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Heritage Tourism Market Trends 2024: Driving Future Opportunities
Heritage Tourism Global Market Report 2024
According to The Business Research Company's, the heritage tourism market size has grown strongly in recent years. It will grow from $573.34 billion in 2023 to $606.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increase in affordability of tour packages, growth in demand for experiential travel and immersive experiences, growth in enhancement in the visitor experience at heritage sites, and increasing awareness of cultural preservation and sustainable tourism.
The heritage tourism market size is expected to see strong growth in the next few years. It will grow to $771.50 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing demand for cultural festivals and events, growing educational opportunities, rise in religious and spiritual travel, increasing economic contribution, and increasing government support and initiatives. Major trends in the forecast period include integration of augmented reality (AR) and virtual reality (VR) to enhance the visitor experience, adoption of sustainable and eco-friendly tourism practices, innovation in personalized and customized heritage tour packages, development of 3D modeling and holography for exhibits, and advancements in digital platforms.
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Market Drivers and Trends:
The growing popularity of historical events is expected to propel the growth of the heritage tourism market going forward. Historical events refer to significant occurrences or actions from the past that have shaped or influenced the course of history, societies, or cultures. The growing popularity of historical events is attributed to enhanced educational resources, media representation, cultural trends, new research perspectives, and a desire to understand personal and societal contexts. Historical events enhance heritage tourism by providing compelling narratives and attractions that draw visitors, enrich their understanding of cultural heritage, and boost local economies. For instance, in January 2024, Historic England, a UK-based government agency, reported an 11% increase in visits to historic attractions in the UK in 2023 compared to 2022. Visits to places of worship more than doubled from the previous year, and revenue from historic attractions rose by 10% in 2023. Therefore, the growing popularity of historical events is driving the heritage tourism market.
Major companies operating in the heritage tourism market are focusing on technology integration to enhance the travel experience through seamless booking systems, real-time updates, and mobile apps that provide intuitive navigation, personalized recommendations, and efficient access to local attractions. This strategy aims to deliver a more efficient, personalized, and enjoyable experience for travelers streamline the travel process, making it more convenient and tailored to individual preferences. For instance, in November 2021, Myheritage, an Israel based software development company, partnered with Expedia Group to launch heritage travel hub. It is a technology-driven platform that enhances heritage tourism by leveraging digital tools to help users discover their ancestry and create travel itineraries rooted in their family history. This platform provides a thorough resource, offering tailored recommendations for cultural landmarks, historical sites, and culinary experiences across different countries where users might have ancestral connections. .
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Major Key Players of the Market:
TUI AG; Booking Holdings Inc.; Expedia Group Inc.; Carlson Wagonlit Travel (CWT); Airbnb Inc.; BCD Travel; TripAdvisor Inc.; Abercrombie & Kent USA LLC; Intrepid Travel Ltd.; Travel Leaders Group LLC; Kesari Tours Pvt. Ltd.; Collette Travel Service Inc.; GetYourGuide Deutschland GmbH; Tauck; G Adventures Inc.; ATG Travel Worldwide B.V.; Wanderlust Travel Pvt.Ltd.; Exodus Travels Limited; National Geographic Partners LLC; Trafalgar Tours Limited; EF Go Ahead Tours; Heritage Expeditions Ltd.; Martin Randall Travel Ltd.; ACE Cultural Tours Ltd.; Context Travel
Heritage Tourism Market 2024 Key Insights:
• The heritage tourism market size is expected to grow to $771.50 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Impact of Growing Interest in Historical Events on Heritage Tourism Market
• Transforming Heritage Tourism By Integrating Technology For Enhanced Travel Experiences
• Asia-Pacific was the largest region in the heritage tourism market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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