New York, USA, June 28, 2022 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global events industry is projected to garner a revenue of $1,134.5 million and grow at a healthy CAGR of 23.1% during the analysis period from 2021-2028.
According to our analysts, with the increase in sponsorships for events, the global events industry is expected to see significant growth throughout the forecast period. Sponsorships enable various companies to advertise their products and to fascinate a huge consumer base. The increasing number of numerous leading companies to sponsor various events such as music concerts, sports events to increase their sale, is further expected to thrive the growth of the market during the estimated timeframe. Besides, the growing virtual events due to the pandemic and its consequences like the ban on public gatherings, travel restrictions, and many more, are predicted to fortify the growth of the market by creating enormous investment opportunities. However, the high operational costs such as on-site event expenses, venue booking cost, presentation cost, food, and catering cost, may impede the growth of the events industry over the analysis period.
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Key Segments of the Events Industry Market
The report has been classified the market into segments namely type, revenue source, organizer, age group, and region.
Type: Corporate Events and Seminar Sub-Segment to be Most Profitable
The corporate events and seminar sub-segment is projected to generate a revenue of $413.7 million during the forecast timeframe. Mostly, the corporate events and seminars include discussions and interactions among the attendees. Nowadays, due to the outbreak of novel coronavirus pandemic, there is a rise of virtual events and seminars to restrict the spread of deadly infections. In addition, the growing development of several communication platforms like Zoom for the smooth conduct of virtual seminars and events is further expected to amplify the growth of the events industry market sub-segment during the forecast period.
Revenue Source: Sponsorship Sub-Segment to be Most Lucrative
The sponsorship sub-segment is expected to garner a revenue of $710.7 million over the analysis period. With sponsorships, many leading organizations can increase their brand visibility by alluring customers to make a strong base and also reach out to potential customers to increase sales. These benefits are further predicted to bolster the growth of the event industry market sub-segment during the estimated time period.
Organizer: Entertainment Sub-Segment to Hold the Maximum Events Industry Market Share
The entertainment sub-segment is projected to generate a revenue of $27,286.1 million over the analysis period. Especially, entertainment events play a vital role in reducing stress, rejuvenating moods, helping to discover new music, and providing unique experiences. Currently, due to the pandemic, many companies are shifting towards the virtual way of organizing events to entertain people. The rising growth of various online platforms likes, Netflix, Amazon Prime, and others are expected to boost the market sub-segment throughout the forecast period.
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Age Group: 21-40 Years Sub-Segment to Have the Largest Events Industry Market Share
The 21-40 years sub-segment is projected to garner $679.0 million in revenue throughout the analysis period. This particular age group is showing more involvement and participation in various events like music concerts, sports events, exhibitions, festivals, and others. In addition, the rising participation of this age group in entertainment events is further expected to drive the growth of the market events industry market sub-segment during the analysis period.
Region: Asia Pacific Region to Have Extensive Growth Opportunities
The Asia Pacific region is expected to generate a revenue of $475.0 million over the estimated timeframe. This is mainly because of the changing economic growth, involvement of government in numerous events like sports, music, exhibitions and rapid digitization, and other technological developments in this region. In addition, the wide adoption of virtual events across many leading companies is further expected to uplift the regional market growth during the analysis period.
Covid-19 Impact on the Events Industry Market
With several other industries, the event industry has also had a negative impact due to the rise of the Covid-19 pandemic. The stringent lockdowns, travel restrictions, restrictions on the social gathering, and obeying the Covid-19 protocol are some major factors that have decreased the feasibility of organizing events physically. However, this further led to several technological advancements and initiatives to organize various official, educational, entertainment, and various other events virtually, which further are expected to foster the growth of the events industry market during the analysis period.
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Key Players of the Events Industry Market
The major players of the market include
- CL Events
- BCD Meeting & Events
- Cvent, Inc.
- Capita
- Clarion Events Ltd
- DRPG Group
- The ATPI Group
- Entertaining Asia
- Anschutz Entertainment Group
- ACCESS Destination Services, LLC, and many others.
These players are widely working on developing strategies such as product development, merger, and acquisition, partnerships, and collaborations to enhance the market growth. – Inquire here for the key companies Development Strategic Report
For Instance, in 2019, Spacebase, a worldwide booking platform especially for workshop locations and meeting rooms, has announced to buy Okanda, which is German meeting rooms and hotels booking platform to expand its reach all across Europe. With this acquisition, these two companies were able to manage more than 300 meeting rooms and event venues. Moreover, their range of service and management has reached Staples Center in Los Angeles to sports arenas in London.
Furthermore, the report also presents various important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Events Industry:
- Global Events Industry Trends to Demonstrate its Pathway toward Massive Success
- 6 Ways to Engage Attendees at an Event
