The global congress tourism market is predicted to grow at a robust CAGR of 8.2% from 2023 to 2033. The target market is slated to amass a revenue of US$ 2,311.5 billion in 2033, rising from an estimated US$ 1,055.3 billion in 2023. Historically, the congress market witnessed a steady growth rate and reach US$ 918.9 billion in 2022. Factors such as the growing number of conferences and business meetings are responsible for the growth of the congress tourism market during the projection period.
Congress tourism, a subset of the tourism industry, has gained immense popularity in recent years and will continue to do so for the given period. Business or congress tourism includes meetings, conferences, delegates attending congresses, exhibitions, events, and incentive travels. Congress tourism accounts for about 30% of the overall tourism income. This subset of the tourism sector helps nations to build their image by bringing in large elite brands and people with fame who can help popularize the country.
As a result of the integration of political, scientific, and economic principles into a single system, congress tourism is able to act as an economic driver for different countries. Thus, congress or business tourism plays an essential role in government programs that are aimed at developing the nation’s tourism and is a popular tourism in countries like the US, Switzerland, France, the U.K, and many others.
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With increasing topics coming up for debates, conferences, and discussions, the prospects for congress tourism are looking bright in the upcoming years. Again, the destination where these conferences are held also benefits from them as they rise up in popularity. Moreover, countries across the globe are realizing the importance of congress tourism as it has an impact on the country’s positive and economic prospects. Since congress tourism requires proper infrastructure and equipment, the development of infrastructure and technological advancements facilitate the growth of the overall market.
Key Takeaways:
- A lack of geographical accessibility such as good transportation and convenience, affordability, and other economical aspects are certain considerations that may restrict the growth of the congress tourism market.
- The United States of America is leading the market as the country is a host of numerous meetings and conferences.
- Europe will also witness rapid growth in the market with Spain making considerable contributions to the regional market growth.
- By age group, the 25 to 45 category contributes substantially to the overall market growth.
- Based on the booking channel, the online channels will dominate the segment due to the convenience and availability of a wide range of options.
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Key companies:
- ICMS Australasia
- American Meetings Inc.
- Congress Company
- DIS Congress Service A/S
- Event Dynamics
- Ana Juan Congresos
- GP Destination Management
- Meeting Planners International Pte Ltd
- MP Internation
- Agentura Carolina
- and Meeting Makers
Competitive Landscape
Event Dynamics, American Meetings Inc., Congress Company, and MP International, among others, are a few of the leading players in the congress tourism market profiled in the full version of the report.
Key market players are concentrating on forming strategic partnerships and collaborations with players in the hospitality industry. These firms also adopt strong marketing and other growth-related strategies to strengthen their market presence.
More Insights into Congress Tourism Market
In its latest report, FMI offers an unbiased analysis of the global congress tourism market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of direct suppliers, indirect suppliers, number of bookings, and region.
According to the same reports, based on segmentation, the 25 to 45 age group will contribute substantially to the market as this age group is the most likely to travel for work. In terms of tour type, the package traveler segment will observe an upsurge in demand as most organizations seek out hospitality players that offer the best discount for a large group of people. Based on the booking channel, the online segment will lead the market as it speeds up the process and offers more variety.
Based on region, the congress tourism market will thrive in the United States of America. As the country plays a host to numerous meetings, debates, and conferences, it’s expected that the congress tourism market in the US will dominate the global marketplace. The US is closely followed by other countries like the U.K, Spain, Germany, Austria, and many others. In brief, the increasing number of business gatherings, conferences, and other intellectual meetings, as well as the growth of the market in the US, are certain factors that fuel the growth of the congress tourism market.
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
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