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.
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 Stakeholders
- This 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.
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Key Market Segments
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
By Region
- North 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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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TOURISM EVENT MARKET, BY TYPE
CHAPTER 5: TOURISM EVENT MARKET, BY CHANNEL
CHAPTER 6: TOURISM EVENT MARKET, BY REVENUE SOURCE
CHAPTER 7: TOURISM EVENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the tourism event market was valued at $1.6 trillion in 2022, and is estimated to reach $2501 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.The area of the tourism industry that deals with the organization, planning, and marketing of events that draw tourists is known as the tourism events market. Numerous other types of events, including festivals, conferences, sporting events, and concerts, are included in this sector. Due to its potential to produce sizable profits from travel expenditures, the tourist events business is a significant contributor to economic growth in many regions.
To increase awareness about products and services offered by various companies, the leading players operating in myriad industry sponsor events such as music concerts and sports events. Sponsorship is done to provide material support to an event or an organization. In addition, sponsorship enables the leading players to advertise their products and reach to a wide range of consumer base, thereby fueling the adoption of their products. Moreover, it helps to focus on consumer preference and to foster brand loyalty. Furthermore, it draws attention of the existing and potential customers of a brand or company and creates a positive impact on them, thereby leading to increase brand loyalty. Sponsors further check the past proven records of a particular event as well as the probability of success of the event before they sponsor an event, as they invest in a plan, and expect positive return on the investment. The most common sponsorship can be seen in the field of sports and entertainment, ranging from local to regional and international events.
In the past few decades, global economies have been seeking ways to utilize the potential of youth in entrepreneurship, and start-up ventures. Various events & programs such as seminars, conferences, entrepreneurship programs, fora, and others are organized to offer guidelines and solutions for the youth. Different countries organize and invest in various programs to see whether students can leverage untapped business opportunities. Increase in number of attendees at business seminars and proper counselling programs has enabled youth to convert their innovative business ideas into viable plans. This has resulted in the growing interest among youth toward such conferences, seminars, and career-related events, which is expected to propel the demand for events globally, thereby driving the growth of the tourism events industry.
Improvement in economic condition and an upsurge in disposable income are significant factors that propel the growth of the tourism events industry. After the 2009 economic crisis in Europe and China, the global economy has witnessed a standstill. However, strong recovery from the crisis resulted in strong economic growth, especially in developing economies, and has led to increase in disposable income among the middle-income groups, consequentially adding to the middle-class population.
In addition, the disposable income of individuals in North America and Asia-Pacific has witnessed a significant increase, thus acting as a major driver for the industry, as medium- and high-income consumers in urban areas are shifting in trend from essential products & services to entertainment and better experience services. This trend boosts the growth of the events industry, thus enhancing its service offering across various segments at a global level.
Advancements such as online booking, phone calls, emails, and video conferences have made communication and transactions significantly cost-effective and easy in real-time. Apart from the change in approach and purpose in event management; technology has been a key turning point in the evolutionary process of event management. In addition, digital evolution has introduced various creative ways to reach a wide customer base for events. Smartphones, desktop apps, and mobile apps have made events efficient and manageable. It has helped people get all tasks organized, managed, and executed without losing much time and effort. Furthermore, events can now be conducted online through webinars and video conferences, which are expected to offer remunerative opportunities for market expansion during the forecast period.
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 Findings
Based on type, Exhibition and conference segment dominated the global market in the year 2022 and is likely to remain dominant during the forecast period.Based on channel, Virtual Channel segment dominated the global market in the year 2022 and is likely to remain dominant during the forecast period.
Based on revenue source, Sponsorship segment dominated the global market in the year 2022 and is likely to remain dominant during the forecast period.
Based on region, North America region dominated the global market in the year 2022 and is likely to remain dominant during the forecast period.
Companies Mentioned
- 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.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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