Event Industry Market Growth Opportunities and Forecast by 2031

The Event Industry market is projected to grow from US$ 1,183.15 billion in 2023 to US$ 2,816.46 billion by 2031; it is expected to expand at a CAGR of 11.5% from 2023 to 2031. The rise in the number of corporate events and the growing popularity of online events are expected to be a key trend in the market.

Event Industry Market Analysis

In recent decades, the event management industry has grown to become a significant contributor to national economies. It not only generates cash but also creates job opportunities in areas related to hospitality, including housing, food and beverage, convention services, transportation, tourism, and entertainment. Event management is a long-standing industry within tourism and hospitality. The event sector globally has experienced significant growth and developments in recent years. Today, events serve as a standalone marketing communication vehicle rather than a subset of advertising efforts. All these factors are contributing to the growth of the event industry.

Event Industry Market Industry Overview

Event management involves planning, organizing, and executing large and small events professionally and effectively. The event planning process includes conceptualizing, determining logistics, acquiring a location, negotiating with vendors, handling funds, marketing, and overseeing the process from start to finish. The growth of digital and hybrid events, sustainability initiatives, the use of artificial intelligence to deliver a personalised experience in event technology are the novel trends in the events industry. Adoption of Virtual Reality (VR) and Augmented Reality (AR) is also expected to boost in events industry to provide participants with an immersive experience.

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Event Industry Market: Strategic Insights

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Event Industry Market Driver and Opportunities

Building Brand Awareness and Credibility to Favor Market Growth

Event sponsorship is an excellent opportunity for businesses to boost their brand exposure and gain respect in their sector. Businesses can increase their visibility to a relevant audience by associating their brand with prominent events. Companies can effectively exhibit their products or services in a contextually relevant environment by utilizing logo placement, branded merchandise, and sponsored sessions. Furthermore, sponsoring events enables businesses to align themselves with causes or values that are relevant to their target demographic. This association can improve brand perception and create loyalty among partners, peers, clients, and customers who share similar values, resulting in increased brand affinity over time. Thus, the event industry is expected to grow on account of the increasing need for brand awareness and credibility.

Increasing Hybrid Events

Seminars, trade exhibits, career fairs, conferences, and other gatherings that combine in-person and virtual components are examples of hybrid events. They are fully planned events that allow attendees, whether remote or on-site, to interact and engage with each other. Hybrid events serve as an ideal bridge between virtual and online environments, from refining sponsorship packages to increasing ROI. Hybrid events offer numerous advantages and, as a result, are an excellent cost-cutting strategy for both organizers and participants. Thus, an increasing number of hybrid events is expected to create lucrative growth opportunities for the event industry during the forecast period.

Event Industry Market Report Segmentation Analysis

The key segments that contributed to the derivation of the Event Industry market analysis are coverage by event type, revenue source, type, organizer, application, and enterprise size.

• By event type, the market is segmented into virtual, hybrid, and physical.
• Virtual events provide detailed data that extends beyond guests' presence. Virtual events data includes event registration, logins, webinar and exhibit booth traffic, chat analytics, and other interaction data, all of which are represented by detailed, perceptive graphs.
• By revenue source, the market is segmented into ticket sales, sponsorship, and others.
• By type, the market is segmented into music concerts, festivals, sports, exhibitions and conferences, corporate events and seminars, and others.
• By organizer, the market is segmented into corporate, sports, education, entertainment, association, and others,
• By application, the market is segmented into B2B and B2C.
• By enterprise size, the market is segmented into small and medium enterprises and large enterprises.

Event Industry Market Share Analysis By Geography

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.

Users in North America are engaging remotely through virtual conferences via digital platforms, regardless of their location. Attendees from all over the world can connect using a variety of web-based tools. Online communication and collaborative activities are made feasible by the convergence of Augmented Reality (AR), Artificial Intelligence (AI), and Virtual Reality (VR), which can incorporate all aspects of a physical event. Furthermore, organizations are rapidly utilizing virtual simulation platforms to better manage their time and resources, which is propelling the event industry market growth in this region.

Event Industry Market Regional Insights

The regional trends and factors influencing the Event Industry Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Event Industry Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Event Industry Market Report Scope

Event Industry Market Players Density: Understanding Its Impact on Business Dynamics

The Event Industry Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Event Industry Market are:

1. Access Destination Services
2. Anschutz Entertainment Group
3. ATPI Ltd.
4. BCD Meetings & Events
5. Cvent Inc.
6. Entertaining Asia

Disclaimer: The companies listed above are not ranked in any particular order.

Event Industry Market News and Recent Developments

The Event Industry market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Event Industry Market are listed below:

• ATPI Group has announced the acquisition of the Italian-founded motorsport travel agency FAST. The strategic move is part of the Group’s wider plans to expand and enhance its presence in the sports travel sector while allowing FAST to strengthen its presence internationally. FAST organizes travel solutions for prominent sporting events such as the World Speed Championship (MotoGP) and the World Superbike Championship, as well as specializing in business travel, television and film production sectors. (Source: ATPI Group, Press Release, April 2024)

Event Industry Market Report Coverage & Deliverables

The Event Industry market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Event Industry Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Event Industry Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Event Industry Market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Event Industry Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Event Industry Market
• Detailed company profiles.