Top Factor Driving Tourism Event Market Growth in 2025: Government Investment Powering Growth In The Tourism Event Market

What industry-specific factors are fueling the growth of the tourism event market?
The escalation in government investment is presumed to energize the expansion of the tourism event market. This entails the government's decision to divert finances into diverse sectors, ventures, and projects designed to encourage economic blossoming, enhance infrastructural facilities, inspire growth, deliver public services, or back specific industries. The severity of how government investment sways the growth of tourism events is remarkable. It does this by financing infrastructural enhancement, marketing drives, and cultural growth, thus strengthening the core essentials for conducting triumphant events, boosting tourist experiences, and uplifting local financial systems. For instance, in March 2023, the British Columbia Government, stationed in Victoria and managing the province's policies and schemes, pumped money into the Tourism Events Program (TEP). Funds extended can reach up to 10% of the event budget, with a cap of $250,000 and a floor of $10,000 to be eligible, an event must have a minimum budget of $100,000, promoting events, drawing in tourists, and fueling economic growth by displaying regional attractions and fostering local steadfastness. Adding to that, in May 2022, the U.S. Economic Development Administration (EDA), a domestic federal agency under the U.S. Department of Commerce, designated $510 million for state-backed travel ventures, plus an additional $240 million for communities impacted heavily by problems in travel, tourism, and outdoor entertainment. Hence, escalating government investment will significantly contribute to the growth of the tourism event market.

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What Is the projected market size and growth rate for the tourism event market?
There has been a constant increase in the tourism event market size over the past few years. This is projected to expand from $1709.7 billion in 2024 to $1794.49 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. The historic growth in this sector can be credited to various factors like globalization, escalating digital marketing activities, a surge in disposable income, a rise in cultural exchanges, and the emergence of new destinations.

The size of the tourism event market is predicted to enjoy consistent expansion in the coming years. Expansion to $2085.2 billion is forecasted by 2029, with a compound annual growth rate (CAGR) of 3.8%. The projected growth during this period can be ascribed to enhanced government backing, the escalating influence of social media, a surge in the number of medical tourism events, significant infrastructure development and the growing inclination towards experiential marketing. Leading trends anticipated during the forecast period are advanced event technology, strategic collaborations and partnerships, real-time streaming and increased engagement through social media, immersive virtual reality (VR) experiences, and personalised experiences.

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What new trends are reshaping the tourism event market and its opportunities?
Key players in the tourism events market are concentrating on creating advanced digital event planning products like event apps to ensure thorough organization and management of events within the tourism and hospitality sectors. An event app solution is a software application created to enhance event planning and organization, as well as the attendee experience, using tools like timetabling, registration, and real-time engagement. For instance, the US-based software company Simpleview, specializing in CRM, CMS, website design and digital marketing, introduced the Eventsforce mobile app in November 2023. This mobile app from Eventsforce provides a budget-friendly answer for tourism event companies looking to increase attendee interaction through gamification and engagement features. The app is tailored to help not only event attendees but also exhibitors, sponsors, organizers, and anyone involved, offering easy-to-navigate features, compatibility with all significant AMS/CRM and event management systems, access from both mobile and desktop devices, sophisticated QR code scanning facilities, and features to increase attendee interaction.

What major market segments define the scope and growth of the tourism event market?
The tourism event market covered in this report is segmented -

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

Subsegments:
1) By Cultural Or Festival Event Tourism Fair: Local Cultural Festivals, National And International Cultural Events
2) By Sports Event Tourism: Major Sports Tournaments, Local Sports Events And Competitions
3) By Business Events: Conferences And Conventions, Trade Shows And Exhibitions
4) By Music And Entertainment Events: Music Festivals, Concerts And Performing Arts Events
5) By Spiritual And Religious Tourism: Pilgrimages, Religious Festivals
6) By Travel Trade Shows: Industry Conferences, Travel Expos

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North America was the largest region in the tourism event market in 2024. 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.

Which key market leaders are driving the tourism event industry growth?
Major companies operating in the tourism event market report are TUI Group, Live Nation Worldwide Inc., Carnival Corporation & PLC, Reed Exhibitions, Royal Caribbean Cruises Ltd., CWT Global B.V., Airbnb Inc., BCD Group International BV, Informa Markets, American Express Global Business Travel, ATPI Ltd., GL Events, Maritz Holdings LLC, Messe Frankfurt, Cvent Holding Corp., Emerald Expositions, Kuoni Group, Eventbrite Inc., ITE Group, Comexposium, Cox & Kings Ltd., Tarsus Group, Riviera Events, Wizcraft Entertainment, Event Planet, Disney Destinations LLC, TicketWeb

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What Is Covered In The Tourism Event Global Market Report?

•Market Size Forecast: Examine the tourism event market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the tourism event market for a structured understanding.
•Key Players Overview: Analyze major players in the tourism event market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the tourism event market.
•Segment Contributions: Evaluate how different segments drive overall growth in the tourism event market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the tourism event market.
•Industry Challenges: Identify potential risks and obstacles affecting the tourism event market.
•Competitive Landscape: Review strategic developments in the tourism event market, including expansions, agreements, and new product launches.

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