New York, USA, Jan. 05, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global events industry is anticipated to generate a revenue of $1,457.2 million and grow at a healthy CAGR of 23.1% throughout the forecast period from 2021 to 2028.
As per our analysts, with the increase in government along with company sponsorships all across the globe, the events industry is predicted to observe exponential growth throughout the estimated timeframe. Moreover, the increasing demand for virtual events with the outbreak of the Covid-19 pandemic is expected to create huge investment opportunities for the market throughout the analysis period. However, the high operational cost of organizing events may hinder the growth of the market over the forecast period.
Segments of the Market
The report has divided the events industry into segments based on type, revenue source, organizer, age group, and region.
Type: Corporate Events & Seminar Sub-Segment to be Most Productive
The corporate events & seminar sub-segment is predicted to generate a revenue of $413.7 million throughout the estimated period. This is mainly because corporate events & seminars involve discussions and interaction among the attendees. Moreover, the increasing popularity of corporate events & seminars post-pandemic due to restrictions on social gatherings and corporate meetings is expected to fortify the industry sub-segment during the forecast period.
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Revenue Source: Sponsorship Sub-Segment to be Most Profitable
The sponsorship sub-segment is projected to garner a revenue of $710.7 million over the analysis timeframe. This is mainly due to the gainful benefits offered by the sponsors such as increasing brand visibility and many more. In addition, the sponsorships help in highlighting the product which is expected to augment the growth of the industry sub-segment during the estimated period.
Organizer: Entertainment Sub-Segment to be Most Lucrative
The entertainment sub-segment is predicted to generate a revenue of $27,286.1 million throughout the forecast period. The increasing demand for entertainment events to reduce stress, boost mood, and provide a unique experience to attendees is expected to bolster the growth of the events industry sub-segment over the analysis timeframe.
Age Group: 21-40 Years Sub-Segment to be Most Gainful
The 21-40 years sub-segment is predicted to garner a revenue of $679.0 million during the estimated period. The active participation of this age group in various music concerts, sports events, corporate events, business meetings, seminars, and many more, is expected to amplify the growth of the industry sub-segment over the forecast timeframe.
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Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region of the events industry is expected to generate a revenue of $475.0 million during the analysis timeframe. This is mainly due to the changing economic growth, and rapid digitization in this region. Furthermore, the growing interest of youths of this region in various events such as sports, music, seminars, exhibitions, and many others is predicted to drive the regional growth of the industry throughout the forecast period.
Covid-19 Impact on the Events Industry
The outbreak of the Covid-19 pandemic has badly impacted the events industry. This is majorly due to the unprecedented lockdowns, physical gatherings, travel restrictions, and social distancing measures imposed by the governments of many nations. Moreover, the postponement of many international events such as various sporting events, concerts, exhibitions, and many others which were scheduled to take place in 2020, has further declined the growth of the industry during the pandemic period. However, the technological advancements and initiatives taken by several companies have provided growth opportunities for the industry by emphasizing conducting virtual events.
Broader Insights Pertaining for the Specific Segments or Regions of the Events Industry
Key Players of the Market
The major players of the events industry include
- CL Events
- Clarion Events Ltd
- Capita
- Cvent Inc.
- BCD Meeting & Events
- DRPG Group
- The ATPI Group
- ACCESS Destination Services, LLC
- Entertaining Asia
- Anschutz Entertainment Group
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in January 2020, Everbridge, Inc., a leading American enterprise software company, announced a new milestone in supporting industries such as healthcare, government organizations, and many more by providing 5 billion communications to customers with the use of its software-as-a-service (SaaS) platform during the pandemic period.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Events Industry:
- 6 Ways to Engage Attendees at an Event
- Global Events Industry Trends to Demonstrate its Pathway toward Massive Success
