In an era where collaboration serves as the cornerstone of progress, the trajectory of the global event tourism market unveils a compelling narrative.
Recent data projections foretell a significant surge, propelling the market value from US$ 1.63 trillion in 2024 to a formidable US$ 2.38 trillion by 2034.
This transformative journey is not a solitary endeavor but a result of strategic collaborations between event organizers, local firms, governments, and tourism agencies.
According to a report by globenewswire.com, the forecast anticipates a robust 4.3% Compound Annual Growth Rate (CAGR), signifying the collective efforts of diverse stakeholders steering the event tourism market towards unprecedented growth.
The event tourism market is expected to expand steadily during the forecast period. This is due to rising interest in experiential travel, technological advancements such as virtual events, and favorable government policies and support.
The global event tourism market represents a vibrant sector encompassing diverse events that draw travelers from across the world. The market continues its upward trajectory fuelled by a resurgence in live events.
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Major events, including sports tournaments, music festivals, conferences, and cultural gatherings, are playing a pivotal role in driving the growth of the event tourism industry. Similarly, a rise in travel enthusiasm is anticipated to favor market expansion.
Today, a large portion of world population are seeking to attend unique events, explore new culture, and create lasting memories. This, in turn, is expected to create growth prospects for event tourism companies.
The market’s expansion will also be fueled by technological advancements facilitating physical and virtual event formats, widening the reach and accessibility for participants globally. As the industry evolves, collaboration between event organizers, destinations, and stakeholders remains crucial, shaping the future landscape of event tourism with an emphasis on innovation, sustainability, and enriching attendee experiences.
The market is highly competitive, with several companies offering a wide range of events. A few of the leading players in the event tourism market include BCD Meetings & Events, Cvent, Live Nation Worldwide Inc., Pollstar, and Atpi Ltd, among others.
Key Takeaways from the Event Tourism Market Study-
• The global event tourism market is expected to reach US$ 2.38 trillion by 2034.
• Based on type, the exhibitions and conferences segment is expected to rise at a CAGR of 7.4%.
• On the basis of channel, the virtual channel segment is projected to advance with a CAGR of 8.3%.
• Demand in China is poised to increase at a 12.5% CAGR between 2024 to 2034.
• The United States market value is projected to expand with a CAGR of 9.7% through 2034.
“Increasing expenditures in event-specific infrastructure, such as convention centers, stadiums, accommodation facilities, transportation networks, and technological advancements, will likely help the event tourism industry grow,” – Says Ronak Shah (Associate Vice President at Future Market Insights).
Today, a large portion of world population are seeking to attend unique events, explore new culture, and create lasting memories. This, in turn, is expected to create growth prospects for event tourism companies.
The market’s expansion will also be fueled by technological advancements facilitating physical and virtual event formats, widening the reach and accessibility for participants globally. As the industry evolves, collaboration between event organizers, destinations, and stakeholders remains crucial, shaping the future landscape of event tourism with an emphasis on innovation, sustainability, and enriching attendee experiences.
The market is highly competitive, with several companies offering a wide range of events. A few of the leading players in the event tourism market include BCD Meetings & Events, Cvent, Live Nation Worldwide Inc., Pollstar, and Atpi Ltd, among others.
Key Takeaways from the Event Tourism Market Study-
• The global event tourism market is expected to reach US$ 2.38 trillion by 2034.
• Based on type, the exhibitions and conferences segment is expected to rise at a CAGR of 7.4%.
• On the basis of channel, the virtual channel segment is projected to advance with a CAGR of 8.3%.
• Demand in China is poised to increase at a 12.5% CAGR between 2024 to 2034.
• The United States market value is projected to expand with a CAGR of 9.7% through 2034.
“Increasing expenditures in event-specific infrastructure, such as convention centers, stadiums, accommodation facilities, transportation networks, and technological advancements, will likely help the event tourism industry grow,” – Says Ronak Shah (Associate Vice President at Future Market Insights).
