Tourism Event Market Overview, 2032
The global tourism event market size 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. The area of the tourism industry that deals with the organization, planning, and marketing of events that draw tourists is known as the tourism event 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.
The term event refers to organizing a show which involves public gathering at a pre-determined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, product launch, and similar others. The initial stage of a major event involves understanding the audience and their behavior that excite and emotionally engage them. The final stage involves conducting an event appropriately.
The term event refers to organizing a show which involves public gathering at a pre-determined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, product launch, and similar others. The initial stage of a major event involves understanding the audience and their behavior that excite and emotionally engage them. The final stage involves conducting an event appropriately.
The growth of the global tourism event industry is majorly driven by an upsurge in the frequency of corporate meetings, inductions, conferences, exhibitions, music concerts, and sports events. Furthermore, the deployment of best-in-class technology that can handle the entire event propels industry growth. Moreover, customarily held multi-dimensional events act as a key driver of the global events industry.
In addition, sponsorships from various brands such as Redbull, Monster Energy, Nike, Coca Cola, and others for a major global three-day festival as well as a small gig or act in a social club or arena boost the tourism event market growth. Nevertheless, the introduction of new media platforms and distribution methods further offers scope for giants to interact and organize events involving artists, performers, speakers, and business coaches. However, higher the market entry costs and industry fragmentation are some of the major restraints of the industry.
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 check whether students are anticipated to leverage untapped business opportunities. An increase in the number of attendees at business seminars and a rise in proper counseling programs have enabled youth to convert their innovative business ideas into viable plans. This has increased young people's interest in conferences, seminars, and career-related events, which is projected to fuel global tourism event market demand and accelerate the tourism event market's expansion.
The European Union (EU)'s General Data Protection Regulation (GDPR) went into effect in May 2018. The British government supports this EU directive, and it is anticipated that this law will have a substantial impact on the tourism event market, particularly in Europe, which is the largest market. This regulation is expected to change the decisions of the event planners regarding the data that was collected from the attendees initially. It is anticipated to make the planners more conscious regarding data security of the attendees. Moreover, the planners used the data collected from the attendees for marketing and personalization of their services. Furthermore, event planners now need to strictly comply with the new GDPR regulations. Failing to do so is projected to result in a significant amount of fine. Increase in focus on data privacy and data security pertaining to the GDPR law is thus a challenge for event planners.
Technological progress plays an important role in the event services industry. Corporate, sports, entertainment, and education events have been transformed with the introduction of latest technologies. An overhead projector was requested by all event planners, in a corporate event earlier, whereas now wireless connectivity has become imperative for the growth and productivity of organizations in the global market. Moreover, LCD projectors, video conferencing, and fast notebooks are the new standard requirements in the market.
But it's not just about cutting-edge, high-tech equipment; it's also about adaptable, user-friendly technology. Communications and transactions are now greatly simplified and made much more affordable in real time thanks to innovations like online banking, phone conversations, emails, and video conferences. Additionally, the advent of real-time communication has prompted businesses to employ a number of communication tools, including video conferencing via FaceTime and Skype. Low cost and high effectiveness of such technologies are expected to offer remunerative opportunity for the expansion of the global event services market during the tourism event market forecast period
Segmental Overview
Tourism event 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.
By Type
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.
Exhibitions & conferences are activities organized to showcase new products, services, and information to potential customers or buyers. An exhibitor rents an area from the organizer and sets up a booth to meet potential buyers. Buyers need an invitation or a ticket to enter the exhibition. The purpose for organizing such conferences & exhibitions is to get sales leads, build a network for influential contacts, new product introduction, build the image of the company, and gather latest information about the competitors.
Competition among international convention destinations has increased dramatically in the past decade, due to heavy investment in infrastructure, marketing, and human resources. Furthermore, the governments across the globe have recognized the economic importance of convention centers and are willing to invest in their development and expansion, which contributes toward the growth of the market.
By Channel
Based on channel, Virtual Channel segment dominated the global market in the year 2022 and is likely to remain dominant during the forecast period.
The demand for virtual channels for event booking has increased over the past few years, which has been one of the most notable trends in the tourist business. The rise in popularity of online travel firms, the expansion of high-speed internet access, and the growing desire of consumers to have greater control over their travel experiences are all contributing causes to this.
For both event planners and participants, virtual channels have several benefits. Virtual channels are anticipated to assist in reaching a larger audience and to lower event management expenses for event organisers. They are expected to offer attendees access to a greater variety of events and a more flexible and simple approach to book events.
By Revenue Source
Based on revenue source, Sponsorship segment dominated the global tourism event market in the year 2022 and is likely to remain dominant during the forecast period.
The tourism event industry has expanded quickly, and one of the main reasons for this expansion is the rising need for sponsorship registration. It is predicted that sponsorship registration would contribute significantly to the financial success of event organisers by enabling firms to engage with their target audience more deeply.
There are several reasons for the rise in sponsorship registration demand. First, businesses are seeking more original ways to involve their target market. Companies are turning to sponsorship as a more direct and relevant method of connecting with their target market because traditional advertising tactics are no longer as effective.
By Region
Based on region, North America region had the dominating tourism event market share in the year 2022 and is likely to remain dominant during the forecast period.
The U.S. obtained the largest proportion in North America when macroeconomic considerations were taken into account. This is explained by the fact that North America and Western Europe have different trade policies and laws. However, a boost in disposable income is expected to cause Mexico to grow at a high rate during the predicted period.
Since the worldwide events business was endangered by the economic downturn, the meetings and events sector in North America is today stronger. A sizable majority of events in North America (30% total) are internal team and training meetings. Additionally, innovative tactics like open booking have grown in popularity among business travellers as a result of the increased use of smartphones, which supports the expansion of the market for event services.
Competitive Analysis
The key players included in the tourism event 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.
Tourism Event Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 2.5 trillion |
 Growth Rate | CAGR of 4.6% |
 Forecast period | 2022 - 2032 |
 Report Pages | 250 |
 By Type |
|
 By Channel |
|
 By Revenue Source |
|
 By Region |
|
 Key Market Players | BCD Group International BV, Cvent Holding Corp., Reed Exhibitions Limited, TUI Group., ATPI Ltd., Eventbrite, Inc., Messe Berlin Group, Maritz Holdings LLC, Riviera Events, CWT Global B.V. |
Analyst Review
The past few years have witnessed a shift in demand trends globally with travel restrictions still common and traveler confidence hampered by pandemic concerns. According to the UNWTO Panel of Experts, the major trends that drive the T&T recovery include domestic tourism, travel close to home, open-air activities, nature-based products, and rural tourism. The World Travel and Tourism Council (WTTC) data shows that on average for the 117 economies covered by the index, domestic spending Tourism Event Market Share of T&T spending increased from 50.8% in 2019 to 62.6% in 2020 as domestic demand fared better than collapsing international demand. Moreover, current projections for 2021 show that domestic spending growth is expected to substantially outpace international spending in every region outside of the Caribbean and Middle East.
However, inadequate support infrastructure at ecotourism destinations such as inadequate air, rail, or road connectivity to various ecotourism destinations in developing and underdeveloped countries are major challenges to the proliferation of ecotourism. Furthermore, low availability of accommodation with limited availability of quality and hygienic restaurants, food outlets, and hotels at destinations hampers the growth of ecotourism tourist arrivals particularly in developing regions.
Tourism represents an opportunity to revitalize and diversify travel opportunities, promote local economic development, involve a wide range of professional sectors, and provide new uses for the primary sector. Hence, tourism contributes to the promotion and branding of destinations, the preservation of local traditions and diversity, and the harnessing and rewarding of authenticity. As a result, diverse cultural heritage at the local and regional levels creates lucrative opportunities for the growth of the Tourism Event Market.
The global tourism event market was valued at $1,617.1 billion in 2022, and is projected to reach $2,501.0 billion by 2032, registering a CAGR of 4.6% from 2023 to 2032.
The Tourism events market is segmented into types, channel, revenue source and regions. 2023-2032 would be the forecast period in the market report.
Based on channel, the virtual channels segment dominated the global market in the year 2022. $ 1,036.0 billion is the market value of the Tourism events market in 2022.
The Tourism events market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 2022 is the base year calculated in the Tourism events market report
The top companies that hold the market share in the Tourism events market are Riviera Events, Maritz Holdings LLC, Eventbrite, Inc., TUI Group., ATPI Ltd., Messe Berlin Group.
Loading Table Of Content...
Loading Research Methodology...
