Global Congress Tourism Market is Set To Grow $1,499 Billion at a CAGR of 9.2% By 2028
Congress Tourism Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Over the recent years, the congress tourism market size has shown sturdy growth, fuelled by rapid infrastructural and technological advancements, an increasing trend of corporate meetings, and rising worldwide convenings. Growth in the historic period can also be attributed to government initiatives in the tourism sector and the increasing emphasis on sustainability, customization, and social media.
What Is the Projected Growth of the Congress Tourism Market?2
The congress tourism market size is expected to witness strong growth, increasing from $965.47 billion in 2023 to $1,053.32 billion in 2024, reflecting a compound annual growth rate CAGR of 9.1%. Looking towards the future, it is forecasted to surge to $1,499 billion in 2028, growing at a CAGR of 9.2%.
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What Is Driving The Growth Of The Congress Tourism Market?
The driving force behind the growth of the congress tourism market is the rising demand for business conferences. Business conferences, organized to facilitate discussions on industry trends, knowledge sharing, networking, and strategic planning, have become an essential need of the hour. As social Tables, a US-based software service company catering to event planning reported in April 2024, the United States alone scheduled more than 41,000 conferences and trade shows in the preceding year.
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What Are The Market Trends And What Is Their Impact?
Emerging trends in the forecast period include the growing popularity of virtual events and advanced technology. The tourism industry now sees the development of high-quality hotel spaces with prompt service, technological advancements, a shift to hybrid work models, and the application of translation equipment and instruments for audio and video requirements.
Mention must be made of the key industry players within the congress tourism market, including Kuoni Destination Management, BCD Travel Services Inc., VisitBritain, MP International Pte Ltd, Congrex Switzerland AG, among others. To keep the market vibrant, these companies are developing incentive plans that streamline the planning and execution of incentive travel programs.
How is the Congress Tourism Market Segmented?3
The congress tourism market, as per the report, is segmented as:
1 By Tour Type: Independent Traveler, Package Traveler, Tour Group
2 By Booking Channel: Phone Booking, Online Booking, In Person Booking
3 By Direct Suppliers: Airlines, Hotel Companies, Car Rental, Train, Tour Operators, Government Bodies
4 By Indirect Suppliers: Online Travel Agency OTA, Traditional Travel Agencies, Travel Management Companies TMC's, Corporate Buyers, Aggregators
Which Region Held The Largest Share In The Congress Tourism Market?
In 2023, Europe was the leading region in the congress tourism market. However, the extensive country-wise and regional market analysis carried out in the congress tourism market report, shows a promising future for Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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