports. Customized tours are projected to target traveler groups and set themselves apart by providing these exclusive experiences.
There is a growth in the market for tourism among group travelers in a number of ways owing to the integration of technology. Technology has increased group travel accessibility and convenience by offering travelers a smooth and effective booking experience, which in turn increases demand for group travel.
The expansion of the source tourist market is significantly influenced by international travel. Traveling leads people to different cultures, languages, and habits, which might pique their curiosity about other cultures and boost their propensity to travel abroad again in the future. There is growth in tourism source market as a result of this exposure.
In addition, international travel is expected to promote the sharing of information and ideas between nations, which may lead to the creation of fresh travel-related goods and services in the market of origin. These innovative goods and services are projected to draw more visitors and support the expansion of the tourism sector. In addition, a nation is expected to draw more foreign investment, as it receives more foreign visitors, which is anticipated to be used to build new tourist facilities such as hotels, airports, and attractions, ultimately improving appeal of the nation to both domestic and foreign visitors.
The purpose of conducting an event includes business profitability, celebratory, entertainment, and community causes. The most popular events include conferences & exhibitions, corporate events & seminars, promotion & fundraising, music & art performances, sports, festivals, trade shows, and product launches. The key stakeholders within the events industry include corporate organizations and public organizations & NGOs.
Growth of the global event services market is driven by surge in frequency of conducting corporate meetings, inductions, conferences, exhibitions, music concerts, and sports events. Furthermore, deployment of best-in-class technology that is expected to handle the entire event propels industry growth. In addition, sponsorships from various brands, including Red bull, Monster Energy, Nike, Coca Cola, and others for global three-day festival and a small gig or act in a social club or arena boost the market growth. Moreover, introduction of new media platforms and distribution methods offers scope for giants to interact and organize events involving artists, performers, speakers, and business coaches. However, surge in market entry cost and rise in industry fragmentation hinder the growth of the industry.
Tourism events market is segmented on the basis of type, the market is classified into exhibitions and conferences, festivals, corporate events, music concerts, sports, and others. On the basis of channel, the market is divided into the virtual channel and physical channel. On the basis of revenue source, online registration, off-line registration, sponsorship and others. Region-wise the market is subdivided into North America, Europe, Asia-Pacific, and LAMEA.
The key players included in the tourism events market analysis are Riviera Events, Maritz Holdings LLC, Eventbrite, Inc., TUI Group., ATPI Ltd., Messe Berlin Group, Cvent Holding Corp., Reed Exhibitions Limited, BCD Group International BV, and CWT Global B.V.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tourism event market analysis from 2022 to 2032 to identify the prevailing tourism event market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the tourism event market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global tourism event market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeExhibition and conference
Festival
Corporate Events
Music Concerts
Sports
Others
By ChannelVirtual Channel
Physical Channel
By Revenue SourceOnline Registration
Offline Registration
Sponsorship
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
South Africa
Saudi Arabia
Rest of LAMEA
Key Market Players
TUI Group.
ATPI Ltd.
Reed Exhibitions Limited
BCD Group International BV
Riviera Events
Maritz Holdings LLC
Eventbrite, Inc.
Messe Berlin Group
Cvent Holding Corp.
CWT Global B.V.
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