As per a recent market analysis by Future Market Insights (FMI), the Destination Marketing is poised to reach a valuation of US$ 120Bn in 2022. Sales are projected to increase at ~ 13% CAGR, with the market size reaching US$ 407.35 Bn by 2032.

During the projection period, destination marketing is expected to expand at a steady pace of growth. This is mostly related to the trend of cultural fusion and the rising popularity of international content. Visitors who want to learn about and engage with diverse cultures are likely to go to these locations. Tourists looking for adventure and those who love the outdoors are drawn to the area's natural beauty and surrounding scenery.

In general, destination marketing draws an increasing number of tourists each year and keeps them coming back for more adventures. the services offered by local businesses and the tour operators are leaving great impression on tourists about the Destination Marketing.

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Key Takeaways from the Destination Marketing Market Study:

The North America, Europe and Asia Pacific regions hold a market share of ~26%, ~24% and ~30% respectively.

The two main marketing channels for tourism advertisements are social media and search engines.

COVID-19 affected 30% to the market

Many regional governments are set to promote tourism, to revive the tourism sector after COVID pandemic.

"Tourists are in Search of unexplored and far-flung destinations for vacations, and marketing companies are promoting such locations, reviving tourism in many countries." - FMI Analyst said.

Impact of COVID-19

Tourism sector in various regions all around the world were one of the best performing sectors. For economic development and progress, tourism was essential in many countries. As COVID-19 pandemic was declared, many countries closed their border and initiated lockdown to avoid spread of the virus. There were restrictions on travelling and only essential services like food and medical were operating during pandemic.

The epidemic caused a great deal of damage to the tourism industry. There were no tourists at tourist attractions because everyone was in lockdown in their homes and transportation was suspended. The marketing industry for these places went out of business along with the tourism industry.

Tourists are looking for new places to visit as the tourism industry slowly but surely recovers. Today, a large number of travel companies provide tours to isolated locations where there are less tourists. The marketing firms are concentrating on promoting these locations and guaranteeing tourists' safety while travelling there.

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Who is winning?

The key players in destination marketing sector are Amadeus Destination Marketing, Accord, MMGY global, DANA, DCI, Digitalcoconut, OP Worldwide, LLC, Sagittarius, VERB, OnlyTravel, etc.

Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the global Destination Marketing, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Destination Marketing Sector By Advertisement Media (Magazines, Newspapers, Television, Emails, Others), By Attraction Type (Natural, Festivals, Cultural, Artificial, Others), By Tourist Type (Domestic and International), Tour Type (Independent Traveller, Tour Group Package Traveller) Region - Forecast To 2017 - 2032.

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