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Impact of Growing Interest in Historical Events on Heritage Tourism Market: Powering Innovation and Expansion in the Heritage Tourism Market by 2025
Heritage Tourism
What Is the Expected CAGR for the Heritage Tourism Market Through 2025?
The market size of heritage tourism has seen a robust growth in recent times. The sector is projected to expand from $606.57 billion in 2024 to $645.77 billion in 2025, yielding a compound annual growth rate (CAGR) of 6.5%. Factors such as more affordable tour packages, a rise in the demand for experiential travel and immersive experiences, the improved visitor experience at heritage sites, and heightened awareness about cultural preservation and sustainable tourism, have played a key role in this historical period growth.
What's the Projected Size of the Global Heritage Tourism Market by 2029?
The market size for heritage tourism is predicted to witness robust expansion in the coming years. It is projected to escalate to $817.52 billion in 2029, with a compound annual growth rate (CAGR) of 6.1%. This growth during the forecast period is a result of the rising demand for cultural festivals and events, expanding educational prospects, an upswing in religious and spiritual travel, enhanced economic participation, and growing governmental aid and initiatives. Key trends anticipated during this forecast period include the utilization of augmented reality (AR) and virtual reality (VR) to magnify visitor experiences, the commitment to sustainable and environmentally-conscious tourism activities, innovation in personal and tailored heritage tour options, the growth of 3D modelling and holography in exhibition displays, and innovation in digital platform applications.
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Top Growth Drivers in the Heritage Tourism Industry: What's Accelerating the Market?
The burgeoning interest in historical occurrences is projected to fuel the expansion of the heritage tourism sector. These occurrences, which have significantly impacted or shaped the trajectory of societies or cultures throughout history, are gaining increased attraction due to improved educational facilities, media portrayal, cultural shifts, novel research outlooks, and the quest to comprehend personal and societal contexts. Historical occurrences augment heritage tourism by offering enticing narratives and hotspots that draw tourists, deepen their cultural heritage knowledge, and stimulate local economies. For instance, Historic England, a UK-based governmental body, in January 2024 reported an 11% surge in visits to UK historic sites in 2023 versus 2022. The number of visits to worship places more than doubled compared to the preceding year, whilst revenues from historical sites escalated by 10% in 2023. Thus, the mounting interest in historical occurrences is steering the heritage tourism market growth.
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What Trends Will Shape the Heritage Tourism Market Through 2029 and Beyond?
In the heritage tourism market, top players are leveraging digital engagement tools such as interactive mobile apps to stay ahead of the competition. These apps elevate the tourist experience by offering real-time information, guided tours, and immersive augmented reality features that animate historical landmarks. As an example, in March 2023, VisitScotland, a tourism entity based in Scotland, introduced the Scotland's Stories app. This application gives users the opportunity to discover various historical locales via interactive maps and audio tours that recount local folklore and history. Unique elements include user-generated content which circulates personal anecdotes connected to each location, alongside integration with social media for effortless experience sharing. While these digital platforms greatly amplify visitor engagement and contentment, they also demand continual upgrades and upkeep to stay pertinent in a rapidly progressing technological environment.
What Are the Main Segments in the Heritage Tourism Market?
The heritage tourism market covered in this report is segmented -
1) By Type: Cultural Heritage, Natural Heritage, Intangible Heritage
2) By Accommodation: Farm Stays, Cottage Rentals, Eco-Lodges, Homestays
3) By Age Group: 30 And Under, 31 To 50, 51 To 70, 71 And Above
4) By Booking Channel: Online, Offline
Subsegments:
1) By Cultural Heritage: Historic Sites And Monuments, Museums And Art Galleries, Traditional Festivals And Events, Religious And Sacred Sites, Architectural Heritage Tours
2) By Natural Heritage: National Parks And Protected Areas, World Heritage Natural Sites, Eco-Tourism And Wildlife Tours, Geoparks And Natural Landmarks, Conservation Areas And Biodiversity Reserves
3) By Intangible Heritage: Traditional Performing Arts (Dance, Music, Theater), Culinary Traditions And Food Tours, Oral Histories And Storytelling, Rituals, Festivals, And Customs, Traditional Crafts And Handicrafts
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Which Top Companies are Driving Growth in the Heritage Tourism Market?
Major companies operating in the heritage tourism market are 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
Which Regions Will Dominate the Heritage Tourism Market Through 2029?
Asia-Pacific was the largest region in the heritage tourism market in 2023. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the heritage tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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