Tourism Event Global Market Report 2024

The tourism event market size has grown strongly in recent years. It will grow from $1.62 trillion in 2023 to $1.7 trillion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be attributed to several factors, including globalization efforts, the increasing prevalence of digital marketing, a rise in disposable income levels, growing cultural exchange initiatives, and the emergence of new and attractive travel destinations. These factors collectively contributed to the historical expansion of the tourism industry.

The tourism event market size is expected to see steady growth in the next few years. It will grow to $2.0 trillion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The anticipated growth in the forecast period can be attributed to factors such as increased government support, a growing influence of social media, a surge in medical tourism events, rising infrastructure development, and an increased preference for experiential marketing. Major trends expected in the forecast period encompass advancements in event technology, a focus on collaborations and partnerships, the integration of live streaming and social media engagement, the incorporation of virtual reality (VR) experiences, and a heightened emphasis on delivering personalized experiences in the tourism event industry.

The anticipated growth of the tourism event market is expected to be fueled by increasing government investment. Government investment involves the allocation of funds by governing bodies into various sectors, projects, or initiatives to spur economic growth, enhance infrastructure, foster development, provide public services, or support specific industries. The impact of government investment on tourism events is substantial, as funds allocated for infrastructure development, promotional initiatives, and cultural enrichment contribute to creating the necessary foundations for successful events. This, in turn, enhances tourism experiences and uplifts local economies. An example of this is the Government of British Columbia's investment in the Tourism Events Program (TEP) in March 2023, which offered funding up to 10% of the event budget (maximum $250,000, minimum $10,000). This initiative aimed to promote events, attract tourism, and stimulate economic growth by showcasing regional attractions and fostering community resilience. Additionally, in May 2022, the U.S. Economic Development Administration (EDA) allocated $510 million for state investments in travel projects and an extra $240 million for communities facing challenges in travel, tourism, and outdoor recreation. The increasing trend of government investment is expected to drive the growth of the tourism event market.

Major companies are directing their efforts towards developing digitally advanced event planning products to ensure meticulous organization and coordination within the tourism or hospitality industries. An example of this is the launch of the Eventsforce mobile app by Simpleview, a US-based CRM, CMS, website design, and digital marketing software provider, in November 2023. This event app solution offers a cost-effective means for tourism event organizations to enhance attendee engagement through gamification and engagement features. The app caters to the needs of attendees, exhibitors, sponsors, and organizers by providing intuitive features, integration with major AMS/CRM systems, mobile and desktop accessibility, advanced QR code scanning capabilities, and the ability to boost attendee engagement with gamification and engagement features.

In November 2022, Reed & Mackay, a UK-based corporate travel and events company, acquired Atlanta Events & Corporate Travel Consultants. This acquisition enhances Reed & Mackay's offerings and service excellence in corporate travel and events by leveraging the acquired company's specialized knowledge and shared values. Atlanta Events & Corporate Travel Consultants, based in Spain, is a service provider specializing in travel, events, congresses, and incentive travel.

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.

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. The countries covered in the tourism event market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The tourism event market includes revenues earned by entities by providing services such as event planning and management, catering and food services, retail and merchandise, and transportation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A tourism event is a prearranged and coordinated occasion or activity strategically developed to draw visitors and enrich the overall tourism experience in a designated destination. These events are scheduled for specific periods and typically incorporate a variety of activities and attractions. The purpose of tourism events is to highlight and showcase the culture and traditions of the destination, aiming to provide visitors with a more profound understanding and appreciation of the local way of life.

The primary types of tourism events encompass cultural or festival events, tourism fairs, sports events, business events, music and entertainment events, and spiritual and religious tourism, along with travel trade shows. Cultural or festival events within tourism fairs serve as specialized exhibitions, providing platforms for tourism professionals, cultural organizations, and local communities to showcase their distinctive cultural, artistic, and festival experiences to a broader audience. Various revenue sources for tourism events include online and offline registration, sponsorship, among others. These events are conducted through multiple channels, such as virtual and physical platforms, and are organized by entities of various sizes, including corporations, associations, government agencies, and non-profit organizations.

The tourism event market research report is one of a series of new reports that provides tourism event market statistics, including tourism event industry global market size, regional shares, competitors with a tourism event market share, detailed tourism event market segments, market trends and opportunities, and any further data you may need to thrive in the tourism event industry. This tourism event market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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