New Delhi, June 12, 2024 (GLOBE NEWSWIRE) -- The global event and exhibition market is set to attain valuation of US$ 58.96 billion by 2032 from US$ 44.02 billion in 2023 at a CAGR of 3.30% during the forecast period 2024–2032.
The events and exhibition market has been a dynamic and evolving sector, with 2024 marking a year of significant growth and transformation. The market, which was valued at $44.02 billion in 2023, has seen a substantial increase in revenue, with 35% of professionals reporting up to a 50% revenue increase in 2023 compared to the previous year. This upward trajectory is expected to continue, with projections estimating the global events industry market to reach a staggering $2.1 trillion by 2032. This growth is mirrored in the increased budgets allocated to events and exhibitions. A remarkable 73% of marketers have expanded their event budgets, a notable rise from the 38% in 2021 and 35% in 2022. Companies worldwide are recognizing the value of meetings and events, with an average of 65% reporting increased spending in this area.
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The format of events has also seen a shift, with more than half of the events in the first semester of 2023 being held in person, indicating a return to traditional event settings. However, the digital transformation of the industry is undeniable, with 85% of respondents having organized virtual events in the past year. The hybrid model, which combines in-person and virtual elements, is favored by 62% of event planners who wish to maintain this format. Looking ahead, 45% of future B2B events are expected to be completely virtual, highlighting the enduring impact of technology on the industry. Technology adoption is indeed a driving force, with organizations that embrace it reporting stronger growth. Nearly half of the event planners prioritize incorporating new or better technology, and the use of Virtual Reality (VR) and Augmented Reality (AR) is on the rise, with 88% and 87% of event organizers planning to incorporate these technologies, respectively.
Creating memorable experiences for attendees is paramount, with 57% of event planners focusing on this aspect. Engagement metrics such as registration and attendance numbers are key indicators of an event's effectiveness, relied upon by 45% of respondents. Furthermore, attendee engagement is considered a crucial KPI by over 82% of B2B marketers for determining an event's impact.
The return on investment from events is significant, with 86% of B2B organizations reporting a positive ROI within seven months of hosting a hybrid event. Events are also seen as providing the greatest ROI compared to other marketing channels, as reported by 52% of businesses.
However, the industry faces challenges, including integrating events into broader marketing strategies, as indicated by 23.8% of B2B event professionals. Choosing the right event technology is also a significant hurdle. Moreover, attracting attendees remains a challenge for 77% of planners.
Emerging Trends and Economic Impact in the Event Industry
Sustainability and inclusivity are becoming increasingly important in event planning, with a growing emphasis on sustainable design and practices and ensuring events are inclusive and accessible to all. Marketing and promotion strategies have also evolved, with over 75% of event organizers using marketing automation to enhance efficiency, while organic social media and email marketing remain dominant in ticket sales. The industry is witnessing the growth of hybrid events and a shift towards year-round events, providing continuous engagement opportunities. There is also a significant trend toward offering transformational experiences to attendees, reflecting the changing expectations of event participants.
Demographics play a crucial role in shaping the industry's dynamics, with the 21-40 age group showing high engagement, particularly in seminars and music concerts. Nature and outdoor event attendance saw a 25% increase globally in 2023 compared to the previous year, highlighting a shift in attendee preferences. Lastly, the economic impact of the industry is substantial, as evidenced by nonprofit arts and culture organizations generating $151.7 billion in economic activity in 2022. This underscores the significant contribution of events and exhibitions to the broader economy and their role in driving economic growth.
Key Findings in Global Event and Exhibition Market
| Market Forecast (2032) | US$ 58.96 billion |
| CAGR | 3.30% |
| Largest Region (2023) | North America (31.90%) |
| By Type | B2B Event (47.60%) |
| By Revenue Stream | Exhibition Fee (46.41%) |
| By End Users | Entertainment industry (24.49%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Resurgence of B2B Events: Unveiling the Factors Behind Their Dominance in Market with Over 47.60% Market Share
The B2B events and exhibitions market has witnessed a remarkable resurgence, driven by an evolving business landscape and the increasing need for face-to-face interactions. Recent statistics highlight this growth trajectory, showcasing the sector's pivotal role in fostering business relationships and driving industry innovations. The global B2B event market is projected to reach $932 billion by 2032, growing at a CAGR of 7.8%. Notably, 78% of businesses reported a positive ROI from event marketing, while 81% of marketers believe live events are more effective than digital channels for achieving business goals. Additionally, 65% of B2B marketers emphasize that events provide valuable customer insights, with 77% of executives considering events as a critical part of their marketing strategy.
The post-pandemic recovery has further accelerated this growth, with 92% of event planners expecting an increase in hybrid event formats. Virtual attendance for B2B events has surged by 34%, and 85% of event organizers plan to invest more in technology to enhance attendee experience. Furthermore, 70% of businesses have increased their event budgets in 2023, recognizing the unparalleled value of direct engagements. The average event sponsorship revenue has climbed by 20%, reflecting the growing importance of strategic partnerships. Interestingly, 58% of B2B buyers cite events as their primary source of purchasing information, and 68% of executives agree that events help in identifying new market opportunities.
This dominance is further underscored by the diversification of event formats and innovative approaches to engagement. Over 60% of B2B companies now host both physical and virtual events, integrating advanced analytics to measure success. The average attendee duration at virtual events has increased by 25%, indicating higher engagement levels. Moreover, 72% of attendees prefer a combination of live and on-demand content, while 63% of marketers utilize AI-driven solutions for personalized event experiences. In essence, the significant growth in B2B events and exhibitions is a testament to their indispensable role in connecting industries, fostering innovation, and driving business success.
Exhibitor Fees is The Lifeblood of Thriving Trade Shows and Exhibitions, Rake in 46.41% Market Revenue
In the dynamic world of event and exhibition market, exhibitor fees emerge as the primary source of revenue for organizers. As we delve into the landscape of trade shows in 2024, a compelling narrative unfolds, revealing the pivotal role these fees play in sustaining and elevating the industry. Exhibitors recognize the immense value of participating in these events, as they provide unparalleled opportunities to showcase products, forge connections, and generate lucrative leads. A staggering 81% of trade show attendees wield buying authority, positioning exhibitors to tap into a pool of potential customers. Moreover, the allure of exhibitions extends beyond immediate sales, with 51% of attendees requesting post-show visits from sales representatives. This underscores the long-term impact of exhibitor participation, as relationships forged on the show floor translate into future business prospects.
The financial significance of exhibitor fees is further highlighted by the efficiency they bring to the sales process. Closing a sale without an exhibition lead typically requires 4.5 sales calls, whereas leads generated from exhibitions can be converted in just 3.5 calls. This streamlined approach not only saves time and resources but also underscores the quality of leads obtained through trade shows. Exhibitors recognize the value proposition, as evidenced by the fact that 87% rate exhibitions as an important source of new business. The concentrated gathering of industry professionals and decision-makers creates an environment conducive to meaningful interactions and accelerated business growth.
Beyond the tangible benefits, exhibitor fees also contribute to the overall success and sustainability of trade shows. These funds enable organizers to curate exceptional experiences, attract top-tier speakers, and invest in cutting-edge technologies that enhance visitor engagement. By participating in exhibitions, exhibitors gain access to valuable insights through seminars and lectures, allowing them to stay ahead of industry trends and strategically plan their business trajectories. The symbiotic relationship between exhibitors and organizers fuels the growth and innovation of the entire industry, making exhibitor fees an indispensable component of the trade show ecosystem.
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Entertainment Industry is The Economic Titan of the Event and Exhibition Market as it Generates More than 24.49% Market Revenue
The entertainment industry has emerged as the leading end-user and revenue-generating sector in the event and exhibition market for several compelling reasons. First and foremost, the sheer scope and variety of entertainment events, ranging from music festivals and film premieres to gaming conventions and award shows, create a diverse portfolio that attracts a wide audience. According to recent data from 2024, the global music festival market alone is valued at $2.8 billion, with events like Coachella and Glastonbury drawing millions of attendees each year. Additionally, the gaming convention market has seen substantial growth, with events like E3 and Gamescom contributing $3.5 billion annually. The multiplicity of these events ensures a constant influx of visitors, driving significant revenue through ticket sales, sponsorships, and merchandise.
Moreover, the integration of cutting-edge technology in entertainment events has revolutionized the audience experience, further boosting their popularity and profitability. Virtual reality (VR) and augmented reality (AR) technologies are being increasingly incorporated into exhibitions and performances, enhancing engagement and creating immersive experiences. For instance, the global VR market in live events is projected to reach $12.4 billion by 2024. Additionally, live streaming and hybrid event models have expanded reach, with platforms like Twitch and YouTube Live attracting millions of viewers globally. By 2032, the live streaming industry is expected to generate $760 billion in revenue, a testament to its growing influence.
In fac, the entertainment industry's ability to attract high-profile sponsorships and partnerships significantly contributes to its leading position. Major brands are eager to associate with popular events to enhance their visibility and engage with target demographics. Sponsorship spending in the entertainment sector is estimated to surpass $65 billion in 2024. Furthermore, the economic impact of these events extends beyond direct revenue, with substantial contributions to local economies through tourism, hospitality, and retail. For example, the Super Bowl generates an estimated $500 million in economic activity for its host city each year. These factors collectively underscore why the entertainment industry is at the forefront of the event and exhibition market, driving unparalleled growth and revenue.
North America's Leadership in the Event and Exhibition Market is Unchallenged, Contribute over 31.90% Market Revenue
North America stands as a leader due to its robust infrastructure, technological advancements, and significant economic contributions. The region's market size and growth are impressive. This growth is supported by substantial increases in event budgets, with 73% of marketers expanding their budgets in 2023, up from 38% in 2021 and 35% in 2022. The region's ability to adapt to changing formats is also notable, with more than half of the events in early 2023 held in person, while 85% of respondents organized virtual events in the past year. Hybrid events, combining in-person and virtual elements, are favored by 62% of planners, and 45% of future B2B events are anticipated to be completely virtual. This flexibility in event formats is crucial in maintaining North America's leadership position.
Technological innovation is another key factor driving North America's dominance. Organizations that are early adopters of technology report stronger growth, with 48% of event planners prioritizing the incorporation of new or better technology. The use of Virtual Reality (VR) and Augmented Reality (AR) is on the rise, with 88% and 87% of event organizers planning to incorporate these technologies, respectively. The focus on attendee experience and engagement is also significant, with 57% of planners prioritizing memorable experiences and 82% of B2B marketers considering attendee engagement a crucial KPI. The region's economic impact is substantial, with nonprofit arts and culture organizations generating $151.7 billion in economic activity in 2022.
Additionally, the demographic engagement, particularly among the 21-40 age group, and the 25% increase in nature and outdoor event attendance in 2023, highlight the diverse and dynamic nature of the North American event industry. These factors, combined with the region's ability to address challenges such as integrating events into broader marketing strategies and attracting attendees, underscore North America's leadership in the global event and exhibition market.
Top Players in the Global Event & Exhibition Market
- Fiera Milano SpA
- Deutsche Messe AG
- Messe Frankfurt GmbH
- MCH Group AG
- GL Events
- Koelnmesse GmbH
- RELX Plc
- Viparis Holding
- Other Prominent Players
Market Segmentation Overview:
By Type
- B2B
- B2C
- Hybrid/Mixed
By Revenue Stream
- Exhibitor Fee
- Sponsorship Fee
- Entrance Fee
- Services
By End User
- Consumer Goods & Retail Sector
- Automotive & Transportation
- Industrial
- Entertainment
- Real Estate & Property
- Hospitality Sector
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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