Global events industry market is anticipated to witness a significant growth during the forecast period, 2021-2028. Corporate events & seminar sub-segments are expected to be the most profitable. Sponsorship and entertainment sub-segments are expected to be the most lucrative. North America is expected to lead the market.
New York, USA, June 21, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global events industry market is projected to register a revenue of $1,457.2 million at a CAGR of 23.1% during the forecast period (2021-2028), increasing from $1,134.5 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Governments and corporate sponsor many networking and advertising events throughout the years to garner a large customer base. Many big companies also sponsor massive sports and musical events to advertise and increase their sales. These are the main factors behind the growth of the event industry during the forecast period.
Restraints: Most of the networking events cost a huge fortune to the sponsors, which may sometimes occur as a restraining factor of the market.
Opportunity: During the coronavirus pandemic, virtual events are being organized at a large scale, which is creating many opportunities for the market.
Key Segments of the Market
The report has divided the market into different segments based on type, revenue source, organizer, age group, and regional analysis.
Type: Corporate Events & Seminar Sub-Segment Expected to be the Most Lucrative
The corporate events & seminar sub-segment is predicted to earn the highest market share of $413.7 million by 2028, increasing from $307.0 million revenue in 2020. Corporates sponsor many events throughout the year to showcase their credibility and build a strong client base. Although, these events are mainly physical, the virtual events are also getting popularity during the pandemic. This is the main factor enhancing the growth of the market segment.
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Revenue Source: Sponsorship Sub-Segment Expected to be the Most Profitable
The sponsorship sub-segment is expected to increase from $520.0 million in 2020 and garner the highest revenue of $710.7 million by 2028. The main attributor behind this growth is the lucrative benefits obtained by the sponsors. A sponsor gets increased rate of brand visibility, which is essential for huge customer reach.
Organizer: Entertainment Sub-Segment Expected to be the Most Beneficial
The entertainment sub-segment accounted for $453.3 million in 2020 and expected to surpass $27,286.1 million during the analysis period. The main factor behind the growth of this segment is that the entertainment events, such as music, DJ, and games, make the events super-engaging for the attendees.
Age Group: 21-40 Years Sub-Segment Expected to be the Most Lucrative
The 21-40 years sub-segment is expected to garner a revenue of $679.0 million during the forecast period. The individuals of 21-40 years age group mainly prefer to participate in events such as sports events, music concerts or exhibitions. The people from this age-group often attend corporate events, seminars or business meetings for their business expeditions.
Region: Asia-Pacific Expected to Lead the Market
The Asia-Pacific events industry is predicted to garner a revenue of $475.0 million at a CAGR of 29.7% during the forecast period. This growth is mainly attributed to government initiatives such as investments in young entrepreneurship programs, developing economic activities, and growing urbanization in the regional countries.
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Key Market Players and Strategies
The most prominent players of the global events industry market include
Anschutz Entertainment Group
ACCESS Destination Services, LLC
The ATPI Group
BCD Meeting & Events
Clarion Events Ltd, and many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
In March 2020, ACCESS, a destination management company, acquired Las Vegas-based CLI Groups, Inc., another destination management company. CLI is one of the leading DMCs in the Las Vegas market, and was founded in 2004.
Covid-19 Impact Analysis
The coronavirus pandemic has impacted the events industry in a drastic manner. Because of the pandemic, most of the countries have imposed restrictions on domestic and international travel, social gatherings, and physical networking events. Many international, high-profile events were postponed until undefined time. Such aspects have led to drastic downfall of the industry in recent months.
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