Tourism Event Market to Reach $2.5 Trillion, Globally, by 2032 at 4.6% CAGR: Allied Market Research
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Prime determinants of growth
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. However, high entry costs and industry fragmentation are some of the major restraints of the industry. In addition, technological progress plays an important role in the event services industry. Corporate, sports, entertainment, and education events have been transformed with the introduction of the latest technologies.
Report coverage & details:
The exhibition and conference segment to maintain its leadership status throughout the forecast period
Based on type, the exhibition and conference segment held the highest market share in 2022, accounting for nearly one-third of the global tourism event market revenue, and is estimated to maintain its leadership status throughout the forecast period. Conferences and seminars dominate the tourism events market due to their ability to foster knowledge exchange, networking opportunities, and professional development in diverse industries. The sports segment is the fastest-growing segment and is projected to manifest the highest CAGR of 7.1% from 2023 to 2032. Sports enthralls travelers and locals alike, fostering a sense of unity, excitement, and passion, making it the driving force behind the explosive growth in the tourism events market.
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The virtual channel segment to maintain its lead position throughout the forecast period
Based on channel, the virtual channel segment held the highest market share in 2022, accounting for more than three-fifths of the global tourism event market revenue, and is estimated to maintain its leadership status throughout the forecast period. Virtual channels are dominating the tourism events market due to their cost-effectiveness, global reach, and adaptability to changing circumstances. The physical channel segment is the fastest-growing segment and is projected to manifest the highest CAGR of 5.5% from 2023 to 2032. The physical channel is the fastest-growing segment of the tourism events market due to the unparalleled appeal of authentic, immersive experiences that it offers, driving a surge in demand from modern travelers seeking real-life connections and unique adventures.
The sponshirship segment to maintain its lead position throughout the forecast period
Based on revenue sources, the sponshirship segment held the highest market share in 2022, accounting for nearly two-fifths of the global tourism event market revenue, and is estimated to maintain its leadership status throughout the forecast period. Online registration is the fastest-growing segment and is projected to manifest the highest CAGR of 5.8% from 2023 to 2032, due to its global reach, convenience, and ability to cater to diverse audiences in the digital era.
Europe to maintain its dominance by 2032
The North America region held the highest market share in 2022, accounting for around two-fifths of the global tourism event market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to North America distinct travel patterns that are characterized by summer peak seasons and seasonal holidays like Christmas and Easter. However, the Asia-Pacific region is projected to manifest the highest CAGR of 6.1% from 2023 to 2032. This is attributed to increased disposable incomes brought about by the Asia-Pacific region's rapid middle-class growth have led to a higher desire for international travel among a wider segment of the population.
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Leading Market Players:
The report provides a detailed analysis of these key players in the global tourism event market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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