What are the Historical Developments and Current Growth Metrics of the Tourism Event Market?
The tourism event market has seen considerable growth due to a variety of factors.
• In the past few years, the size of the tourism event market has increased consistently. The projection is an increase from $1709.7 billion in 2024 up to $1794.49 billion in 2025, marking a compound annual growth rate (CAGR) of 5.0%.
The factors that resulted in growth during the historic period include globalization, escalation in digital marketing, a rise in disposable income, growth in cultural exchanges, and the emergence of new destinations.
What is the Forecasted Market Size and CAGR for the Tourism Event Market?
The tourism event market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the tourism event market is anticipated to witness a consistent rise over the next few years, expanding to a market size of $2085.2 billion by 2029, with a compound annual growth rate (CAGR) of 3.8%.
Factors contributing to this growth during the forecast period include heightened government backing, the growing influence of social media, an uptick in medical tourism events, development of infrastructure, and a growing penchant for experiential marketing. Noteworthy trends expected during this period encompass advancements in event technology, undertakings of collaborations and partnerships, engagement through live streaming and social media, virtual reality (VR) experiences, and tailor-made experiences.
What Key Factors and Trends Are Driving The Growth Tourism Event Market?
The tourism event market's further growth is anticipated due to increased government investment. This refers to the government's act of allocating funds to various initiatives, sectors, or projects aiming to boost economic growth, enhance infrastructure, encourage development, provide public services, or support specific industries. The growth of tourism event rates is significantly influenced by the government's investments. By funding infrastructure development, promotional activities, and cultural enrichment, governments are strengthening the essential elements required for successfully organising events, upgrading tourism experiences and giving a boost to local economies. For instance, the British Columbia Government, located in Victoria and accountable for the execution of the province's policies and programmes, invested in the Tourism Events Program (TEP) in March 2023. This program provides up to 10% of the event budget (with a maximum of $250,000 and a minimum of $10,000). To qualify for this, an event budget of at least $100,000 is expected to enhance event promotion, draw in tourism and stimulate economic growth by featuring regional attractions and establishing community resilience. In another example, the U.S. Economic Development Administration (EDA), a federal agency within the United States Department of Commerce, allocated $510 million for state's travel projects and an extra $240 million for communities heavily affected by travel, tourism, and outdoor recreation challenges in May 2022. Therefore, it's anticipated that an increase in government investment will result in the expansion of the tourism event market.
What Are The Market Segments In The Tourism Event Market?
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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What Trends Are Reshaping The Future Of The Tourism Event Market?
Leading corporations in the tourism events market are concentrating on the creation of digitally sophisticated event planning tools such as event apps, in an attempt to ensure precise organization and orchestration of events within the hospitality and tourism industries. An event app solution refers to a software application which has been developed to enhance event planning, organization, and attendee experience, offering features such as scheduling, real-time engagement tools, and registration. As an example, Simpleview, a top-tier CRM, CMS, website design, and digital marketing software supplier based in the US, unveiled the Eventsforce mobile app in November 2023. This app provides a budget-friendly solution for tourism event companies aiming to increase attendee involvement through gamification and engagement elements. Designed with intuitive and user-friendly capabilities, this app caters for everyone from attendees and sponsors to exhibitors, organizers, and all in-between; it integrates with all key AMS/CRM (Association Management Software/Customer Relationship Management) and event management systems, provides mobile and desktop access, features advanced QR code scanning capabilities, and possesses the power to enhance attendee involvement through gamification and engagement elements.
Who Are the Key Players In The Tourism Event Market?
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
What Are The Regional Insights Into The Tourism Event Market?
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.
