Westford, USA, April 27, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the event management market will attain a value of USD 1848.8 million by 2030, with a CAGR of 10.18% over the forecast period (2022-2030). The event management services are expanding due to the rising globalization, shifting human lifestyles and an increase in personal and professional events. Organizing events or parties for special occasions such as birthdays, weddings, inaugurations, and professional conferences has become the norm in today's society, raising the demand for event management services because they enable businesses to target their audiences and market their products. Event management enables the businesses to interact with audiences and customers while generating revenue by holding the promotional events.
According to the SkyQuest, to offer advanced analytics, which is a comprehensive set of analytical methodologies and processes meant to aid event management organizations in finding trends and patterns, resolving issues, making accurate future predictions and enacting change utilizing data-driven and fact-based information. With the help of these newly available solutions, event management companies with average expertise can benefit from data explosion, technology improvement and enhanced analytics. This event management and technology integration will aid future market expansion.
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- Pages - 233
- Tables - 95
- Figures – 70
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Event management is the application of project management to the conception and development of intimate or elaborate business and social gatherings, such as fairs, weddings, formal parties, concerts, among others. Before the event is actually launched, it entails researching the brand, determining its target demographic, creating the event concept and organizing the technical aspects. Events of all sizes, from the Olympics to business breakfa meetings, are now included in the events industry. Events are held by various businesses, charities and interest groups to sell their brands, foster commercial ties, raise money or recognize accomplishments.
Prominent Players in Event Management Market
- Bassett Events, Inc
- MKG
- Colin Cowie
- David Tutera
- A Perfect Event
- Rafanelli Events
- Oren Co
- Wonderland
- Eventive
- Royal DSM
- Autodesk
- Lincoln Financial Group
- Parkinson Foundation
- Visit Orlando
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Corporate events Segment is Expected to Grow Due to the Rising Demand for IoT Technology
Event management offers in the corporate event segment due to the numerous advantages. It accounts for a significant global market share. These also provide incredibly seamless communication and effective event module operation. The development and integrity of event management in all types of applications is a constant priority for event management companies all around the world. The global market for event management is rising along with the demand for miniaturization and IoT technology.
The market in the North America is anticipated to create expansion prospects for the market throughout the forecast period. The North America market accounted for USD 508.2 billion in revenue in 2019 and is expected to grow at a CAGR of 56.3% over the forecast period. The regional market is anticipated to be driven mostly by the presence of numerous enterprises in the area and by businesses that invest extensively in event planning throughout the forecast period. Additionally, the event sector is so huge in North America that it employs a sizable number of people. These variables are expected to propel the market.
Exhibitions and Conferences Segment is Anticipated to Grow Due to Increasing Investment in Event Management Technology
The event management market has a sizable significance for the exhibitions and conferences segment. To promote their goods and services, share ideas, and connect with potential customers, these events are meant to bring together business owners and leaders. Exhibitions and conferences are perceived as a platform for brand promotion as it converts leads into potential prospects. They offer companies the chance to advertise their goods and services to a sizable audience, ad produce better leads with increased brand recognition. Exhibitions and conferences offer organizations a platform to network with other professionals in their area, create alliances and discover new trends and advancements in their sector.
Asia Pacific is anticipated to grow faster during the forecast period. Increasing investments in event management technology, particularly in China and Japan is driving this trend across the Asia Pacific region. Mobile internet penetration has increased in recent years, which has also contributed to market expansion. Additionally, operators of event management are making significant investments in order to offer consumers high-speed services at competitive prices which is projected to increase the demand for event management in the area.
A comprehensive analysis of the major players in the event management market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Event Management Market
- HelpGetSponsors.com (HGS), a supplier of frictionless, user-friendly event planning and sponsorship management software, was purchased by Events.com. With the acquisition, Events.com can now provide its present and potential clients with the resources and know-how necessary to locate, market, and oversee sponsors, in-kind partners vendors, and exhibition sales.
- Wanamaker Corporation and the Colorado High School Activities Association (CHSAA) collaborated in 2022 with the official online event management, rankings, live scoring, player rosters and hub for CHSAA Golf to this relationship between iWanamaker and the CHSAA Golf app.
- In September 2022, The Cambodian government established cooperation with event management software provider Wonderpass to enhance tourism through a digital experience for tickets and reservation solutions.
Key Questions Answered in Event Management Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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