Wilmington, Delaware, Nov. 02, 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 market generated $1.1 trillion in 2019, and is estimated to hit $2.1 trillion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.
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Prime determinants of growth
The global events industry market is driven by an upsurge in frequency of corporate meetings, inductions, conferences, exhibitions, music concerts, and sports events, the surge in the number of sponsorships, and increase in disposable income of individuals across the globe. However, high operational cost involved in organizing events hampers 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 21-40 years segment to lead throughout the forecast period
On the basis of age group, the 21-40 years segment generated the highest market share in 2019, contributing to more than two-fifths of the global events industry market and is estimated to maintain its leadership status throughout the forecast period. This is due to active participation of individuals aged between 21 and 40 years in events such as exhibitions, conferences, seminars, and music concerts.
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The conferences and seminars segment to dominate throughout the forecast period
On the basis of type, the conferences and seminars segment contributed to the highest market share in 2019, accounting for more than one-fourth of the global events industry market revenue and is expected to lead throughout the forecast period, owing to rise in the demand for conferences and seminars. However, the music concert segment held the major CAGR of 7.6% in 2032.
The sponsorship segment to maintain its dominance throughout the forecast period
On the basis of revenue source, the sponsorship segment held the highest market share in 2019, contributing to nearly two-fifths of the global events industry market and is anticipated to maintain its leadership status throughout the forecast period. This is because most of the events use sponsorship support to offer more exciting programs and to help prevent rising costs.
Europe to maintain its leadership status by 2032
On the basis of region, Europe dominated the market with the highest share in 2022, accounting for more than one-third of the global events industry market and is projected to dominate the market during the forecast period. The surge in adoption of smart devices and rise in internet penetration along with winning conferences of international associations in Europe have supplemented the market growth. In addition, the market is witnessing rapid growth due to an increase in the trend of online booking for music concerts, sports, and other events. On the other hand, the Asia-Pacific region held the major CAGR of 7.7% in 2032.
Leading Market Players: -
- BCD GROUP (BCD MEETINGS & EVENTS)
- ATPI Ltd.
- Riviera Events
- StubHub
- Anschutz Entertainment Group
- Pollstar
- Cvent Inc
- Capita Plc.
- Reed Exhibitions
- Live Nation Worldwide Inc.
- Questex LLC
- Outback Concerts
- CL Events
- Seven Events Ltd.
- Clarion Events Ltd.
- Versatile Event Management.
- Access Destination Services
- The Freeman Company
- Penguins Limited
- Entertaining Asia
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The report offers a detailed analysis of these key players of the market. These players have adopted various business strategies to increase their market share and maintain dominant shares in different regions which includes new product launches, collaborations, expansion, joint ventures, agreements, and others. The report highlights business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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