New York, USA, May 02, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global events industry is predicted to rise at a tremendous CAGR of 13.7%, thereby garnering a revenue of $2,972.4 billion in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the events industry including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: An overall increase in government and company sponsorships across the world is anticipated to be the primary growth driver of the events industry in the forecast period. Along with this, the growing dominance of digital campaigns and exhibitions is expected to push the market forward.
Opportunities: Increasing preference for virtual events is estimated to provide numerous growth opportunities to the market in the forecast period. Additionally, growing investments in the form of sponsorships are predicted to propel the growth of the events industry.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the high costs involved in organizing events, which might prove to be a restraint for the events industry.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The events industry also faced a negative impact of the pandemic. The pandemic-induced lockdowns and travel restrictions had a direct impact on organizing events as social gatherings were totally banned. This brought down the growth rate of the market substantially in the pandemic period.
Segments of the Market
The report has divided the events industry into certain segments based on type, revenue source, organizer, age group, and region.
Type: Corporate Events and Seminar Sub-segment to be Highly Dominant
The corporate events and seminar sub-segment is expected to have a significant market share by 2031. The growing trend among large corporate houses to organize trade shows, charity events, birthdays, networking events, and corporate dinners for team-building activities is expected to boost the growth of this sub-segment.
Revenue Source: Sponsorship Sub-segment to be the Fastest Growing
The sponsorship sub-segment is expected to have the highest CAGR by 2031. The growing popularity among companies to opt for sponsorships for generating leads and reaching out to potential customers is predicted to boost the growth of this sub-segment.
Organizer: Entertainment Sub-segment to be the Most Lucrative
The entertainment sub-segment is expected to have the fastest growth rate by 2031. Different types of entertainment events, including music concerts, have been organized on a massive scale in the past few years, which is expected to boost the growth of this sub-segment.
Age Group: 21-40 Age Group Sub-segment to be the Most Profitable
The 21-40 age group sub-segment is expected to be the most lucrative sub-segment in the forecast timeframe. The growing participation of individuals from the 21-40 years age group in different sports events, festivals, music concerts, and exhibitions is expected to boost the growth of this sub-segment.
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Market in the Europe Region to Have the Highest Market Share
The events industry in Europe region is predicted to be the most dominant by 2031. Growing sponsorship for different types of events and rising events attendance rates in countries like Spain and Germany are expected to boost the growth of this market in the forecast period.
Prominent Market Players
Some of the prominent players of the events industry are
- ACCESS Destination Services LLC
- Capita
- Cvent Inc.
- Anschutz Entertainment Group
- CL Events
- DRPG Group
- The ATPI Group
- Clarion Events Ltd
- Entertaining Asia
- BCD Meeting & Events
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in June 2021, Hopin, an event startup software company, announced the acquisition of Boomset, a leader in onsite events technology and services provisioning. This acquisition is expected to expand the market share of the acquiring company i.e., Hopin significantly in the near future.
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Finally, the report also summarizes many crucial aspects of the events industry including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Events Industry:
- 6 Ways to Engage Attendees at an Event
- Global Events Industry Trends to Demonstrate its Pathway toward Massive Success
