As per the latest findings of Future Market Insights, global congress tourism market revenue is expected to be USD 1,055.3 Billion by the end of 2023. In the long-term, the congress tourism market is estimated to reach at around USD 2,311.5 Billion in 2033.
| Attribute | Details |
|---|---|
| Travel Gross Revenue (2023 E) | USD 1,055.3 Billion |
| Projected Market Size (2033 F) | USD 2,311.5 Billion |
| Value-based CAGR (2023 to 2033) | 8.2% |
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As per newly released data by Future Market Insights, the congress tourism market is estimated at USD 918.9 billion in 2022 and is projected to reach US D 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.
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.
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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.
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
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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.
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.
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
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).
| 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 |
In 2023, North America is estimated to account for 32.4% of the industry.
Asia Pacific is expected to be valued at US$ 203.5 billion by 2033.
During the forecast period, the Indian market is expected to increase at a CAGR of 8.2%.
Rising disposable incomes and technological improvements drive sales in the market.
Increased emphasis on sustainability, customization, and social media.
1. Executive Summary | Congress Tourism Market 1.1. Tourism Market Outlook 1.1.1. Who Is Travelling? 1.1.2. Travel Gross Bookings 1.1.3. Travel Gross Revenue 1.1.4. How Much Do They Spend? 1.2. Tourism Evolution Analysis 1.3. FMI Analysis and Recommendations 2. Growth Parameters in Tourism 2.1. Digital Transformation and Hybrid Events 2.2. The Rapid Expansion of the Travel and Tourism Industry 2.3. Increased Public Awareness of the Environment in Different Regions 2.4. Rise in the Number of Business Travelers 2.5. Online Booking Channel Rise the Tourism 3. Direct Suppliers in Tourism 3.1. Total Supplier, Share by Segment (%), 2022 3.1.1. Airlines 3.1.2. Hotel Companies 3.1.3. Car Rental 3.1.4. Train 3.1.5. Tour Operators 3.1.6. Government Bodies 4. Indirect Suppliers in Tourism 4.1.1. OTA (Online Travel Agency) 4.1.2. Traditional Travel Agencies 4.1.3. TMC's (Travel Management Companies) 4.1.4. Corporate Buyers 4.1.5. Aggregators 5. Tourism Number of Bookings, 2022 5.1. By Age Group 5.1.1. Under 15 5.1.2. 16-25 5.1.3. 26-35 5.1.4. 36-45 5.1.5. 46-55 5.1.6. Over 55 5.2. By Tourism Type 5.2.1. Domestic 5.2.2. International 5.3. By Booking Channel 5.3.1. Phone Booking 5.3.2. Online Booking 5.3.3. In Person Booking 5.4. By Tour Type 5.4.1. Individual Travel 5.4.2. Professional Groups 5.4.3. Group Travels 6. Tourism Gross Revenue 6.1. Tourism Gross Revenue (USD Million) and Forecast (2023 to 2033) 6.2. Number of Bookings (Million) and Forecast (2023 to 2033) 6.3. Total Spending Y-o-Y Growth Projections (2023 to 2033) 6.4. Number of Tourists Y-o-Y Growth Projections 7. Challenges & Looking Forward 7.1. Success Stories: Case Studies 7.2. FMI Recommendations 8. Market Stakeholders Landscape – Key Direct Suppliers 8.1. Airlines 8.1.1. Top Players 8.1.2. Market Concentration 8.1.3. Market Share 8.2. Hotel Companies 8.2.1. Top Players 8.2.2. Market Concentration 8.2.3. Market Share 8.3. Car Rental 8.3.1. Top Players 8.3.2. Market Concentration 8.3.3. Market Share 8.4. Trains 8.4.1. Top Players 8.4.2. Market Concentration 8.4.3. Market Share 8.5. Tour Operators 8.5.1. Top Players 8.5.2. Market Concentration 8.5.3. Market Share 8.6. Government Bodies 8.6.1. Top Players 8.6.2. Market Concentration 8.6.3. Market Share 9. Social Media Sentimental Analysis 9.1. Travel Influencers: A New Phenomenon in the World of Tourism 9.2. Social Media Platforms Preferred 9.3. Trending #Hashtags 9.4. Social Media Platform Mentions (% of Total Mentions) 9.5. Trending Subject Titles 10. Assumptions and Acronyms Used 11. Research Methodology
Travel and Tourism
March 2024
REP-GB-15645
341 pages
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Congress Tourism Market
