Global Events Industry Market Size To Grow At A CAGR Of 12.10% In The Forecast Period Of 2023-2028
The ‘Global Events Industry Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global events industry market, assessing the market on the basis of its segments like event type, revenue source, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Events Industry Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 12.10%
The growing number of corporate meetings, conferences, sporting events, and induction programmes around the world, along with the rising interest among young people in business seminars and entrepreneurship, are some of the key factors anticipated to fuel the events industry market growth throughout the forecast period. Many businesses in the events industry are concentrating on implementing digital platform services to link individuals everywhere with events. During the forecast period, it is anticipated that the rapid development of digitisation and the growing integration of virtual reality (VR), artificial intelligence (AI), and augmented reality (AR) to meet the needs of physical events will create lucrative opportunities for both established and upcoming market players.
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The rise of the events industry market is being driven by the boom in social media usage, which is supported by an increase in smartphone sales combined with increased internet access. The increase in the number of sporting events and the growing commercialisation of sports are bolstering the opportunities for event management companies to use these occasions for marketing and advertising. As the demand for event management services such as event evaluation, hosting, ticketing, location scouting, and catering rises, factors including rapid digitalisation, and increasing Internet and social media penetration are anticipated to contribute to the growth of the global events industry market.
Events Industry Industry Definition and Major Segments
The events industry, also known as event management and planning, manages all aspects of event planning, including scheduling, site selection, and budgeting. Events can be organised on a large or small scale for individuals or businesses, including concerts, festivals, conferences, formal gatherings, seminars, and exhibitions, among others.
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Based on event type, the market is segmented into:
• Music Concert
• Exhibition and Conferences
• Corporate Events and Seminars
On the basis of revenue source, the market is divided into:
• Ticket Sales
Based on region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Events Industry Market Trends
A growing number of fans and audiences are expressing interest in live events, due to which an increasing number of events are being promoted, such as music concerts and other events, in various cities across the world. The events industry market is expanding as a result of this growing trend.
Although most events were curtailed during the COVID-19 pandemic, with recovery underway and most regions fully open for events, the events industry is witnessing a strong comeback. After spending extensive periods of time at home, consumers have a renewed interest in attending live events, which is a key trend in the market.
Events are becoming more frequent as a result of the increase in sponsors worldwide. Sponsors provide event organisers with a wider range of choices without exposing them to excessive financial risk. Factors including expanding public and private sponsorships, developments in the event management industry, and an increase in the number of trade shows, exhibits, and new product launches are playing a vital role in the market expansion of the events industry.
The market for events is expanding in tandem with the growth of corporate culture. Major corporations conduct a number of events each year in accordance with their event calendars, which have significant budgets. Corporates significantly contribute to the growth of the events industry market by organising multiple events throughout the year.
Key Market Players
The major players in the global events industry market report are:
• Access Destination Services
• Rafanelli Events
• Rivera Events
• Entertaining Asia
• ATPI Ltd.
• Bassett Events, Inc.
• MKG Events
• David Tutera
• Wonderland Events
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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