Events Industry Report
RA08401
Events Industry by Type (Music Concert, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminar, and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), Organizer (Corporate, Sports, Education, Entertainment, and Others), Age Group (Below 20 Years, 21-40 Years, and Above 40 Years), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031
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Global Events Industry Analysis
The Global Events Industry Size was $863.2 billion in 2021 and is predicted to grow with a CAGR of 13.7%, by generating a revenue of $2,972.4 billion by 2031.
Global Events Industry Synopsis
Events industry is gaining significant popularity across several countries owing to an increase in the government as well as company sponsorships. Sponsorships plays a crucial role in driving the events industry growth as it helps the event management companies in advertising their events to attract large number of audiences. For instance, the Government of India has launched a flagship program on their website digitalindia.gov.in that aims to transform India to digitally empowered society. Under this program, the government of India will provide different sponsorships for conducting side events, pre-events, run up events, and others. These factors positively contribute to the events industry share and popularity.
The uncertainties led by the COVID-19 pandemic in terms of the travel ban, social distancing norms, and a ban on large social gatherings have negatively impacted the events industry growth during the pandemic. Owing to the severe economic crisis, many event management companies had shut down their operations completely while most of them switched to virtual events.
The growing popularity of virtual events generates significant opportunities for the events industry share growth. Also, various event management startup companies have entered the events market. People can enjoy virtual events at the comfort of their home or from anywhere. The virtual events bridge the gap between live events and virtual events which is anticipated to generate excellent opportunities in the market.
According to the regional analysis, the Europe region dominated the events industry in the present years. This region’s growth is majorly attributed to increase in event sponsorships, digital campaigns, exhibitions, and marketing programs. Also, the European countries namely Germany, France, UK, and others are the popular event destinations for conducting various international conferences.
Events Industry Overview
The events industry consists of different large-scale as well as small-scale- personal or corporate Events including formal parties, concerts, festivals, exhibitions, conferences, seminars, and others. The events industry involves events management and events planning that includes budgeting, events scheduling, site selection, and others.
COVID-19 Impact on Events Industry
The COVID-19 outbreak had an unprecedented impact on many industries including the events industry. It witnessed a severe impact due to travel constraints, lockdowns, quarantine, social distancing, and restrictions on social meetings & physical gatherings. This resulted in substantial losses in earnings and several businesses laid off large numbers of their staff. Multiple international events that were planned to take place in 2020 were postponed due to the outbreak. For instance, the 73rd annual Cannes Film Festival was organized from 12 to 23 May 2020; however, because of the COVID-19 outbreak, festival management declared the cancellation of the Event, and this happened for the first time since 1968. Tokyo 2020 Olympics is another example of postponement.
Many such global events were canceled during the pandemic in 2020. Hence, the Events industry was adversely affected due to the cancellation of numerous sporting Events, exhibitions, prominent festivals, concerts, weddings, and others. Even though the outbreak has negatively impacted in-person events, the virtual events increased significantly during the pandemic. For instance, The Comicdom Con festival in Athens was delayed due to the pandemic; however, the organizers developed an online version called StayComicdom.
Surge in Events Sponsorship to Drive the Market Growth
Increased government as well as business sponsorships are expected to drive the events Industry growth during the forecast timeframe. Sponsorships are crucial in the events industry as they help companies to promote their products and attract a large number of consumers from all over the world. Numerous well-known companies sponsor different Events including music concerts as well as sports Events to improve their sales, increase brand awareness, develop a brand image, etc., for instance, the Indian Premier League’s sponsorships from numerous well-known brands such as Dream 11, Tata Motors, PayTM, CEAT, Unacademy, Byju’s, and others.
To know more about global Events Industry drivers, get in touch with our analysts here.
High Cost in Organizing Events To Restrain Market Growth
Organizing an Event is an expensive task, owing to numerous aspects including venue/premises cost, food & catering cost, on-site Event expenses, and presentation cost that involves the usage of various instruments such as projectors, microphones, screens, internet access, & other specialized equipment. Organizing Events also involves the cost of third-party vendors, décor vendors, Events rentals, entertainment cost, marketing cost, administrative expenses, and others. These factors are expected to restrain the Events Industry growth during the forecast period.
To know more about global Events Industry drivers, get in touch with our analysts here.
Virtual Events to Offer Ample Investment Opportunities
The pandemic has dramatically transformed the events industry on account of the travel restrictions, stringent lockdowns and ban on social gatherings Due to these challenges, the demand for virtual Events surged significantly. The businesses promoting virtual Events are expected to offer ample opportunities during the forecast period. The virtual Events companies that have recently entered the market have witnessed tremendous growth. Many such businesses are increasingly focusing on bridging the gap between online and live Events. These factors are anticipated to generate huge growth opportunities in the Events industry during the forecast period.
Global Events Industry, by Type
Based on type, the market is further divided into music concerts, festivals, sports, exhibitions & conferences, corporate Events & seminar, and others. Among this, corporate events & seminar sub-segment dominated the events industry in 2021 and festivals sub-segment is anticipated to show the fastest growth in the forecast period
Global Events Industry Size, by Type, 2021
The corporate events & seminar sub-segment held the largest market share of events industry in 2021. The corporate events & seminars involve team-building events, trade shows, charity events, birthdays, networking events, corporate dinners, product launches, discussions, and interaction among the attendees. Team building events are popular corporate events & seminar that plays a major role in the event planning process. Some of the major corporate events & seminars also incorporates marketing events, study tours, corporate retreats, and others.
The festivals sub-segment is anticipated to show the fastest growth during the forecast period. Festivals include events that are organized for more than one day and may last up to a week. Music festivals such as sunburn, Tomorrowland, NH7 Weekender, Electric Daisy Carnivals, Summerfest, and others are conducted once in a year on a large scale. People from different parts of the world and of all age groups participate in such festivals. Among all age groups, the youth and middle-aged population are mostly the part of crowd. Along with music and festivals, various games & activities as well as catering services are available in such events. Giants operating in the market sponsor such events to create awareness among the consumers about their products & services, which fuels the growth of the global market.
Global Events Industry, by Revenue Source
Based on revenue source, the global events industry has been divided into ticket sale, sponsorship, and others. Among these, the sponsorship sub-segment has accounted for the dominant market size in 2021 and it is anticipated to show the fastest CAGR during the forecast period.
Global Events Industry Trends, by Revenue Source, 2021
The sponsorship sub-segment is expected to have the fastest growth during the forecast period. This growth is primarily attributed to ample advantages offered by the sponsorships including an upsurge in brand visibility that aids companies in generating leads and reaching out to potential customers. Furthermore, it enables highlighting the product and its usefulness. For instance, in August 2020, BCCI (Board of Control for Cricket in India) announced Unacademy, the leading ed-tech platform in India as its official partner for Indian Premier League (IPL) and signed a sponsorship deal for the same. This will allow Unacademy to make relations with the target audience and generate sales. Such advantages are anticipated to drive the growth of the sponsorship sub-segment during the forecast period.
Global Events Industry, by Organizer
Based on organizer, the global events industry has been divided into corporate, sports, education, entertainment, and others. Among these, the entertainment sub-segment has accounted for dominant market share in 2021 and it is anticipated to show the fastest CAGR during the forecast period.
Global Events Industry Share, by Organizer, 2021
The entertainment sub-segment has accounted for dominant events industry share in 2021 and it is expected to have the fastest growth during the forecast period. Entertainment Events are crucial in relieving stress, boosting mood, and providing a unique experience. The COVID-19 outbreak has negatively impacted the entertainment sub-segment as music halls, film sets, and theatres were shut on account of restrictions on social gatherings. Despite these challenges, the entertainment sector has found innovative ways to resume the Events. For example, many businesses turned their focus toward online streaming. Furthermore, numerous organizations are focusing on several social media platforms including Facebook and Instagram for live music concerts. Such initiatives are estimated to drive the growth of the entertainment sub-segment during the forecast period.
Global Events Industry, by Age Group
Based on age group, the global events industry has been divided into below 20 Years, 21-40 years, and above 40 years. Among these, the 21-40 years sub-segment has accounted for dominant market share in 2021 and it is anticipated to show the fastest CAGR during the forecast period.
Global Events Industry Growth, by Age Group, 2021
The 21-40 years sub-segment is expected to have the fastest growth during the forecast period. The growth of this sub-segment is predicted to be majorly due to the increased participation of individuals from the 21-40 years age group in different sports Events, festivals, music concerts, and exhibitions.. Also, a large number of individuals in this age group engage in corporate jobs, where they attend seminars, corporate Events, business meetings, and others. Moreover, this age group is increasingly involved in entertainment Events including music concerts, and live concerts that aid in maintaining work-life balance and relieving stress. All these factors are estimated to drive the growth of the 21-40 years sub-segment of the global Events industry during the forecast period.
Global Events Industry, Regional Insights
The events industry was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Global Events Industry Size & Forecast, by Region, 2021-2031 (USD Million)
Europe Dominated the Events Industry in 2021
The growth in the Events industry in Europe is majorly attributed to an upsurge in innovative and planned strategies such as marketing programs and digital campaigns. Additionally, growing sponsorships and events attendance rates at various events are projected to drive market growth in Europe. Additionally, the countries such as Spain, Germany are the popular destinations for conducting conferences and events. Europe also offers good platform for conduction meetings, exhibitions with the presence of mid-scale venues. Educational events, sports events, cultural events, concerts, music, festivals are quite popular in Europe which is projected to boost the events industry size in the coming years.
The popularity of events industry in Germany is attributed to business-related events such as conferences, seminars, meetings, trade shows, exhibitions, and others. In addition, due to coronavirus pandemic the events industry in Germany was greatly affected as major planned events were either cancelled or postponed. However, with the support from German federal and state government the required funds were made available and various subsidies were introduced by the government including financial compensation. In addition, new innovative, climate friendly locations, advanced technologies have attributed to the growth of events industry in Germany. As stated on May 10, 2021, in Eventindustrynews.com, the online news magazine, due to pandemic around 234 million face-to-face events were cancelled and held virtually.
Global Events Industry Competitive Scenario
Joint ventures, investment, merger & acquisition, product development, and technological development are the common strategies followed by major Events Industry players. For instance, in 2020, ACCESS Destination Services, LLC acquired Las Vegas-based DMC CLI Groups, Inc.
Some of the leading players in events industry are ACCESS Destination Services, LLC, Anschutz Entertainment Group, The ATPI Group, BCD Meeting & Events, Capita, CL Events, Clarion Events Ltd, Cvent, Inc., DRPG Group, and Entertaining Asia.
Aspect | Particulars |
Historical Market Estimations | 2020 |
Base Year for Market Estimation | 2021 |
Forecast timeline for Market Projection | 2022-2031 |
Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
Segmentation by Type
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Segmentation by Revenue Source |
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Segmentation by Organizer |
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Segmentation by Age Group |
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Key Companies Profiled |
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Q1. What is the size of the events industry?
A. The global events industry size was over $863.2 billion in 2021 ¬¬and is anticipated to reach $2,972.4 billion by 2031.
Q2. Which are the leading companies in the events industry?
A. Entertaining Asia, DRPG Group, and CL Events are some of the key players in the global events industry.
Q3. Which region possesses greater investment opportunities in the coming future?
A. Asia-Pacific possesses great investment opportunities for investors to witness the most promising market growth in the coming years.
Q4. What is the growth rate of the Asia-Pacific market?
A. The Asia-Pacific events industry is anticipated to grow at 13.9% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Product innovations, business expansions, and technological advancements are the key strategies opted by the operating companies in the market.
Q6. Which companies are investing more on R&D practices?
A. Cvent, Inc., ACCESS Destination Services, LLC, and BCD Meeting & Events investing more on R&D activities for developing new products and technologies.
1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.5.Market size estimation
1.5.1.Top-down approach
1.5.2.Bottom-up approach
2.Report Scope
2.1.Market definition
2.2.Key objectives of the study
2.3.Report overview
2.4.Market segmentation
2.5.Overview of the impact of COVID-19 on global events Industry market
3.Executive Summary
4.Market Overview
4.1.Introduction
4.2.Growth impact forces
4.2.1.Drivers
4.2.2.Restraints
4.2.3.Opportunities
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.4.1.Technology matrix
4.4.2.Regulatory matrix
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.6.PESTLE analysis
4.6.1.Political
4.6.2.Economical
4.6.3.Social
4.6.4.Technological
4.6.5.Environmental
4.7.Impact of COVID-19 on Events Industry market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Events Industry Market Analysis, by Type
5.1.Overview
5.2.Music Concert
5.2.1.Definition, key trends, growth factors, and opportunities
5.2.2.Market size analysis, by region
5.2.3.Market share analysis, by country
5.3.Festivals
5.3.1.Definition, key trends, growth factors, and opportunities
5.3.2.Market size analysis, by region
5.3.3.Market share analysis, by country
5.4.Sports
5.4.1.Definition, key trends, growth factors, and opportunities
5.4.2.Market size analysis, by region
5.4.3.Market share analysis, by country
5.5.Exhibitions & Conferences
5.5.1.Definition, key trends, growth factors, and opportunities
5.5.2.Market size analysis, by region
5.5.3.Market share analysis, by country
5.6.Corporate Events & Seminar
5.6.1.Definition, key trends, growth factors, and opportunities
5.6.2.Market size analysis, by region
5.6.3.Market share analysis, by country
5.7.Others
5.7.1.Definition, key trends, growth factors, and opportunities
5.7.2.Market size analysis, by region
5.7.3.Market share analysis, by country
5.8.Research Dive Exclusive Insights
5.8.1.Market attractiveness
5.8.2.Competition heatmap
6.Events Industry Market Analysis, by Revenue Source
6.1.Ticket Sale
6.1.1.Definition, key trends, growth factors, and opportunities
6.1.2.Market size analysis, by region
6.1.3.Market share analysis, by country
6.2.Sponsorship
6.2.1.Definition, key trends, growth factors, and opportunities
6.2.2.Market size analysis, by region
6.2.3.Market share analysis, by country
6.3.Others
6.3.1.Definition, key trends, growth factors, and opportunities
6.3.2.Market size analysis, by region
6.3.3.Market share analysis, by country
6.4.Research Dive Exclusive Insights
6.4.1.Market attractiveness
6.4.2.Competition heatmap
7.Events Industry Market Analysis, by Organizer
7.1.Corporate
7.1.1.Definition, key trends, growth factors, and opportunities
7.1.2.Market size analysis, by region
7.1.3.Market share analysis, by country
7.2.Sports
7.2.1.Definition, key trends, growth factors, and opportunities
7.2.2.Market size analysis, by region
7.2.3.Market share analysis, by country
7.3.Education
7.3.1.Definition, key trends, growth factors, and opportunities
7.3.2.Market size analysis, by region
7.3.3.Market share analysis, by country
7.4.Entertainment
7.4.1.Definition, key trends, growth factors, and opportunities
7.4.2.Market size analysis, by region
7.4.3.Market share analysis, by country
7.5.Others
7.5.1.Definition, key trends, growth factors, and opportunities
7.5.2.Market size analysis, by region
7.5.3.Market share analysis, by country
7.6.Research Dive Exclusive Insights
7.6.1.Market attractiveness
7.6.2.Competition heatmap
8.Events Industry Market Analysis, by Age Group
8.1.Below 20 Years
8.1.1.Definition, key trends, growth factors, and opportunities
8.1.2.Market size analysis, by region
8.1.3.Market share analysis, by country
8.2.21-40 Years
8.2.1.Definition, key trends, growth factors, and opportunities
8.2.2.Market size analysis, by region
8.2.3.Market share analysis, by country
8.3.Above 40 years
8.3.1.Definition, key trends, growth factors, and opportunities
8.3.2.Market size analysis, by region
8.3.3.Market share analysis, by country
8.4.Research Dive Exclusive Insights
8.4.1.Market attractiveness
8.4.2.Competition heatmap
9.Events Industry Market, by Region
9.1.North America
9.1.1.U.S.
9.1.1.1.Market size analysis, by Type
9.1.1.2.Market size analysis, by Revenue Source
9.1.1.3.Market size analysis, by Organizer
9.1.1.4.Market size analysis, by Age Group
9.1.2.Canada
9.1.2.1.Market size analysis, by Type
9.1.2.2.Market size analysis, by Revenue Source
9.1.2.3.Market size analysis, by Organizer
9.1.2.4.Market size analysis, by Age Group
9.1.3.Mexico
9.1.3.1.Market size analysis, by Type
9.1.3.2.Market size analysis, by Revenue Source
9.1.3.3.Market size analysis, by Organizer
9.1.3.4.Market size analysis, by Age Group
9.1.4.Research Dive Exclusive Insights
9.1.4.1.Market attractiveness
9.1.4.2.Competition heatmap
9.2.Europe
9.2.1.Germany
9.2.1.1.Market size analysis, by Type
9.2.1.2.Market size analysis, by Revenue Source
9.2.1.3.Market size analysis, by Organizer
9.2.1.4.Market size analysis, by Age Group
9.2.2.UK
9.2.2.1.Market size analysis, by Type
9.2.2.2.Market size analysis, by Revenue Source
9.2.2.3.Market size analysis, by Organizer
9.2.2.4.Market size analysis, by Age Group
9.2.3.France
9.2.3.1.Market size analysis, by Type
9.2.3.2.Market size analysis, by Revenue Source
9.2.3.3.Market size analysis, by Organizer
9.2.3.4.Market size analysis, by Age Group
9.2.4.Italy
9.2.4.1.Market size analysis, by Type
9.2.4.2.Market size analysis, by Revenue Source
9.2.4.3.Market size analysis, by Organizer
9.2.4.4.Market size analysis, by Age Group
9.2.5.Rest of Europe
9.2.5.1.Market size analysis, by Type
9.2.5.2.Market size analysis, by Revenue Source
9.2.5.3.Market size analysis, by Organizer
9.2.5.4.Market size analysis, by Age Group
9.2.6.Research Dive Exclusive Insights
9.2.6.1.Market attractiveness
9.2.6.2.Competition heatmap
9.3.Asia Pacific
9.3.1.China
9.3.1.1.Market size analysis, by Type
9.3.1.2.Market size analysis, by Revenue Source
9.3.1.3.Market size analysis, by Organizer
9.3.1.4.Market size analysis, by Age Group
9.3.2.Japan
9.3.2.1.Market size analysis, by Type
9.3.2.2.Market size analysis, by Revenue Source
9.3.2.3.Market size analysis, by Organizer
9.3.2.4.Market size analysis, by Age Group
9.3.3.India
9.3.3.1.Market size analysis, by Type
9.3.3.2.Market size analysis, by Revenue Source
9.3.3.3.Market size analysis, by Organizer
9.3.3.4.Market size analysis, by Age Group
9.3.4.Australia
9.3.4.1.Market size analysis, by Type
9.3.4.2.Market size analysis, by Revenue Source
9.3.4.3.Market size analysis, by Organizer
9.3.4.4.Market size analysis, by Age Group
9.3.5.South Korea
9.3.5.1.Market size analysis, by Type
9.3.5.2.Market size analysis, by Revenue Source
9.3.5.3.Market size analysis, by Organizer
9.3.5.4.Market size analysis, by Age Group
9.3.6.Rest of Asia Pacific
9.3.6.1.Market size analysis, by Type
9.3.6.2.Market size analysis, by Revenue Source
9.3.6.3.Market size analysis, by Organizer
9.3.6.4.Market size analysis, by Age Group
9.3.7.Research Dive Exclusive Insights
9.3.7.1.Market attractiveness
9.3.7.2.Competition heatmap
9.4.LAMEA
9.4.1.Brazil
9.4.1.1.Market size analysis, by Type
9.4.1.2.Market size analysis, by Revenue Source
9.4.1.3.Market size analysis, by Organizer
9.4.1.4.Market size analysis, by Age Group
9.4.2.Saudi Arabia
9.4.2.1.Market size analysis, by Type
9.4.2.2.Market size analysis, by Revenue Source
9.4.2.3.Market size analysis, by Organizer
9.4.2.4.Market size analysis, by Age Group
9.4.3.UAE
9.4.3.1.Market size analysis, by Type
9.4.3.2.Market size analysis, by Revenue Source
9.4.3.3.Market size analysis, by Organizer
9.4.3.4.Market size analysis, by Age Group
9.4.4.South Africa
9.4.4.1.Market size analysis, by Type
9.4.4.2.Market size analysis, by Revenue Source
9.4.4.3.Market size analysis, by Organizer
9.4.4.4.Market size analysis, by Age Group
9.4.5.Rest of LAMEA
9.4.5.1.Market size analysis, by Type
9.4.5.2.Market size analysis, by Revenue Source
9.4.5.3.Market size analysis, by Organizer
9.4.5.4.Market size analysis, by Age Group
9.4.6.Research Dive Exclusive Insights
9.4.6.1.Market attractiveness
9.4.6.2.Competition heatmap
10.Competitive Landscape
10.1.Top winning strategies, 2021
10.1.1.By strategy
10.1.2.By year
10.2.Strategic overview
10.3.Market share analysis, 2021
11.Company Profiles
11.1.ACCESS Destination Services, LLC
11.1.1.Overview
11.1.2.Business segments
11.1.3.Product portfolio
11.1.4.Financial performance
11.1.5.Recent developments
11.1.6.SWOT analysis
11.2.Anschutz Entertainment Group
11.2.1.Overview
11.2.2.Business segments
11.2.3.Product portfolio
11.2.4.Financial performance
11.2.5.Recent developments
11.2.6.SWOT analysis
11.3.The ATPI Group
11.3.1.Overview
11.3.2.Business segments
11.3.3.Product portfolio
11.3.4.Financial performance
11.3.5.Recent developments
11.3.6.SWOT analysis
11.4.BCD Meeting & Events
11.4.1.Overview
11.4.2.Business segments
11.4.3.Product portfolio
11.4.4.Financial performance
11.4.5.Recent developments
11.4.6.SWOT analysis
11.5.Capita
11.5.1.Overview
11.5.2.Business segments
11.5.3.Product portfolio
11.5.4.Financial performance
11.5.5.Recent developments
11.5.6.SWOT analysis
11.6.CL Events
11.6.1.Overview
11.6.2.Business segments
11.6.3.Product portfolio
11.6.4.Financial performance
11.6.5.Recent developments
11.6.6.SWOT analysis
11.7.Clarion Events Ltd
11.7.1.Overview
11.7.2.Business segments
11.7.3.Product portfolio
11.7.4.Financial performance
11.7.5.Recent developments
11.7.6.SWOT analysis
11.8.Cvent, Inc.
11.8.1.Overview
11.8.2.Business segments
11.8.3.Product portfolio
11.8.4.Financial performance
11.8.5.Recent developments
11.8.6.SWOT analysis
11.9.DRPG Group
11.9.1.Overview
11.9.2.Business segments
11.9.3.Product portfolio
11.9.4.Financial performance
11.9.5.Recent developments
11.9.6.SWOT analysis
11.10.Entertaining Asia
11.10.1.Overview
11.10.2.Business segments
11.10.3.Product portfolio
11.10.4.Financial performance
11.10.5.Recent developments
11.10.6.SWOT analysis
The current world is acquainted of witnessing many types of events. An event can be any activity that is planned for a special purpose and generally comprises a lot of people, for instance parties, festivals, ceremonies, meetings, trade shows, or conferences. Owing to a rise in the need and popularity of events, event management services have become the need of the era.
Event management professionals are responsible for managing the overall logistics of the event, working with staff, and guiding the project management of the event. With the growing frequency of events across the world, the events industry is booming and expected to see marvelous growth in the coming years. A report by Research Dive backs this fact through the estimations published in its report on the global events market. According to the report, the global events industry is predicted to perceive significant growth and register a CAGR of 23.1% from 2021 to 2028.
What Factors are Triggering the Growth of the Events Industry?
Many factors are responsible for the massive growth of the event industry. Everything from rising reach of the internet to the growing need of the businesses and entertainment sectors to frequently communicate with their potential audience is contributing to the growth of the events industry. Also, the growing demand from government bodies, community groups, NGOS, sports sector, and individuals for event management services is fueling the development of the event industry. Moreover, an increase in number of sponsorships for event is another factor predicted to drive the growth of the global events industry in the near future.
Besides, event management is seen as the most trending and highly demanded career among the individuals in the current generation. Being an interesting and challenging career option, many youths are highly attracted and are considering to build their career in the event management sector which is expected to thrive the market in the coming years. Additionally, as there is a significant rise in the development of novel companies in the recent years, there is a huge scope for the event industry’s growth. This is because new companies willingly invest heavy amounts in organizing events for showcasing their products or presenting their company over a wide range of target audience. Some of the leading global events industry market players are ACCESS Destination Services, LLC, Anschutz Entertainment Group, The ATPI Group, BCD Meeting & Events, Capita, CL Events, Clarion Events Ltd, Cvent, Inc., DRPG Group, and Entertaining Asia.
Recent Trends in the Event Industry
The widespread demand for events has encouraged many to enter the event management sector. Several players in this market are conducting novel activities and strategies for boosting their business and staying ahead of the massive competition in the industry. For instance, in January 2021, Glue Up, an exclusive all-in-one engagement platform, has been named amongst Digital.com’s top event management software and membership management software businesses of 2021.
In January 2021, a worldwide front-runner in critical event management (CEM), Everbridge, Inc., has declared its achievement of a new milestone in its support of business, healthcare, and government organizations throughout an unprecedented year filled with natural, manmade, and digital catastrophes, like the COVID-19 pandemic. In the year 2020, Everbridge clients have utilized its SaaS (software-as-a-service) platform to send more than 5 billion communications, with a 30% rise over the number of communications in 2019. Also, the company has received a novel patent related to its first-class Public Warning system, which at present serves the whole populations of 11 nations in the Middle East, Asia, Europe, Oceania, Africa, and the America. The patent relates to a multimedia-capable platform that offers traditional text alerts with the help of Cell Broadcast (CB) as well as multimedia content like images, audio, and video with the help of Multicast Content Distribution (MCD).
In December 2020, NIEM (National Institute of Event Management) in Mumbai, which is the Asia’s first event management organization, has completed 20 years of a magnificent period of triumph and service in the Indian event management industry.
Has the Covid-19 Pandemic made any Impact on the Event Industry?
The deadly COVID-19 pandemic has made a negative impact on the global events industry. This is because not even a single event was organized amidst the pandemic crisis for avoiding social contact and averting the spread of the disease. Owing to the strict government rules and implementation of lockdown in various regions most of the businesses and all activities were halted. Furthermore, rise in the virtual events by most of the businesses and individuals has opened doors to novel opportunities for the event industry players during the pandemic crisis.
What is the Future Panorama of the Events Industry?
Since ages, the events industry has played a crucial part in communications and marketing for non-profit organizations, brands, government bodies, and individuals. Also, the opening of various career opportunities in the event sector are likely to propel the market growth. Hence, it is indeed right to say that the upward growth curve of the events industry is going to endure for long in the coming years. This clearly states that the events industry is sure to witness bright future in the near future.
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