Events Industry Market Projected to Touch USD 326.50 Billion by 2032, Driven by Rise in Cultural & Sporting Events
The global events industry market is anticipated to grow from USD 109.64 billion to USD 326.50 billion in 10 years. Partnering with government bodies and non-governmental organizations (NGOs) presents opportunities for the events industry to address societal issues, promote social causes, and contribute to positive change. Additionally, the market is expected to witness lucrative opportunities in the upcoming years due to rapid advancements in digitalization and the growing integration of technologies like AI, AR, and VR to meet the evolving needs of physical events.
Newark, Jan. 03, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 109.64 billion in 2022 global Events Industry market will reach USD 326.50 billion by 2032. There is a growing demand for sustainable events. Opportunities exist for event organizers to incorporate eco-friendly practices, reduce carbon footprints, and promote sustainability as a key theme. Furthermore, the ongoing focus on health and safety creates opportunities for innovations in event technology, including contactless check-ins, crowd-monitoring tools, and solutions that ensure compliance with health regulations. Additionally, opportunities exist to create immersive experiences through augmented and virtual reality technologies. This factor includes virtual venue tours, AR-enhanced event apps, and VR-based networking opportunities. There is also a growing emphasis on diversity and inclusion. Events celebrating cultural diversity and promoting inclusivity present opportunities for organizers to create meaningful and impactful experiences. Moreover, as remote work becomes more prevalent, there is a growing market for virtual team-building events. Companies can explore opportunities to provide engaging online team-building experiences and activities.
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Key Insight of the global Events Industry market
Asia Pacific is expected to witness the highest market growth over the forecast period.
Asia Pacific is home to some of the world’s fastest-growing nations, such as India, China, and Southeast Asia. The region’s rapid economic growth has increased disposable income, making individuals and businesses more willing to invest in and participate in various events. The region has become a hub for corporate activities, including conferences, trade shows, and business meetings. The influx of multinational corporations and the growth of local businesses drive the demand for professional events and networking opportunities. Furthermore, the rising middle-class population in the Asia Pacific has heightened the demand for leisure, entertainment, and cultural experiences. This demographic shift contributes to the growth of entertainment, lifestyle, and travel events. In addition, ongoing urbanization and substantial infrastructure development projects in many Asia Pacific countries have created modern event venues, convention centers, and facilities. This development supports hosting various events, from conferences to cultural festivals. Additionally, Asia Pacific has a rich cultural heritage, and the region hosts various cultural and sporting events that attract domestic and international audiences. Major events, such as music festivals, art exhibitions, and international sports competitions, contribute to the industry’s growth.
In 2022, the corporate events and seminars segment held the largest market share at 32.28% and a market revenue of 35.40 billion.
The type segment is divided into corporate events and seminars, exhibitions and conferences, festival events, music concerts, sports events and others. In 2022, the corporate events and seminars segment held the largest market share at 32.28% and a market revenue of 35.40 billion.
In 2022, the sponsorship segment dominated the market with the largest share of 62.14% and revenue of 68.10 billion.
The revenue source segment includes ticket sale, sponsorship and others. In 2022, the sponsorship segment dominated the market with the largest share of 62.14% and revenue of 68.10 billion.
In 2022, the corporate segment dominated the market with the largest share of 42.57% and revenue of 46.70 billion.
The organizer segment is classified into corporate, entertainment, education, sports and others. In 2022, the corporate segment dominated the market with the largest share of 42.57% and revenue of 46.70 billion.
In 2022, the 21-40 years segment dominated the market with the largest share of 63.09% and revenue of 69.17 billion.
The age group segment is split into below 20 years, 21-40 years and above 40 years. In 2022, the 21-40 years segment dominated the market with the largest share of 63.09% and revenue of 69.17 billion.
Advancement in market
In July 2023: DRPG Group and Zenus have joined forces to introduce a groundbreaking solution for their clientele, delivering ethical AI-driven attendee behaviour mapping services tailored for field marketers and event organizers. This innovative DRPG service will provide clients with aggregated and anonymized data encompassing impressions, dwell time, demographics, and sentiment. This data can be harnessed to provide valuable intelligence for exhibitors, organizers, and marketers. The analytics derived from these cutting-edge technologies offer a more comprehensive understanding of the marketing funnel during in-person engagements than ever before.
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As businesses expand their operations globally, reaching new markets and diverse customer bases becomes paramount. International events allow companies to exhibit their products and services to a wider client base. Furthermore, globalization fosters collaboration between businesses operating in different regions. International conferences and trade shows serve as meeting points where industry professionals can exchange ideas, explore partnerships, and engage in collaborative ventures. Additionally, international events attract diverse professionals and experts from various countries. Businesses can utilize this global talent pool to access specialized skills, knowledge, and expertise, fostering innovation and growth.
Restraint: Security concerns.
Growing security concerns, especially the potential for terrorist threats or incidents, have become a significant focal point in the planning and executing of events. This aspect heightened the awareness of security risks, leading to increased scrutiny and a corresponding surge in investment in event security measures. Consequently, event organizers face rising costs as they prioritize the safety and well-being of attendees. Governments and regulatory bodies have responded to security concerns by imposing stricter regulations on event organizers. Compliance with these regulations often involves implementing specific security protocols, increasing the organizational burden and associated costs.
Opportunity: Collaboration with influencers.
Influencers and industry experts often have large and dedicated followings on social media and other platforms. Partnering with them allows events to tap into these existing audiences, expanding the reach beyond the event’s traditional network and attracting new attendees. In addition, aligning with influencers and experts brings inherent credibility to an event. The trust that their followers place in their opinions and recommendations can positively impact the perception of the event, enhancing its credibility with the target audience. Influencers and experts are valued for their authenticity and the personal connections they establish with their audiences. Their endorsement of an event can create a genuine and relatable connection, making potential attendees more likely to engage with and trust the event.
Challenge: Crisis management.
Accidents, such as injuries or property damage, can occur during events. Establishing and communicating comprehensive safety protocols, conducting thorough risk assessments, and having trained personnel on-site are essential to prevent and respond to accidents promptly. Furthermore, public relations crises can damage an event’s reputation, including negative media coverage, social media backlash, or controversies involving speakers or sponsors. Developing a proactive public relations strategy, monitoring online sentiment, and having a crisis communication plan are vital for reputation management. Moreover, health emergencies, especially during a pandemic, pose significant challenges. Events need comprehensive health and safety plans, including measures for disease prevention, attendee screening, and clear communication about health protocols. Flexibility in adapting to evolving situations is crucial.
Some of the major players operating in the global Events Industry market are:
• Access Destination Services
• ATPI Ltd.
• Anschutz Entertainment Group
• BCD Group (BCD Meetings & Events)
• Cvent Inc.
• Capita Plc.
• CL Events
• DRPG Group
• Entertaining Asia
• Event Farm
• GL Events
• Informa PLC
• Live Nation Entertainment
• Marriott International
• Outback Concerts
• Penguins Limited
• Questex LLC
• Reed Exhibitions
• Riviera Events
• The Freeman Company
• Seven Events Ltd.
• Versatile Event Management
Key Segments cover in the market:
• Corporate Events and Seminars
• Exhibitions and Conferences
• Festival Events
• Music Concerts
• Sports Events
By Revenue Source
• Ticket Sale
By Age Group
• Below 20 Years
• 21-40 Years
• Above 40 Years
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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