New Castle, Delaware, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Events Industry Market by Type (Music Concerts, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminar and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), Organizer (Corporate, Sports, Education, Entertainment, and Others) and Age Group (Below 20 years, 21–40 years, and Above 40 years): Global Opportunity Analysis and Industry Forecast, 2023–2032".
According to the report, the global events industry by type market was valued at $1.1 trillion in 2019, and is projected to reach $2.1 trillion by 2032, registering a CAGR of 6.4% from 2023 to 2032.
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The rapid advancement of latest technologies has led to change in dynamics and made it easier for both customers and event organizers to organize events smoothly.The corporate events & seminar, promotion & fundraising, music & art performances, sports, festival, trade shows, and conference & exhibition are some of the most popular events.
Prime determinants of growth
The growth of the global events industry is majorly driven by an upsurge in frequency of corporate meetings, inductions, conferences, exhibitions, music concerts, and sports events. Furthermore, deployment of best-in-class technology that can handle the entire event propels the industry growth. Moreover, customarily held multi-dimensional events act as a key driver of the global events industry. In addition, sponsorships from various brands such as Redbull, Monster Energy, Nike, Cocoa Cola, and others, for a major global three-day festival as well as a small gig or act in a social club or arena boost the market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023 - 2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1,135.4 Billion |
| Market Size in 2032 | $2,046.7 Billion |
| CAGR | 6.4% |
| No. of Pages in Report | 249 |
| Segments covered | Type, Revenue Source, Organizer, Age Group, and Region. |
| Drivers | Increase in sponsorship for events Rise in interest among youth in entrepreneur & business seminars Rise in disposable income |
| Opportunities | Technological advancements |
| Restraints | High operational cost involved in organizing events Entry barriers due to presence of existing giant players |
The conferences and seminars segment to maintain its leadership status throughout the forecast period
Based on type, the conferences and seminars segment held the highest market share in 2019, accounting for more than one-fourth of the global events industry market revenue and is estimated to maintain its leadership status throughout the forecast period. Corporate events & seminars help to build and strengthen relationships with existing and future clients and agencies. It is a way of conveying a message to inspire and motivate employees, stake holders, and business associates. Thus, the demand for conferences and seminars are growing significantly boosting the market growth. However, music concert segment held the major CAGR of 7.6% in 2032.
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The sponsorship segment to maintain its leadership status throughout the forecast period
Based on revenue source, the sponsorship segment held the highest market share in 2019, accounting for nearly two-fifths of the global events industry market and is estimated to maintain its leadership status throughout the forecast period. Sponsorship is the key to strong marketing. This is attributed to the fact that most of the events use sponsorship support to offer more exciting programs and to help defray rising costs. Advertising is considered a quantitative medium, whereas sponsorship is considered a qualitative medium. In addition, it is a powerful tool that complements other marketing programs in delivering the message to people. Moreover, it helps in building brand awareness.
The 21-40 years segment to maintain its leadership status throughout the forecast period
Based on age group, the 21-40 years segment held the highest market share in 2019, accounting for more than two-fifths of the global events industry market and is estimated to maintain its leadership status throughout the forecast period. This segment is holding largest share owing to active participation of individuals aged between 21 and 40 years in events such as exhibitions, conferences, seminars, and music concerts. In addition, increase in interest toward entrepreneur & business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings is anticipated to positively impact the growth of the industry.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global events industry market and is likely to dominate the market during the forecast period. Planners in Germany and Spain anticipate the highest increase in activity, with most types of meetings increasing in both numbers and attendees. In Europe, demand for events witnessed significant growth owing to companies being more prudent about their spending and therefore not travelling too far afield for meetings. They use more mid-scale venues for conducting events and shows such as conferences, seminars, and festivals. Moreover, Europe has been successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences being in the region. In addition, surge in adoption of smart devices and rise in internet penetration have supplemented the market growth. Furthermore, the market is witnessing rapid growth due to an increase in the trend of online booking for music concerts, sports, and other events. However, Asia-Pacific region held the major CAGR of 7.7% in 2032.
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Leading Market Players: -
- Access Destination Services
- BCD GROUP (BCD MEETINGS & EVENTS)
- ATPI Ltd.
- Riviera Events
- Entertaining Asia
- Live Nation Worldwide Inc.
- StubHub
- Anschutz Entertainment Group
- Pollstar
- Cvent Inc.
- Capita Plc.
- Reed Exhibitions
- Questex LLC
- Outback Concerts
- The Freeman Company
- Penguins Limited
- CL Events
- Seven Events Ltd.
- Clarion Events Ltd.
- Versatile Event Management.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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U.S. Corporate Event Market: Opportunity Analysis and Industry Forecast, 2021-2030
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