Destination Management Service Market to Reach $6.9 Billion, Globally, by 2032 at 6.8% CAGR: Allied Market Research - Yahoo Finance
The global destination management service market is experiencing growth due to factors such as an increase in travel & tourism, a rise in focus on experiential travel, and globalization and cross-cultural exchange.
PORTLAND, Ore., Aug. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Destination Management Service Market By Service Type (Event Management, Accommodation Booking, Transportation Logistics, Others), By Application (Corporate Travel, Leisure Travel, Adventure Tourism, Others), By Client Type (Event Planners, Individual, Travel Agencies, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global destination management service industry generated $3.6 billion in 2022 and is anticipated to generate $6.9 billion by 2032, witnessing a CAGR of 6.8% from 2023 to 2032.
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A destination management service company is an organization that offers a wide range of services and products in a popular travel destination. In other words, they are the companies that manage your travel experiences. Whether you need a safari tour, a coach tour, a cruise service, a catering service, or any other kind of travel service a DMC manages the process for you. A DMC is usually a small, local organization that has been in a destination for many years. They provide crucial local knowledge and experience to a travel business. They provide international partners with the information they need to develop safe and innovative products.
Prime Determinants of Growth:
The integration of technology has revolutionized the market as destination management service providers are utilizing advanced digital tools to enhance their services and streamline operations. This includes online booking platforms, mobile apps for real-time information and communication, virtual tour experiences, and data analytics to gain insights into customer preferences and behaviors. Technology enables destination management service companies to offer efficient and convenient services while enhancing the overall customer experience. Furthermore, technological advancement provides ample growth opportunities in the upcoming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $3.6 Billion |
Market Size in 2031 | $6.9 Billion |
CAGR | 6.8 % |
No. of Pages in Report | 300 |
Segments Covered | Service Type, Application, Client Type, and Region |
Drivers | Increase in Travel & Tourism |
Increase in Focus on Experiential Travel | |
Globalization and Cross-Cultural Exchange | |
Opportunities | Technological Advancements |
Restraints | Regulatory Challenges |
Seasonal & Geographical Limitations |
The event management segment to maintain its leadership status throughout the forecast period-
Based on service type, the event management segment held the highest market share in 2022, accounting for nearly two-fifths of the global destination management service market revenue, and is estimated to maintain its leadership status throughout the forecast period. Event management in the destination management services market has evolved to incorporate innovative technologies, interactive experiences, and sustainable practices. Virtual & hybrid event formats have become popular, allowing participants to engage remotely while still enjoying the destination's culture & attractions. However, the accommodation booking segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032. The surge in online accommodation booking has been fueled by various factors. Firstly, the growth of online travel agencies and booking platforms has made it convenient for travelers to access a wide selection of accommodations, such as hotels, vacation rentals, and guesthouses.
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The leisure travel segment to maintain its lead position during the forecast period-
Based on application, the leisure travel segment held the highest market share in 2022, accounting for nearly one-third of the global destination management service market revenue, and is projected to maintain its lead position during the forecast period. The same segment would also showcase the highest CAGR of 7.2% from 2023 to 2032. This is due to an increase in focus on sustainable & responsible tourism practices surge in the demand for destination management services. Travelers are becoming more aware of the environmental & social impact of their trips and are actively seeking destinations and services that align with their values. Destination management services have a crucial role to play in promoting sustainable leisure travel by collaborating with local communities, supporting local businesses, and incorporating eco-friendly initiatives into their offerings.
The event planners segment to maintain its leadership status throughout the forecast period-
Based on client type, the event planners segment held the highest market share in 2022, accounting for nearly one-third of the global destination management service market revenue, and is estimated to maintain its leadership status throughout the forecast period. Event planners are an essential client type in the destination management services market. They depend on destination management service providers to assist them in organizing & executing events in specific locations. However, the individual segment would exhibit the highest CAGR of 7.3% from 2023 to 2032. Owing to the technological progress that has greatly simplified the access and booking process for individual clients in the destination management services market.
North America to maintain its dominance by 2032-
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global destination management service market, and is likely to dominate the market during the forecast period. In the North American destination management services market, there is a noticeable trend toward experiential and sustainable travel. Travelers are increasingly looking for one-of-a-kind and immersive experiences that go beyond traditional sightseeing. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.2% from 2023 to 2032. A notable trend in the destination management services market in Asia-Pacific is the increase in popularity of immersive & experiential travel. Travelers are now seeking more cultural encounters, thrilling adventure activities, and unique off-the-beaten-path experiences.
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Leading Market Players: -
CSI DMC, LLC
360 Destination Group, LLC
Global DMC Partners
DM Africa
Terra Events
Ovation Global DMC
IVI DMC Enterprises
PRA Events, Inc.
Hello Destination Management, LLC
Hosts Destination Services, LLC
The report provides a comprehensive analysis of these leading players in the global destination management service market. These players have adopted different strategies such as collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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