Pune, India., Nov. 03, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Events Industry Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Event Type (Virtual, Hybrid, and Physical), Revenue Source (Ticket Sale, Sponsorship, and Others), Type (Music Concert, Festivals, Sports, Exhibitions and Conferences, Corporate Events and Seminars, and Others), Organizer (Corporate, Sports, Education, Entertainment, Association, and Others), Application (B2B and B2C), Enterprise Size (Small and Medium Enterprises and Large Enterprises), and Geography” the market in terms of revenue was estimated to be worth $958.54 billion in 2021 and is poised to reach $1,965.99 billion by 2028, growing at a CAGR of 11.1% from 2021 to 2028.
The growth of the events industry market is driven by rapid increase in events sponsorship and rising interest among youth in entrepreneur and business seminars. However, increasing demand for hybrid events is emerging as a future trend in the industry.
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Global Events Industry Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 958.54 Billion in 2021 |
| Market Size Value by | USD 1,965.99 Billion by 2028 |
| Growth rate | CAGR of 11.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Event Type, Revenue Source, Type, Organizer, Application, Enterprise Size, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Rising Interest Among Youth in Entrepreneur and Business Seminars to Boost Global Events Industry Market:
According to EventMB's 2021 report, 71% of event planners stated that they would continue to use a digital strategy even after live events return. A Bizzabo study states that 97% of respondents anticipate seeing more hybrid events in the future. Hybrid events combine the reach and flexibility of a virtual event with the intimacy and engagement of an in-person event. Canapii is a hybrid events platform deployed in mid-2020, making it easier to create and arrange hybrid events. Event Tech Live is an example of an event mostly focused on virtual access but includes two live stages. Others, such as the World Travel & Tourism Council's Global Summit in April 2021, are mostly in-person, with information available online. For the next year or two, the hybrid event landscape will most certainly contain various in-person and virtual options.
Entrepreneurship education for secondary and post-secondary students has a beneficial impact on entrepreneurial skills and goals, but it is unclear if this translates into long-term entrepreneurial engagement or revenue. A few comprehensive reviews in this domain in developing countries imply that secondary/tertiary entrepreneurship education impacts entrepreneurial ambitions, mentality, and abilities. For example, university-based entrepreneurship programs in Tunisia raised entrepreneurial intention, mentality, skills, and self-employment rates in the near term; however, these effects dissipated four years later due to financial restrictions.
North America has the highest rate of advanced technology uptake due to favorable government policies fostering innovation and enhancing infrastructural abilities. As a result, every factor affecting the region's industrial performance obstructs its economic development. The US became one of the world's worst-affected countries by the pandemic, causing governments to impose several limitations on industrial, commercial, and public activities in the country to contain the disease's spread.
According to the Center for Strategic and International Studies, the US experienced a contraction in GDP due to the pandemic. There has been a decline in overall business activities in various industries operating in the region, affecting the revenue of key market players. The business shutdowns, cancellation and postponement of events, various sporting events, exhibitions, prominent festivals, concerts, and weddings across the US, Canada, and Mexico, negatively impacted the Events Industry Market growth in 2020. However, in the coming years, the virtual event software segment is expected to foresee significant growth opportunities due to the rising demand for digital content and live streaming.
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Global Events Industry Market: Segmental Overview
Events Industry Market analysis by type, the market is segmented into music concerts, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. Corporate and seminars type is the fast-growing segment due to the rise in the number of corporate companies coupled with frequent seminars and events conducted by them. The corporate events and seminars segment led the Events Industry Market in 2021. A corporate event is one that a company organizes for its workers, stakeholders, customers, a charity event, or the general public. The event's aim determines the target audience. Employees may unwind and create relationships with their coworkers during corporate gatherings. Even the tiniest event may have a significant influence on staff morale. A seminar is a commercial event where participants get information or training on a certain topic. A seminar is often held for groups of 10 to 50 people and is hosted in a hotel meeting room, an academic institution, or a business conference room. Personal development and business strategy are two specific topics covered in business seminars.
Events Industry Market analysis by event type, the Events Industry Market is segmented into virtual, hybrid, and physical. The hybrid event is the fastest-growing segment during the forecast period due to hybrid events can take on various forms, depending on the event style and target demographic. Events Industry Market analysis by revenue source, the market is segmented into ticket sale, sponsorship, and others. Sponsorship source of revenue is the fastest-growing segment due to unlimited opportunities the organizers find to broaden their competitive advantage. Moreover, sponsoring an event increases reach among potential buyers and customers, which drives sales. Based on organizer, the market is segmented into corporate, sports, education, entertainment, and others. The entertainment segment has the highest market share, and they are in charge of selecting sites, hiring caterers, entertainment, and other suppliers to ensure that these events go successfully. Based on application type, the Events Industry Market is segmented into B2B and B2C. B2B is the fastest-growing segment due to B2B events providing a unique and exclusive atmosphere for bringing together a large number of decision-makers in one place. Based on enterprise size, the Events Industry Market is segmented into small and medium enterprises and large enterprises. Small and medium enterprises are the fastest-growing segment due to SMEs needing continuous support from the respective country governments to achieve their full potential. At the same time, they need to work on their internal processes, structures, and practices to achieve anticipated market growth.
Global Events Industry Market: Competitive Landscape
Access Destination Services; Anschutz Entertainment Group; ATPI Ltd.; BCD Meetings & Events; Cvent Inc.; Entertaining Asia; Live Nation Worldwide, Inc.; Pollstar; Riviera Events; and StubHub are the key players that are profiled during the Events Industry Market study. In addition to these players, several other essential Events Industry Market players were also studied and analyzed to get a holistic view of the global Events Industry Market and its ecosystem.
Recent Developments:
- In 2021: BCD M&E partnered with Core rewards, a tool to track and reward people in incentive and loyalty programs.
- In 2020: Access have announced their expansion at Washington, DC. Access partner Maria DiBenedetto will work on behalf of access at this region.
Go through further research published by The Insight Partners:
Event Apps Market - Global Analysis and Forecast to 2028
Event Management Platform Market - Global Analysis and Forecast to 2028
Virtual Event Software Market - Global Analysis and Forecast to 2028
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