Global Event Management Market Expected to reach $3,605.80 billion by 2027 with a CAGR of 37.2% - Research DiveDownload Sample Reports Overview
The global event management market accounted for $1,311.40 billion in 2019 and is predicted to generate a revenue of $3,605.80 billion by 2027.
An event are basically described as a gathering a large number of people with same agenda. The event can be conducted for many reasons such as celebration, education, marketing, reunion, and many others. Events is a procedure or occasion that occurs in a certain place during a particular interval of time. Event management companies are the one who looks after the end to end work of an event. Event management involves planning the logistics, studying the brand, devising the event concept, identifying the target audience, and coordinating the technical aspects before actually launching the event”
The coronavirus outbreak has impacted the event management market negatively. It has been noticed that due to the pandemic most of the places are shut down due to the spread of coronavirus. But with the help of advanced technology virtual events are conducted in multiple places which is predicted to boost the market during pandemic. Virtual events are the most advanced way of attending events where one can attend the event from the comfort of their home. Government restrictions related to the coronavirus pandemic are predicted to hinder the market drastically.
Rise in the disposable income among customers has increased the interest in organizing events with the help of various event planners and event management companies, which is predicted to drive the market in the estimated period. Everyone wants their events to run smoothly, and with the help of an events management company the client can reduce stress and enjoy their event themselves too. Proper event management is vital for any successful event. With the rise in the disposable income people prefer to appoint an event planner and get the event done. Increasing disposable income among consumers is predicted to drive the global event management market in the estimated period.
The higher cost involved in organizing an event is predicted to hinder the market in the estimated period. It has been estimated that on an average, event planners charge between 15-20% of the total cost of an event as part of their fee. Depending on the complexity of the program and the amount of time it takes to plan and execute an event, the event planner decides the fees. Due to the higher cost involved most organizations or the general public doesn’t hire an event planner, which is predicted to hinder the market in the estimated period.
Sport events sub-segment generated a revenue of $306.9 billion in 2019 and is predicted to grow by generating a revenue of $905.2 billion by 2027. Sports events is predicted to have the highest growth rate in the estimated period. Majority of the countries are focusing more on investing in sport events, as it helps to raise the profile of the country. In addition, increasing the profile of a city can lead to lasting economic growth by conducting a sports event, which is predicted to drive the sub-segment market in the estimated period
Sponsorship sub-segment generated a revenue of $651.1 billion in 2019 and is predicted to grow by generating a revenue of $1,848.00 billion by 2027. Sponsorship is the key investment decision and helps in providing top-level endorsement of the rationale and objectives of a program or project as it helps the company to endorse the product at a lesser price. Benefit of PR in lesser amount of spending is predicted to drive the sub-segment market in the estimated period.
Sports sub-segment generated a revenue of $296.7 billion in 2019 and is predicted to grow by garnering $853.3 billion by 2027. Increasing sports events across the globe is one of the major reasons driving the sub-segment market in the estimated period. The demand for sports events is increasing the demand for organizing the events.
Asia-Pacific region market generated a revenue of $251.8 billion in 2019 and is predicted to grow by generating a revenue of $843.8 billion by 2027. Asia-Pacific region market is predicted to be the biggest market in the forecast period. With a rise in population, people prefer to attend various events related to their respective interest to spend quality time which is predicted to rise the regional market in the estimated period. In addition, increase in disposable income among the population is also predicted to drive the region market in the estimated period
The major key players in the global market are Capita plc, Entertaining Asia, Access Destination Services, LIVE NATION ENTERTAINMENT, INC, ATPI Ltd, Reed Exhibitions, Riviera Events, AEG, GL events, BCD Travel, among others.
Porter’s Five Forces Analysis for Event management market:
- Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be low. The bargaining power of suppliers is very moderate.
- Bargaining Power of Consumers: In this market, the concentration of buyers is high. The bargaining power of consumers is moderate.
- The threat of New Entrants: Huge initial investments are not essential to start a new event organization. The threat of new entrants is Moderate.
- The threat of Substitutes: This market has numerous alternatives of products; moreover, technology also offers high switching costs for clients. The threat of substitutes is High.
- Competitive Rivalry in the Market: Presence of numerous number of player in market which make the consumer to get services from multiple services. The competitive rivalry in the industry is High.