Hyderabad, March 28, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Events & Exhibition Market – (2023 – 2028),” the market studied is expected to register a CAGR of 3.54%. The market is being driven by the use of geo-cloning by exhibition organizers. Geo-clones have proven to be a valuable tactic, with less risk than a brand-new launch and an existing brand reputation to use as a launchpad and a statement of intent. The UAE industry's willingness to embrace new concepts drives the market, with Dubai World Trade Centre exhibitions contributing USD 3.28 billion to Dubai's economy alone.
Some of the major trends driving the growth of the Events & Exhibition Market:
People also prefer film festivals because they provide a complete entertainment package that includes music and dance performed by their favorite actors. For example, the Berlin International Film Festival's public program includes approximately 400 films each year, the vast majority of which are world or European premieres. With over 400,000 tickets sold to the general public, it is considered the world's largest public festival. This annual mega-event drives the growth of the market for global event and exhibition businesses.
- Music festivals are known for their visitor counts.
- The largest music event according to footfall is the Donauinselfest.
- This annual free outdoor music festival called the Donauinselfest takes place on Donauinsel in Vienna, Austria.
- With over 3 million attendees over three days, it is the world's largest open-air music event.
- Every year, the music festival featuring primarily regional artists and rare international superstars usually receives about 2.5 million visitors.
- The 2023 edition will be hosted from the 23rd to the 25th of June.
- The electronic dance music festival Electric Daisy Carnival is run by promoter and distributor Insomniac.
- As part of their Music of the Spheres World Tour, the British rock band Coldplay will perform in Manchester's Etihad Stadium in 2023.
- A day after wrapping up their European tour in Glasgow, Coldplay had already sold roughly 1.5 million tickets for their 2023 tour.
On August 25, tickets went on sale for the 2023 Music of the Spheres World Tour, which covers Manchester, Barcelona, and Amsterdam. In addition, more than five million tickets were sold across Europe and America for Coldplay's 2022 tour, which shows the demand for music bands. Such huge demand for music events is expected to drive the events and exhibitions market worldwide.
Europe will have a sizable market share:
Many European governments are collaborating with global exhibition management associations to make their country a preferred destination for the association's affiliated events.
For example, the International Congress and Convention Association (ICCA) named the Turkey Tourism Promotion and Development Agency as the organization's first destination partner in Europe in June 2022. The one-year partnership represents the ICCA's endorsement of Turkey as a major business event destination for Europe and the international industry.
The European countries have made a significant contribution toward global football sports. The countries have many stadiums and teams. These teams and players have their fan following worldwide, creating an opportunity for the event market in the country through conducting football tournaments.
For example, the 17th edition of the UEFA European Tournament, the four-year international men's football championship of Europe that UEFA runs, is expected to take place in 2024 and be known as UEFA Euro 2024. The event, slated to take place from June 14 to July 14, 2024, is scheduled to be hosted by Germany.
Who are the key players in the Events & Exhibition Market?
The events & exhibition market is fragmented as there are various players, including many regional and global companies.
- Fiera Milano SpA
- Deutsche Messe AG
- Messe Frankfurt GmbH
- MCH Group AG
- GL Events
- Koelnmesse GmbH
- Messe Dsseldorf GmbH
- RELX Plc
- Viparis Holding
- Comexposium Group
Recent developments in the Events & Exhibition Market:
- In September 2022, the UAE Flash Entertainment launched a stand-alone office in Saudi Arabia's capital Riyadh, as the kingdom develops its events and leisure sector. According to the company, the entertainment industry is proliferating.
- In June 2022, a strategic new partnership between MAD Event Management LLC and UFI, the Global Association of the Exhibition Industry, was announced to strengthen ties between the North American and international exhibition industry and expand UFI's membership base in North America.
- In June 2022, the Turkey Tourism Promotion and Development Agency was named by the International Congress and Convention Association (ICCA) as the organization's first Destination partner in Europe.
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the www.mordorintelligence.com/industry-reports/event-and-exhibition-market
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