Tourism Event
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What Will the Tourism Event Industry Market Size Be by 2025?
Over the past few years, the tourism event market size has consistently expanded. With a compound annual growth rate (CAGR) of 4.5%, it’s projected to rise from $1709.7 billion in 2024 to $1785.93 billion in 2025. The significant growth witnessed in the historic period can be credited to factors such as globalization, the exponential rise in digital marketing, increased disposable income, amplified cultural exchange, and emerging new destinations.
What’s the Long-Term Growth Forecast for the Tourism Event Market Size Through 2029?
In the coming years, the tourism event market size is projected to experience consistent expansion. By 2029, it’s expected to reach $2073.59 billion, with a compound annual growth rate (CAGR) of 3.8%. This advancement in the market over the forecast period can be attributed to factors such as growing governmental aid, an increase in the influence of social media, a boost in medical tourism events, development of infrastructure, and a rising preference for experiential marketing. The major market trends during this period are anticipated to include advancements in event technology, collaborations and partnerships, live broadcasts and engagement on social media, virtual reality (VR) experiences, and personalized experiences.
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What Are the Key Growth Drivers Fueling the Tourism Event Market Expansion?
The anticipated augmentation in government funding is projected to stimulate the progression of the tourism event industry. The term government investment denotes the assignment of economic resources by administrative authorities towards different sectors, initiatives, or projects, with the objective of catalyzing economic acceleration, enhancing infrastructure, promoting growth, ensuring public services, or supporting particular industries. The rate of growth of tourism events is greatly impacted by government investment. Through the allocation of funds to improve infrastructure, marketing initiatives, and cultural enrichment, governments solidify the essential prerequisites for creating successful occasions, boosting tourism experiences, and strengthening local economies. An example of this occurred in March 2023, when the Government of British Columbia, a regulatory authority based in Victoria, invested in the Tourism Events Program (TEP). The program provides funding of up to 10% of an event’s overall budget, with a maximum limit of $250,000 and a minimum of $10,000. To qualify, the event budget must be at least $100,000. The goal is to enhance the promotion of events, boost tourism, and catalyze economic growth by highlighting regional attractions and building community resilience. Moreover, the U.S. Economic Development Administration (EDA), a federal agency within the United States Department of Commerce, set aside $510 million for state-sponsored travel projects in May 2022, with an additional $240 million dedicated to communities severely impacted by setbacks in travel, tourism, and outdoor recreational activities. As a result, the expectant rise in government funding is anticipated to stimulate the growth within the tourism event industry.
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What Are the Key Trends Driving Tourism Event Market Growth?
Leading firms in the tourism events sector are concentrating on creating digitally sophisticated event planning tools, like event apps, to facilitate seamless organization and execution of events within tourism and hospitality sectors. An event app solution is essentially a software tool which is aimed at enhancing event planning, organization, and participant interaction with functionalities like scheduling, registration, and real-time engagement utilities. For example, in November 2023, Simpleview, a notable US-based CRM, CMS, website design, and digital marketing software company, introduced the Eventsforce mobile app. The Eventsforce mobile app is a cost-effective offering for tourism event organizations hoping to increase attendee involvement through gamification and engagement features. The application, in addition to being user-friendly and intuitive, provides integration with all major AMS/CRM (Association Management Software/Customer Relationship Management) and event management systems, access on mobiles and desktops, advanced QR code scanning abilities, and the potential to enhance attendee involvement with gamification and engagement capabilities.
How Is the Tourism Event Market Segmented?
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
Subsegments:
1) By Cultural Or Festival Event Tourism Fair: Local Cultural Festivals, National And International Cultural Events
2) By Sports Event Tourism: Major Sports Tournaments, Local Sports Events And Competitions
3) By Business Events: Conferences And Conventions, Trade Shows And Exhibitions
4) By Music And Entertainment Events: Music Festivals, Concerts And Performing Arts Events
5) By Spiritual And Religious Tourism: Pilgrimages, Religious Festivals
6) By Travel Trade Shows: Industry Conferences, Travel Expos
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Which Companies Are Leading the Charge in Tourism Event Market Innovation?
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
Which Regions Are Leading the Global Tourism Event Market in Revenue?
North America was the largest region in the tourism event market in 2024. 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.
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