New York, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global event management market. According to the report, the global market is projected to surpass $3,605.80 billion and grow with a CAGR of 37.2% in the estimated period, 2019–2027. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Event Management Market
The outbreak of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the global event management market. The implementation of lockdown restrictions resulted in the cessation of numerous industries as well as the corporate sector worldwide. Also, several family functions, marriage events, birthday parties, and others were canceled or postponed due to social distancing norms. Instead, numerous vital events were conducted virtually amidst the crisis period. All these factors significantly hindered the event management market growth.
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Factors Impacting the Event Management Market Growth
The key factor boosting the growth of the global event management market is a significant rise in the number of the young population entering the event management industry as a career choice and an increase in corporate events by companies across the globe. In addition, the rising demand for event managers for organizing and managing events is projected to unlock lucrative opportunities for the growth of the market. However, the huge investments involved in arranging events is anticipated to hamper the market’s growth.
The report segments the global event management market into event type, revenue source, organizer, and region.
Corporate Events and Seminar Sub-Segment to Grow Extraordinarily
The corporate events and seminar sub-segment of the event type segment is expected to grow with CAGR of 55.30% in the forecast period. This is primarily due to the rising investments by numerous companies into corporate events as they act as an opportunity for employees to form relationships with coworkers.
Sponsorship Sub-Segment to Grab a Foremost Share of the Market
The sponsorship sub-segment of the revenue source segment is anticipated to grow enormously with a CAGR of 56.9% in the forecast period. This growth is mainly owed to increasing sponsorships as it is one of the best ways to boost brand awareness among the target audience.
Corporate Sub-Segment to Observe Highest Growth
The corporate sub-segment of the organizer segment is anticipated to grow significantly with a CAGR of 56.80%in the forecast period. This growth is mainly because corporate events help in reaching a huge audience and thus help boost business.
North America Region to Perceive Exponential Growth
The report analyzes the global event management market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the North America market is anticipated to grow with a CAGR of 54.3% in the estimated period. This growth is mostly due to the growing investment by a number of leading companies in event management services in this region.
Specific Requirements on the Post COVID-19 Impact on Event Management Market? Ask an Analyst
Top Players of the Global Market
The report states some of the foremost players operating in the global event management market including
- Access Destination Services
- Entertaining Asia
- BCD Travel
- LIVE NATION ENTERTAINMENT, INC
- ATPI Ltd
- Reed Exhibitions
- Capita plc
- Riviera Events
- AEG
- GL events
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market. Inquire here to grab full report
For instance, in November 2020, Reed Exhibitions, launched a Natural Disaster & Emergency Management brand, which is a new trade event & digital resource focused on the preparation, response, and recovery of physical and human properties of public as well as private institutions.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Event Management Market:
- How Event Management Companies Can Keep Attendees Engaged at an Event?
- Global Event Management Industry to Bloom in the Coming Years, despite COVID-19 crisis
