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What is the Expected Growth Rate of the Tourism Event Market from 2024 to 2033?

The tourism event market has seen strong growth in recent years. It will expand from $1627.39 billion in 2023 to $1709.7 billion in 2024, with a CAGR of 5.1%. This growth is attributed to globalization, the rise of digital marketing, increasing disposable income, cultural exchange, and emerging travel destinations.

The tourism event market is expected to witness steady growth, reaching $2009.03 billion by 2028, growing at a CAGR of 4.1%. The growth can be attributed to factors like increased government support, the influence of social media, a surge in medical tourism events, growing infrastructure development, and a rising preference for experiential marketing. Key trends include advancements in event technologies, partnerships, live streaming and social media engagement, VR experiences, and personalized event experiences.

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What Key Factors Are Fueling the Growth of the Tourism Event Market?

Increased government investment is projected to fuel the growth of the tourism event market. Governments allocate funds to various sectors and projects to stimulate economic growth, enhance infrastructure, and support industries like tourism. By investing in infrastructure and promoting cultural initiatives, governments help foster successful tourism events, boosting local economies. For example, in March 2023, the Government of British Columbia invested in the Tourism Events Program, offering funding up to 10% of the event budget (up to $250,000) to promote events that attract tourism. Additionally, in May 2022, the U.S. Economic Development Administration allocated $510 million to state travel projects. These investments are expected to drive the growth of the tourism event market.

What Are the Major Segments of the Tourism Event Market?

1) By Event Type: Cultural Or Festival Event Tourism Fair, Sports Event Tourism, Business Events, Music And Entertainment Events, Spiritual And Religious Tourism, Travel Trade Shows

2) By Revenue Source: On-Line Registration, Off-Line Registration, Sponsorship, Other Revenue Sources

3) By Channel: Virtual Channel, Physical Channel

4) By Organization Size: Corporations, Associations, Government Agencies, Non-Profit Organizations

What New Trends Are Transforming the Tourism Event Market?

Major players in the tourism events market are developing advanced event planning solutions, such as event apps, to improve coordination in tourism and hospitality events. These apps streamline event organization by providing tools for scheduling, registration, and real-time engagement. In November 2023, Simpleview, a US-based CRM and digital marketing provider, launched the Eventsforce mobile app. This cost-effective solution enhances attendee engagement through gamification features and integrates with major CRM and event management systems, providing mobile and desktop access, advanced QR code scanning, and tools to increase participant interaction.

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Which Regions Are Driving Growth in the Tourism Event Market?

North America was the largest region in the tourism event market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tourism event market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Tourism Event Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the tourism event market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Tourism Event Market Include

1. Tourism Event Market Executive Summary

2. Tourism Event Market Segments

3. Tourism Event Market Size And Template Market Growth Rate

4. Key Tourism Event Market Trends

5. Major Tourism Event Market Drivers

……

25. Key Mergers And Acquisitions In The Tourism Event Market

26. Top Tourism Event Companies

27. Tourism Event Market Opportunities And Strategies

28. Tourism Event Market, Conclusions And Recommendations

29. Appendix

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