Tourism Event Market Size, Trends And Forecast 2024-2033

Tourism Event Market Size

The Business Research Company recently released a comprehensive report on the Global Tourism Event Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company’s, The tourism event market size has grown strongly in recent years. It will grow from $1627.39 billion in 2023 to $1709.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to globalization, rising digital marketing, surging disposable income, increasing cultural exchange, emerging destinations.

The tourism event market size is expected to see steady growth in the next few years. It will grow to $2009.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increased government support, rising social media influence, surge in medical tourism events, rising infrastructure development, increased preference for experiential marketing. Major trends in the forecast period include event technology advancements, collaborations and partnerships, live streaming and social media engagement, virtual reality (VR) experiences, personalized experiences.

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Market Drivers and Trends:

The increasing government investment is expected to fuel the growth of the tourism event market going forward. Government investment refers to the allocation of funds by the government into various sectors, projects, or initiatives aimed at stimulating economic growth, improving infrastructure, fostering development, providing public services, or supporting specific industries. Government investment significantly influences the expansion rate of tourism events, and by allocating funds towards infrastructure development, promotional initiatives, and cultural enrichment, governments bolster the foundations necessary for hosting successful events, enhancing tourism experiences, and elevating local economies. For instance, in March 2023, the Government of British Columbia, a Victoria-based governing body responsible for administering the province’s policies and programs, invested in the Tourism Events Program (TEP), offering funding up to 10% of the event budget (maximum $250,000, minimum $10,000). Eligibility requires a minimum event budget of $100,000 to promote events, attract tourism, and stimulate economic growth by showcasing regional attractions and fostering community resilience. Furthermore, in May 2022, the U.S. Economic Development Administration (EDA), a US-based federal agency within the United States Department of Commerce, allocated $510 million for state investments in travel projects and an extra $240 million for communities hit hard by challenges in travel, tourism, and outdoor recreation. Therefore, increasing government investment will drive the growth of the tourism event market.

Major companies in the tourism events market are focused on developing digitally advanced event planning products, such as event apps, to ensure meticulous organization and coordination in orchestrating events within the tourism or hospitality industries. An event app solution is a software application designed to optimize event planning, organization, and participant experience through features like scheduling, registration, and real-time engagement tools. For instance, in November 2023, Simpleview, a US-based leading CRM, CMS, website design, and digital marketing software provider, launched the Eventsforce mobile app. The Eventsforce mobile app offers a cost-effective solution for tourism event organizations seeking to boost attendee engagement with gamification and engagement features. The app is designed to benefit event attendees, exhibitors, sponsors, organizers, and everyone in between by offering intuitive and easy-to-use features, integration with all major AMS/CRM (Association Management Software/Customer Relationship Management) and event management systems, mobile and desktop access, advanced QR code scanning features, and the capability to boost attendee engagement with gamification and engagement features.

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Major Key Players of the Market:

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

Tourism Event Market 2024 Key Insights:

• The tourism event market is expected to grow to $2009.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.

• Government Investment Powering Growth In The Tourism Event Market

• Advancements In Tourism Events Market With Digitally Enhanced Event Apps

• North America was the largest region in the tourism event market in 2023.

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