The global market for event management is projected to observe striking growth over the forecast period, due to the increasing interests among youth towards business seminars & entrepreneurship. By revenue source, the sponsorship sub-segment is estimated to observe significant growth by 2027. Regionally, the North America region is predicted to subjugate in the global industry during the analysis period.
New York, USA, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global event management market is likely to register a revenue of $3,605.80 billion by 2027, at a CAGR of 37.2% during the forecast period from 2020 to 2027. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
As per the analysts of Research Dive, the growing interest among youth towards business seminars & entrepreneurship is the major factor anticipated to accelerate the growth of the global event management market over the forecast period. The multiple benefits associated with being an event planner, most of the youth is attracted towards profession like event management. Besides, the increase in number of companies at a faster rate, and the increasing investments by these companies in organizing events are other factors boosting the market growth. However, the high costs involved in organizing an event may restrict the market growth in the coming years.
COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has adversely affected the event management market growth. This is mainly due to the stringent government rules and regulations such as venturing outside was restricted to prevent the spread of the coronavirus. Besides, events were also halted to maintain social distancing. However, an increase in the number of virtual events by most of the individuals and corporates drove the market during the pandemic period.
Corporate Events and Seminar Sub-segment to be Most Lucrative
By event type, the corporate events and seminar sub segment generated a revenue of $388.4 billion in 2019 and is predicted to hold the highest market share over the forecast period. Corporate events and seminars act as opportunities for employees to build relationships with colleagues due to which most of the companies invest heavily in such activities, which is predicted to boost the sub-segment market in the estimated period.
Sponsorship Sub-segment to Dominate in the Market
By revenue source, the sponsorship sub-segment valued for $651.1 billion in 2019 and is predicted to dominate in the global industry during the analysis period. This is mainly because sponsorship is one of the best methods to grow brand awareness among targeted customers, which is estimated to drive the sub-segment’s growth by 2027.
Corporate Sub-segment to be Most Profitable
By organizer, the corporate sub-segment is projected to grow at a CAGR of 56.8% and generate a strong revenue during the forecast period. This is mainly due to the benefit of conducting corporate events to reach large audience on a single event platform.
North America Region to Witness Significant Growth
By region, the North America event management market valued for $506.2 billion in 2019 and is projected to subjugate in the global industry over the forecast period. The dominant growth of the region can be attributed to the presence of large number of companies investing heavily in organizing events in the region. Besides, the event industry in the North America region is vast, which provides employment to a large group of people. This factor is also expected to boost the regional market growth by 2027.
Prominent Market Players
The report presents several aspects of these major event management market players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis.
Some of the major players of the global event management industry are:
Access Destination Services
LIVE NATION ENTERTAINMENT, INC.
These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Companies Development Strategies Summary Report
For instance, in December 2019, Live Nation Entertainment, the leader in the field of live entertainment, partnered into a partnership with a Hong Kong-based pioneer, EX-R Consulting with an aim to launch a brand marketing agency to provide an opportunity to music fans to connect with their favorite artists.
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