Tourism Event Market Size, Share, Trends, Growth and Forecast 2032

Tourism Event Industry Prospective:

The global tourism event market size was worth around USD 1,719.40 million in 2023 and is predicted to grow to around USD 2,599.60 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.70% between 2024 and 2032.

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Tourism Event Market: Overview

A Tourism event is defined as any special activity carried out for the economic and cultural growth of a region and its population. These events are primarily designed to attract viewers and participants from across the globe to one place. There are several types of tourism events conducted globally throughout the year.

Some of the most popular events include art exhibitions, musical shows, and corporate get-togethers. The demand and viewership in the tourism event industry have been growing over the years. Since the pandemic, more people have shown inclination toward new experiences even though it would require high monetary expenditure.

Furthermore, the surge in awareness regarding several tourism events through digital portals and social media channels has improved resulting in greater revenue. Market players, on the other hand, are working on improving viewer experience with the integration of advanced technologies such as augmented reality (AR) & virtual reality (VR), drones, and live streaming to gather a larger audience. The industry for tourism events is expected to be impacted by economic volatility worldwide along with changing geopolitical partnerships.

Key Insights:

• As per the analysis shared by our research analyst, the global tourism event market is estimated to grow annually at a CAGR of around 4.70% over the forecast period (2024-2032)
• In terms of revenue, the global tourism event market size was valued at around USD 1,719.40 million in 2023 and is projected to reach USD 2,599.60 million by 2032.
• The market is projected to grow at a significant rate due to the growing influence of social media and digital platforms.
• Based on the tourism type, the international segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the type, the music concert segment is anticipated to command the largest market share.
• Based on region, Europe is projected to dominate the global market during the forecast period.

Tourism Event Market: Growth Drivers

Growing influence of social media and digital platforms to drive market demand rate

The global tourism event market is expected to be led by the rising influence of social media and digital platforms in generating awareness. The surge in consumption of consumer electronics such as smart phones and laptops along with easier access to affordable internet has allowed more people to join at least one social media platform from the vast array of options.

According to market research, more than 4.9 billion people use some form of social media channel worldwide. The number is expected to grow in the coming years.

Event organizers and performers use social media channels such as Instagram, Facebook, and Snapchat to advertise the events and raise consumer curiosity. The surge in awareness ultimately impacts the final viewership of the tourism event leading to higher revenue. Organizers of domestic or international-scale tourism events can benefit by using strategic social media marketing campaigns in the coming years.

Increased support from governments to promote the market’s overall revenue over the forecast period

Governments and local officials are actively encouraging tourism events to attract global participants and audiences. These initiatives can be seen in several forms such as financial assistance or subsidies, infrastructure development, state-organized promotional campaigns, and improving transportation facilities for the audience.

For instance, Germany hosts one of the world’s most famous beer festivals every year under the brand name ‘Oktoberfest’. In 2023, more than 7 million people were reported to participate in the 18-day festival.

In 2024, the German government invested heavily in tightening the security at the event in the backdrop of a deadly knife attack reported in the country a few months prior. Middle Eastern country of Qatar hosting the 2022 International Federation of Association Football (FIFA) World Cup. The country is reported to have spent nearly USD 300 billion in preparation for the event.

Tourism events help the regional government attain global exposure. These events have turned economically and culturally significant in the long run. The global tourism event market is projected to continue thriving in the coming years as more regional governments come forward to offer comprehensive support.

Tourism Event Market: Restraints

High cost of investment and expenses to limit the industry’s overall revenue

The global tourism event industry is expected to be limited due to the high cost of investment required for organizing small or large-scale tourism events. Furthermore, organizers run the risk of low attendance after spending millions of dollars on organizing the event and paying the artists. The industry revenue will be further impacted by the high expenses incurred by attendees for participating in such events. The cost is especially high in the case of international events. The whole-festival pass for Tomorrowland, a popular music festival, can reach up to EUR 5500.

Tourism Event Market: Opportunities

Increasing the integration of cutting-edge technologies to improve the experience of the view will generate growth opportunities

The global tourism event market is expected to generate growth opportunities due to the surging integration of cutting-edge technologies during performances and events. These technologies are developed to improve overall performance appeal and attract more audiences. In 2020, during the pandemic and encouraged by lockdown impositions, the organizers of Tomorrowland announced the launch of a digital realm with the name Tomorrowland Around the World. The agency offered the two-day event using VR technology offering a highly immersive experience.

Similarly, another popular US artist Travis Scott announced a partnership with Fortnite, one of the world’s most famous online gaming brands. The artist launched a virtual concert in 2020 called Astronomical with more than 27 million unique players participating in the event. In October 2024, the London House of Fine Art (HOFA) announced a partnership with Phillips, a Dutch multinational conglomerate. The partnership has allowed the former to display artwork created by telekinetic robotic arms and AI.

In April 2024, an Indian student launched the Mahou application. The students aim to provide an immersive experience using a headset for visiting an offline art exhibition. Such measures are likely to create more enthusiasm among the audience promoting demand for events affecting the overall tourism rate.

Tourism Event Market: Challenges

Economic volatility and changing geopolitical conditions challenge the market expansion rate

The global industry is projected to be challenged by the growing concerns over economic volatility worldwide. In such situations, consumers are likely to participate in monetary savings and refrain from overspending on unnecessary activities. Furthermore, changes in geopolitical conditions may also affect international tourism resulting in slumped growth in the events-based revenue.

Tourism Event Market: Report Scope

Tourism Event Market: Segmentation

The global tourism event market is segmented based on tourism type, channel, type, and region.

Based on the tourism type, the global market segments are international and domestic. In 2023, the highest growth was listed in the international segment. The rising popularity of international events especially musical festivals, art-based events, and corporate gatherings is prompting the segmental demand rate. Around 60% of the revenue was generated from the tourism event sector. The surging prices of event tickets and expenses associated with travel to the venue and accommodation lead to a higher segmental growth rate

Based on the channel, the global tourism event industry is divided into virtual and physical.

Based on the type, the global market segments are music concerts, festivals, exhibitions & conferences, corporate events & meetings, and others. In 2023, the highest growth rate was listed in the music concert segment. The increasing number of audiences participating in musical events worldwide is fueling segmental revenue. Eras tour by US artist Taylor Swift is expected to have generated more than USD 1 billion in revenue for the US economy.

Tourism Event Market: Regional Analysis

Europe to register the highest revenue during the forecast period

The global tourism event market will be led by Europe during the forecast period. Countries such as Italy, Germany, Greece, Spain, and Portugal will help drive the regional demand rate. The growing number of tourism events across fields is helping fuel revenue in the European industry for tourism events. In a growing number of cases, travelers plan their trips around popular tourism events of their choice.

Furthermore, the regional market expansion is affiliated with the positive take of European governments to improve traveler’s experience by developing transportation infrastructure and offering accommodation facilities across price ranges. Some of the most popular tourism events in Europe include Ultra Europe, Edinburgh Festival Fringe, Sziget Festival, and Wimbledon. North America is projected to be led by the US and Canada regions.

The US, for instance, hosted several musical events in 2023 with artists from across the globe. Additionally, the higher disposable income of the general population allows them to spend heavily on tourism events. The growing adoption of advanced technologies to improve the overall event deliverables will be critical to North America’s growth rate in the future.

Tourism Event Market: Competitive Analysis

The global tourism event market is led by players like:

• TUI Group
• PCMA (Professional Convention Management Association)
• BCD Meetings & Events
• Live Nation Entertainment
• Carlson Wagonlit Travel (CWT Meetings & Events)
• Eventbrite
• Experient (now part of Maritz)
• Maritz Global Events
• Reed Exhibitions
• American Express Meetings & Events
• Kenes Group
• IMEX Group
• Cvent
• MCI Group
• Clarion Events

The global tourism event market is segmented as follows:

By Tourism Type

• International
• Domestic

By Channel

• Virtual
• Physical

By Type

• Music Concert
• Festivals
• Exhibitions & Conferences
• Corporate Events & Meetings
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa