New York, USA, June 16, 2021 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global event management market is predicted to witness a rise in revenue from $1,311.4 billion in 2019 to over $3,605.8 billion by 2027 at a stable CAGR of 37.2% from 2019-2027.
Market Analysis
In modern times, the youth continue to pursue creative fields which allow them to perform and have some leisure. Event management is one such career path which fulfils these requirements. It provides the youth the means to build their social network and team skills. Moreover, with several new companies coming up in the market, there are many that are seeking to showcasing or promoting their services or products via events. These characteristics are expected to drive the growth of the market.
On the contrary, organizing events is an extensive task that also has a higher cost attached to it. Several organizations though interested in organizing events, do not go ahead with the plan owing to higher costs of the organizing process. This is expected to be a hindrance to the growth of the market.
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Impact of COVID-19 on the Global Event Management Market
The pandemic severely affected several businesses due to the strict guidelines issued by various governments all over the world. The event management market was also one among them, as gathering of large crowds were banned and lockdowns were implemented in full force to stop the spread of COVID-19 among people. But, off late many innovative ideas have been carried out, such as virtual events by corporates, which ensured that the market was able to pick up pace gradually.
Segmental Analysis
Corporate Events and Seminar Sub-segment to Dominate the Market
By event type, the corporate events and seminar sub-segment is expected to hold the highest market share and is predicted to witness a rise significant rise in revenue from $388.4 billion in 2019 at a steady CAGR of 55.3%. These events help in building rapport among colleagues which tends to be one of the primary reasons organizations invest in these events. This is predicted to boost the market growth.
Sponsorship Sub-segment Predicted to Hold Highest Market Share
By revenue source, the sponsorship sub-segment garnered revenue of $651.1 billion in 2019 and is predicted to rise further at a stable CAGR of 56.9%. This has been one of the prominent ways several organizations have acquired funds for their events. It also contributes to the awareness of brands among people which plays an important role in the growth of the market.
Corporate Sub-segment to Gain Significant Revenue
The report states that the corporate companies are constantly making an effort to organize events that can reach all of their target audience. Due to this reason, by organizer, the corporate sub-segment garnered revenue of $488.1 billion in 2019 and is predicted to rise significantly at a CAGR of 56.8% in the forecast period.
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Regional Analysis
The North America market dominated the market with revenue gain of $506.2 billion in 2019. This is expected to rise further at a stable CAGR of 54.3% in the estimated timeframe. According to the report, the region is known for several renowned event management companies that have been in the industry for a significant period of time. This is expected to boost the market growth further.
Key Players of the Event Management Market
As per the report, some of the noteworthy brands working on helping the market grow further are listed below:
- Capita plc
- Access Destination Services
- ATPI Ltd
- Riviera Events
- GL Events
- Entertaining Asia
- Live Nation Entertainment, Inc
- Reed Exhibitions
- AEG
- BCD Travel
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in December 2019, Live Nation Entertainment, popular leader in the field of live entertainment, entered into a partnership with EX-R Consulting, a Hong Kong based pioneer. Both the organizations aim to launch a brand marketing agency to provide music fans the opportunity to connect with their favourite artists. Though focused in areas of China, Korea, Japan, and Taiwan, the initiative is expected to help add more brand value via these creative pursuits.
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