Congress Tourism Market

Congress Tourism Market Outlook (2023 to 2033)

As per the latest findings of Future Market Insights, global congress tourism market revenue is expected to be US$ 1,055.3 Billion by the end of 2023. In the long-term, the congress tourism market is estimated to reach at around US$ 2,311.5 Billion in 2033.

Attribute	Details
Travel Gross Revenue (2023 E)	US$ 1,055.3 Billion
Projected Market Size (2033 F)	US$ 2,311.5 Billion
Value-based CAGR (2023 to 2033)	8.2%

2018 to 2022 Congress Tourism Market Outlook Compared to 2023 to 2033 Forecast

As per newly released data by Future Market Insights, the congress tourism market is estimated at US$ 918.9 billion in 2022 and is projected to reach US $ 2,311.5 billion by 2033, at a positive CAGR of 8.2 % from 2023 to 2033.

The tourism industry is growing in popularity and is one of the fastest growing industries in the world. Congress tourism, also known as business tourism, is a subset of the tourism industry. Delegates attending congresses, meetings, exhibitions, events, and incentive travels are served by business tourism.

According to the Union of International Associates (UIA), approximately 900 congresses are organised in 218 different countries each year, congress tourism accounting for approximately 30% of total tourism income.

Congress tourism allows countries to become famous by bringing in large elite brands and famous people, who can help spread the country's name. Meeting tourism is another name for congress tourism.

Congress tourism has emerged as a distinct driver of economic growth in a number of countries as a result of the integration of economic, political, and scientific principles into a single system. As a result, business tourism plays an important role in government programs aimed at supporting and developing territory's tourism and is becoming popular in countries like United States, France, Switzerland, the United Kingdom, and several other countries.

What are the Key Drivers of the Congress Tourism Market?

The Success of Congress Tourism is Dependent on a Number of Demand and Supply Side Factors

On the demand side, entities come up with a hot topic for discussion and begin making plans to hold the topic debate at specific locations where experienced people and subject matter experts are invited to exchange ideas. Supply side are the destinations where such meetings are held. Hence destination branding and marketing is an important factor and there are organizations that carry out the marketing of destinations for meeting or congress tourism.

After the Covid-19 pandemic, restarting international conferences and business meetings became crucial for economic recovery all over the world. Therefore, all the countries opened their business sectors since the hundreds and thousands of people who attend these events add to the buzz and dynamism of urban centers. This allows for the viability of a large number of hospitality market players which would not have been otherwise economically feasible.

Rapid Infrastructural and Technological Advancements are Increasing the Success Ratio of the Congress Tourism Sector

Countries are slowly realizing the importance of congress tourism and the impact it has on a country’s economic and political relations. Therefore, factors driving the congress tourism sector include the availability of conference rooms and exhibition areas, translational equipment and instruments to meet video and audio requirements, and the development of high-quality hotel spaces with prompt service. Recognizing the sector's awareness, various organizations are forming to promote meeting destinations, thereby facilitating the growth of the congress tourism sector.

Restraints of the Congress Tourism Market

Geographic Accessibility, Economical Aspects and Affordability Could be the Pull Factors of the Congress Tourism Sector

Geographic accessibility includes good transportation and convenience, as well as an economical aspect that reflects the total cost of travel and living at the destination center. Lack of the above-mentioned provisions leads to a loss in business tourists which consequently affects the congress tourism market adversely.

Poor Marketing, Faulty Equipment and Poor Infrastructure Can be a Challenge

Factors such as poor marketing of the destination places, faulty equipment and poor infrastructure are a major threat to this market. Different meetings with different themes need different type of infrastructure and facilities. The readiness in their availability and other related services determine the success of the tour, thereby impacting the congress tourism sector.

Region wise insights

Considering the global scenario, the congress tourism sector can be listed among the fast-growing tourism sectors. The number of meetings held at the respective regions call for a greater number of destinations and this figure would show which region is progressing in the congress tourism sector.

The United States shows high number of meetings conducted, followed by Germany, Spain, United Kingdom, France, Italy, Brazil, China, Netherlands and Austria. Europe is likely to witness fast growth in this sector. Spain along with other European countries reflect a tourist image, a destination that is already famous

Category-wise Insights

Which Age Group prefers Staycations the most?

Working Population is the Major Driver of Congress Tourism Demand

People between the age group of 25-45 are most likely to travel overseas for business. Therefore, the congress tourism market is mainly constituted of the working class.

Which Tour Type will have the Maximum Number of Travelers During Forecasted Period?

There will be a Surge in the Number of Packaged Travellers

Business meetings and conferences usually happen on a large scale and are spread over 2-7 days. Therefore, organizations look for hospitality players offering the best discounts for a large group of people with the maximum number of facilities.

Which Booking Channel do Tourists in the Market Place Prefer?

Online Booking Channels lead the Booking Channel Segmentation

Planning a business trip usually takes a lot of time and effort in terms of research and making the best possible choices. However, the existence of online travel agencies has unquestionably both sped up the procedure and offered clients access to more choices. People who book online prefer to compare travel on booking portals and hotel websites

Competitive Landscape

Congress tourism has a significant impact on the hospitality industry in terms of close collaborations, the creation of business centers, convention halls, exhibition halls, and so on. Thus, business travelers account for approximately 60% of hotel occupancy rates worldwide. Congress activities have a stimulating effect on vital sectors of any country's economy such as transportation, communications, consumer goods, and agriculture.

Key companies having a major market share are ICMS Australasia (Australia), American Meetings Inc. (USA), Congress Company (The Netherlands), DIS Congress Service A/S (Denmark), Event Dynamics (South Africa), Ana Juan Congresos (Argentina), GP Destination Management (Spain), Meeting Planners International Pte Ltd (Singapore), MP International (Singapore), Agentura Carolina (Czech Republic), and Meeting Makers (United Kingdom).

Scope of Report

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD Million/Billion for Value
Key Regions Covered	North America; Latin America; Asia Pacific; MEA; Europe
Key Countries Covered	United Kingdom, China, Spain, Greece, Italy, Netherlands, Germany, Brazil, France, Others
Key Segments Covered	By Direct Suppliers, By Indirect Suppliers, By Number of Bookings (Nationality, Booking Channel, Tour Type, Age)
Report Coverage	Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives, Spending,
Customization & Pricing	Available upon Request

Congress Tourism Market by Category

By Direct Suppliers:

• Airlines
• Hotel Companies
• Car Rental
• Train
• Tour Operators
• Government Bodies

By Indirect Suppliers:

• OTA (Online Travel Agency)
• Traditional Travel Agencies
• TMC's (Travel Management Companies)
• Corporate Buyers
• Aggregators

By Booking Channel:

• Phone Booking
• Online Booking
• In Person Booking

By Tour Type:

• Independent traveler
• Package traveler
• Tour Group

By Age:

• 15-25 Years
• 26-35 Years
• 36-45 Years
• 46-55 Years
• 56-65 Years
• 66-75 Years

By Nationality:

• Domestic
• International

Frequently Asked Questions

What is North America's Expected Share in 2023 of Congress Tourism Market?

In 2023, North America is estimated to account for 32.4% of the industry.

How Big will the Market be in Asia Pacific in 2033?

Asia Pacific is expected to be valued at US$ 203.5 billion by 2033.

Which Country is Set to Register Exponential Growth in Congress Tourism Market?

During the forecast period, the Indian market is expected to increase at a CAGR of 8.2%.

What Drives Sales of Congress Tourism Market?

Rising disposable incomes and technological improvements drive sales in the market.

What Key Trends are Driving the Congress Tourism Market?

Increased emphasis on sustainability, customization, and social media.