The event tourism market is exploding, with a projected CAGR of 4.3% reaching a colossal USD 2.38 trillion by 2034. This presents a golden opportunity for industry decision-makers to capitalize on this surging demand. Here’s why you should take action:
Experiences Over Everything: Travelers crave authentic experiences beyond sightseeing. Develop events that offer cultural immersion, entertainment, and social interaction, positioning yourself at the heart of this trend.
Be the Magnet: Become a destination magnet by creating unique and captivating events. Festivals, concerts, conferences – the choice is yours. Focus on what drives tourism and create a one-of-a-kind experience.
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Invest in Infrastructure: Partner with destinations to develop infrastructure that supports events. This could include improved transportation, accommodation, and event venues. By enhancing the overall experience, you’ll attract more tourists.
Catering to Every Niche: The event tourism market is a diverse landscape. Consider niche cultural celebrations, culinary gatherings, or specialized events to cater to specific interests and preferences.
Embrace Virtual Tours: Don’t underestimate the power of virtual tours. By offering digital experiences alongside physical events, you can reach a wider audience and drive even greater participation.
North American Advantage: The North American market is experiencing a surge in special events travel, trade shows, and virtual tours. Develop strategies to capitalize on this regional growth potential.
The Takeaway: The event tourism market is a kaleidoscope of experiences waiting to be explored. By focusing on experiential tourism, destination partnerships, diverse event offerings, and virtual experiences, industry leaders can position themselves as the architects of unforgettable memories for travelers worldwide.
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.
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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 4%.
- On the basis of channel, the virtual channel segment is projected to advance with a CAGR of 3%.
- Demand in China is poised to increase at a 5% CAGR between 2024 to 2034.
- The United States market value is projected to expand with a CAGR of 7% through 2034.
Who is Winning?
Key event tourism players listed in the report include BCD Meetings & Events, Cvent, Pollstar, Atpi Ltd, Riviera Events, Live Nation Worldwide Inc., Stubhub, Access Destination Services, Entertaining Asia, Anschutz Entertainment Group, FCM Travel, and Veena Patil Hospitality Pvt Ltd. among others.
Top companies are expanding their offerings by providing new services. They are also making full use of social media platforms to expand their customer base. Several players employ strategies like acquisitions, partnerships, and collaborations to gain a competitive edge in the market.
Recent Development:
- In 2023, Live Nation expanded its presence in Latin America with the acquisition of Paramo Presenta, the leading music promoter in Colombia.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the event tourism market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034. The study divulges compelling insights based on type (exhibitions & conferences, festivals, corporate events & meetings, music concerts, others), channel (virtual channel, physical channel), tourist type (domestic, international), consumer orientation (children, adult), and revenue source (on-line registration and off-line registration, sponsorship) across several regions.
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Key Companies Profiled
- Live Nation Worldwide Inc.
- BCD Meetings & Events
- Cvent
- Pollstar
- Atpi Ltd
- Riviera Events
- Stubhub
- Access Destination Services
- Entertaining Asia
- Anschutz Entertainment Group
- FCM Travel
- Veena Patil Hospitality Pvt Ltd
- Other Players (As Requested)
Global Event Tourism Market Segmentation by Category
By Type:
- Exhibitions and Conference
- Festivals
- Corporate Events & Meetings
- Music Concert
- Others
By Channel:
- Virtual Channel
- Physical Channel
By Tourist Type:
- Domestic
- International
By Revenue Source:
- On-line Registration
- Off-line Registration
- Sponsorship
By Consumer Orientation:
- Children
- Adult
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Middle East and Africa
About Travel & Tourism Division at Future Market Insights (FMI)
The travel & tourism team at Future Market Insights (FMI) provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the travel & tourism industry, the team is happy to help with every business intelligence research and consulting requirement.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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