Portland, OR, March 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global events industry generated at $1,135.4 billion in 2019, and is expected to garner $1,552.9 billion by 2028, registering a CAGR of 11.2% from 2021 to 2028.
Surge in number of attendees at business seminars and counseling programs, increase in globalization of business, and rise in demand for non-traditional event spaces have boosted the growth of the global event industry. However, higher entry barriers and presence of alternatives hamper the market growth. On the contrary, technological advancements such as projection mapping and surge in infrastructural investment would open new opportunities for the market players in the coming years.
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Covid-19 scenario:
- The Covid-19 pandemic and followed lockdown have negatively impacted the event industry as several countries imposed strict travel restrictions. Moreover, worldwide adoption of work from home and restrictions on public gatherings hampered the industry.
- However, virtual events gained popularity during the pandemic as market players aim to strengthen their digital presence.
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The global event industry is segmented on the basis of type, revenue source, organizer, age group, and region. Based on type, the corporate event & seminar segment dominated the market in 2019, contributing to more than one-fourth of the market. However, the music concert segment is projected to manifest the highest CAGR of 13.1% from 2021 to 2028.
On the basis of organizers, the entertainment segment is expected to register the highest CAGR of 12.4% during the forecast period. In addition, the segment held the largest share in 2019, accounting for more than one-fourth of the total revenue of the industry.
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The global event industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the lion’s share in 2019, contributing to more than one-third of the market. However, the Asia-Pacific region is anticipated to register the fastest CAGR of 13.3% during the forecast period.
The global event industry report includes an in-depth analysis of the major market players such as ATPI Ltd., Access Destination Services, Entertaining Asia, BCD GROUP (BCD MEETINGS & EVENTS), StubHub, Riviera Events, Pollstar, Live Nation Worldwide Inc., Capita Plc., Anschutz Entertainment Group, Questex LLC, Cvent Inc., The Freeman Company, Reed Exhibitions, CL Events, Outback Concerts, Seven Events Ltd., Penguins Limited, and Versatile Event Management.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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