Wednesday, 16 November 2022 10:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / November 15, 2022 / The global event tourism market is anticipated to reach a valuation of US$ 2.1 Tn by 2032, with the market expanding at an average CAGR of 4% from 2022 to 2032. Driven by the globalization of various events, the target market is set to reach an estimated US$ 1.5 Tn by the end of 2022. The growing number of events such as award evenings, corporate gatherings, exhibitions, business meetings and dinners, concerts, trade shows, and many others are propelling the growth of the event tourism market during the forecast period.
Event tourism gained mass recognition in post 90's when the New Zealand Tourist and Publicity Department submitted a report that event tourism is a significant and fast-growing segment of international tourism. In today's time, event tourism is acknowledged as an all-inclusive program- well-planned events with an integrated approach to marketing and development.
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The organization of live events for suppliers, professionals, and the general public comes under the event tourism market. With a surge in various events like award evenings, corporate gatherings, exhibitions, business meetings and dinners, concerts, trade shows, and many others, the market for event tourism undergoes tremendous demand. This market fulfills different goals including projecting a favorable image, spreading tourism demand evenly, expanding traditional tourism season as well as attracting domestic and foreign tourists.
The event industry continues to advance due to the strong human desire to connect and socialize. Many global phenomena are highlighted with the help of events and with a wide range of global events gaining traction each year, the event tourism market is offered various profitable opportunities. Again, many of these events are conducted with a specific objective in mind. These events often serve as a stimulus for urban renewal, attract more tourists, particularly in off-seasons, increase the infrastructure and tourism ability of the destination, foster a positive destination image, and further contribute to the general marketing of a place.
The escalating awareness regarding such events, their schedules, entry passes, prices, etc., due to promotions through digital media, will further aid the growth of the event tourism market. Furthermore, the target market is supported by tourism organizations, governments, tour operators, host communities, and travel agencies. Cultural events also play a crucial role within the event tourism industry and can appropriately complement the product range of small businesses in rural tourism and agritourism. All of these considerations aid the growth of the event tourism market during the forecast period.
"Rising marketing and promotion needs coupled with a surge in a wide range of events will likely propel the global growth of the event tourism market over the forecast period," says an FMI analyst.
Key Takeaways:
- North America accounts for the largest share of the event tourism market.
- Strong presence of Google and Microsoft aids the target market growth in North America.
- Upsurge in corporate events drives the event tourism market in the Asia Pacific region.
- Rich tourism culture significantly contributes to the target market in China and India.
- The presence of multinational companies drives the market growth in Myanmar, Vietnam, and the Philippines.
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Competitive Landscape
Live Nation Worldwide Inc, BCD Meetings & Events, Cvent, Pollstar, Atpi Ltd, Riviera Events, Stubhub, Access Destination Services, Entertaining Asia, and Anschutz Entertainment Group among others are some of the major players in the event tourism market profiled in the full version of the report.
Leading market players are focusing on utilizing creative growth strategies. These businesses adopt strategic partnerships and collaboration tactics to expand their product portfolio and strengthen their market position.
More Insights into Event Tourism Market Report
In its latest report, FMI offers an unbiased analysis of the global event tourismmarket, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (exhibitions and conferences, festivals, corporate events, music concerts, sports, others), channel (virtual channel, physical channel), revenue source (online registration, offline registration, sponsorship, others), age group (below 18 years, 18-50 years, above 50 years), and region.
According to the latest FMI reports, based on region, the event tourism market in North America will present considerable growth during 2022-2032. This regional market will account for the largest share during the assessment period. A strong presence of companies like Google and Microsoft will foster target market growth in this region with the help of technological advancements. The rising spending on research and development activities will further aid the growth of the event tourism market in North America.
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Key Segments In The Event Tourism Market
By Type:
- Exhibitions and Conferences
- Festivals
- Corporate Events
- Music Concert
- Sports
- Others
By Channel:
- Virtual channel
- Physical channel
By Revenue Source:
- On-line registration
- Off-line registration
- Sponsorship
- Others
By Age Group:
- Below 18 Years
- 18-50 Years
- Above 50 Years
The event tourism market in the Asia Pacific region will demonstrate lucrative growth opportunities during 2022-2032. The rich tourism culture of emerging economies like China and India, consumers' desire to celebrate, and increasing corporate events due to the presence of multinational companies, among other factors propel the growth of the event tourism market in this region during the forecast period.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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