Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Europe Event Management Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The European Event Management Market is poised for remarkable growth, with experts projecting an impressive Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period. While the industry faced significant challenges in 2020 due to the COVID-19 pandemic, the market is now on a path to recovery and expansion.
The pandemic led to the postponement of numerous exhibitions, in-person meetings, trade shows, conventions, and seminars across Europe. Stringent lockdown measures were implemented by governments to curb the virus's spread, negatively impacting the European event management sector.
Additionally, a sharp decline in foreign visitor arrivals during the pandemic further exacerbated the industry's challenges. Despite these setbacks, Europe remains a top destination for hosting events of all kinds.
The European event management market is being driven by several key factors, including the rapid growth of the tourism and hospitality industries, the expansion of IT hubs, and a significant rise in business activities such as conferences, seminars, brand promotions, and employee training. Moreover, a shift in the lifestyle of business travelers who now combine leisure travel with work, rapid urbanization, and an increase in disposable income are all contributing to the market's growth.
The demand for event planners, personnel service providers, furniture and equipment rental services, and other essential elements of corporate events is experiencing a surge due to the flourishing business activities. Cutting-edge technology that can manage every aspect of an event is also playing a pivotal role in the industry's expansion. Furthermore, multi-dimensional events are acting as catalysts for the growth of the European events market.
Key Trends in the Europe Event Management Market
1. Rise in Disposable Income Driving Market Growth
The average per capita purchasing power in Europe reached EUR 15,055 (approximately 16,072.94 USD) in 2021. Notably, disposable net income varies significantly among the 42 countries surveyed, with Liechtenstein, Switzerland, and Luxembourg boasting the highest disposable net incomes. Collectively, Europeans have around 10.2 trillion euros available for spending in 2021, with per capita purchasing power experiencing a nominal growth of 1.9 percent. This surge in disposable income is a significant driver for the Europe Event Management Industry.
2. Corporate Events Take Center Stage
Corporate events are witnessing steady growth within the European event management industry. Small and medium-scale industries, in particular, have shown a strong inclination toward corporate events. Many SMEs are increasingly focusing on corporate events, making this sector the dominant force in the event management industry.
Competitive Landscape of the Europe Event Management Market
The European event management market is characterized by its high fragmentation and features numerous global and regional players. These market participants are continually engaged in various developmental activities, including acquisitions, mergers, partnerships, business expansions, and new product launches. Such activities intensify the competitive rivalry within Europe's event management landscape.
Prominent players with substantial market shares include Forum Europe, Smartworks Events, Absolute Event Services, DFA Productions, and Eclipse Leisure.
A selection of companies mentioned in this report includes
- Forum Europe
- Smartworks Events
- Absolute Event Services
- DFA Productions
- Eclipse Leisure
- Felix
- Hughes Productions
- Irwin Video
- JP Events Ltd.
- Off Limits
- Owl Live
For more information about this report visit https://www.researchandmarkets.com/r/v2ia7f
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