Congress Tourism Market Insights, Forecast, Size, Growth, Trends 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Congress Tourism Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The congress tourism market size has grown strongly in recent years. It will grow from $965.47 billion in 2023 to $1,053.32 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increasing emphasis on sustainability, customization, and social media, rapid infrastructural and technological advancements, growing trend of corporate meetings, increasing conferences across the world, increasing government initiatives in the tourism sector.

The congress tourism market size is expected to see strong growth in the next few years. It will grow to $1,499 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to rising demand for business conferences, growing trend of online booking and introduction of new tourism packages, growing popularity of virtual events, use of advanced technology for event planning and management, use of digital marketing and social media platforms. Major trends in the forecast period include popularity of virtual events and the use of advanced technology, development of high-quality hotel spaces with prompt service, technological advancements, shift to hybrid work models, translational equipment and instruments to meet video and audio requirements.

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Market Drivers and Trends:

The rising demand for business conferences is expected to propel the growth of the congress tourism market going forward. A business conference is a formal meeting or gathering organized for professionals, companies, or organizations to discuss industry trends, share knowledge, network, and collaborate on business strategies or projects. The surge in business conference demand is often driven by the expansion of global business networks, advancements in technology, and the need for professional development. Congress tourism is essential for business conferences as it provides a structured platform for professionals to network, exchange industry knowledge, and explore new business opportunities in a focused environment. For instance, In April 2024 according to Social Tables, a US-based software as a service company focused on event planning, in 2023, the United States had more than 41,000 scheduled conferences and trade shows. Therefore, rising demand for business conferences drives the growth of the congress tourism market.

Major companies operating in the congress tourism market are developing incentive programs to provide a range of services designed to streamline the planning and execution of incentive travel programs. Incentive programs are strategic initiatives designed to motivate and reward individuals or groups for achieving specific goals or performance targets. For instance, in July 2023, Ottawa Tourism, a Canada-based provider of destination development and marketing, launched Ottawa VIP (Visitor Inspiration Program). The Ottawa VIP (Visitor Inspiration Program) offers a unique incentive for tour operators by providing a box of local gifts to enhance the in-destination experience and highlight Ottawa's culture. Additionally, the program includes a $35 credit per room night, which can be used on a qualified tour operator's next visit to Ottawa, encouraging repeat business. This multi-year incentive program, available until December 1, 2023, aims to boost travel trade engagement with the city.

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Major Key Players of the Market:

Kuoni Destination Management, BCD Travel Services Inc., VisitBritain, MP International Pte Ltd, Congrex Switzerland AG, Congress Rental Network, American Meetings Inc., IMEX Group Ltd, EventMobi Inc., International Conference Services Ltd, IAPCO - International Association of Professional Congress Organisers, Conference Partners International Ltd, Kenes Group Ltd, K.I.T. Group GmbH, Event Solutions Inc., Tumlare Corporation, EGA (European Group of Associations) Professional Congress Organizers, ICMS Australasia Pty Ltd, Arinex Pty Ltd, Event Dynamics Inc., Ana Juan Congresos S.L., ESA Latin America S.A., Ovation Global DMC, ICCA (International Congress and Convention Association), CPO HANSER SERVICE GmbH

Congress Tourism Market 2024 Key Insights:

• The congress tourism market size is expected to see strong growth in the next few years. It will grow to $1,499 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Impact Of Rising Business Conference Demand On Congress Tourism Market Growth
• Strategic Incentive Programs Enhancing Congress Tourism
• Europe was the largest region in the congress tourism market in 2023

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The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
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Learn More About The Business Research Company

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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