Global Events Market Size, Share, and COVID-19 Impact Analysis, By Event Type (Virtual Event, And Traditional Event), By Type (Music Concert, Festivals, Sports, Exhibitions and Conferences, Corporate Events and Seminars, and Others), By Organizer (Corporate, Sports, Education, Entertainment, and Others), By Revenue Source (Ticket Sale, Sponsorship, and Others), By Age Group (Below 20 Years, 21-40 Years, and Above 40 Years), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Global Events Market is projected to grow from USD 1389.72 billion in 2021 to USD 2790.2 billion by 2030 at a CAGR of 11.2% during the forecast period. Events are social gatherings held for a variety of reasons, including marketing, celebrations, new product launches, social causes and awareness. The event industry, also known as the live communication industry, is involved in the production of live events that include a variety of performers, professionals, and attendees. The events industry is a rapidly expanding industry that involves producing live events for professionals, vendors, and the audience. Corporate gatherings, business dinners, meetings, award evenings, trade shows, exhibits, concerts, and other types of events are all available. The organizers and performers must work together to deliver output in front of the audience at these events. Sponsors are regarded the backbone of the event industry because they are the initial source of funding to host events. As the number of sponsors increases around the world, the events market grows.
Throughout the research, the influence of the COVID-19 pandemic on the market is discussed. The epidemic has benefited the industry for virtual event platforms. With the use of a virtual event platform, the COVID-19 pandemic has enabled the transition of traditional events into virtual events. The expansion of this market has been aided by the proliferation of remote work environments that have pushed firms to the cloud. In the aftermath of the viral virus's unparalleled pandemic, many businesses hurried to create a digital platform in order to avoid physical gatherings, meetings, and conferences and maintain company continuity. The virtual event platform enables online meetings and conferences, as well as access to mission-critical data from any location, whether at the office or on the road. Companies have been investing and setting aside funds to improve customer experiences across a variety of end-user industries. Virtual event platforms are evolving in the same way as organizations searching for advanced solutions to enable the highest guest engagement.
Virtual Events to Generate Massive Investment Opportunity
The COVID-19 epidemic has brought significant changes in the event management owing to the ban on travel limitations, social gatherings, and other factors. Therefore, businesses that facilitate virtual events are expected to see significant development in the future years. Virtual event startups that have lately joined the market have identified a lot of opportunities for growth. Sofar Sounds, a music events firm founded in 2009 that converts cafés into virtual music venues for limited numbers of audiences, was particularly hard struck by the pandemic. To deal with the pandemic, Sofar Sounds began allowing users to tune into rooms where they may join musicians from all across the world for live-streams in March 2020.
Rise In Interest among Youth in Entrepreneur & Business Seminars
Along with commercial and corporate events and other event shows such as hip hop music concerts and music shows attract a large number of young people who buy tickets and desire such exciting virtual music events. Because every business and startup requires branding and promotion, the event is the platform for them to promote their business through sponsoring event shows such as music concerts, sports events (IPL), and other similar events. Events are provide an significant opportunity for new artists to display their talents in large live events, which helps many young artists advance their careers by giving them the opportunity to perform in a large live show. As a result, the event sector is expanding rapidly. The event sector is growing due to a rise in the usage of social media, mostly due to an increase in smart phone sales combined with increased internet access.
High Operational Costs in Organizing Events
Organizing an event is expensive due to a number of factors, including on-site event fees, food & catering costs, venue/premises costs, and presentation costs, which include microphones, screens, projectors, internet connectivity, and other specialized equipment. Third-party vendors, event rentals, décor vendors, entertainment costs, marketing costs, administrative fees, and so on are all included. During the projection period, these issues are expected to limit the expansion of the events market.
The Global Events Market is segmented by Event Type, Type, By Organizer, By Revenue Source, By Age Group, and Region. Based on the Event Type, the market is categorized into Virtual Event, And Traditional Event. Based on Type, the market is categorized into Music Concert, Festivals, Sports, Exhibitions and Conferences, Corporate Events and Seminars, and Others. Based on Organizer, the market is categorized into Corporate, Sports, Education, Entertainment, and Others. Based on the Revenue Source, the market is categorized into Ticket Sale, Sponsorship, and Others. Based on the Age Group, the market is categorized into Below 20 Years, 21-40 Years, and Above 40 Years. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The Global Events Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America is the largest market for event management and the market is likely to maintain that position during the forecast period. This is due to the presence of major firms such as Google, and Microsoft which will aid to drive market growth by combining technical advancements into product portfolios. Increased R&D expenditures by industry would propel market growth.
Europe is the second largest market for event management due to the market players' planned and inventive initiatives, such as marketing programs and digital campaigns, are largely responsible for the events industry's rapid expansion. In addition, the market is expected to rise due to an increase in sponsorships, earnings, and attendance rates at various exhibitions. Companies in Europe are more cost-conscious, thus they prefer mid-scale venues for events, conferences, and meetings, among other things. Furthermore, Europe has been successful in obtaining international association conferences, and many countries, such as Germany and Spain, are attractive conference locations.
Asia Pacific is the fastest growing market and will continue to grow during the projected period owing to the changing consumer tastes toward celebration and increased tourism in emerging nations such as India and China. Japan, China, and India make up the Asia Pacific events market. Events and meetings are taking place as tourism grows in countries like Vietnam, Myanmar, and the Philippines, thanks to the presence of international corporations. Corporate events were in high demand due to the presence of multinational corporations in the Asia Pacific area. Furthermore, countries such as India and China are well-known for their tourism and industry, which has led to an increase in the market for event management, which has contributed to the country's GDP.
KEY INDUSTRY PLAYERS
The leading companies in the events industry study concentrate on a notable strategy to overcome rivalry and maintain as well as improve their global event market share. The major market players are Access Destination Services., BCD Meetings & Events, ATPI Ltd., Riviera Events, Entertaining Asia, Live Nation., AEG Worldwide, Pollstar c/o Oak View Group, LLC, Cvent Inc., Capita plc., Hubilo., Reed Exhibitions Limited, Questex., and Outback.
KEY INDUSTRY DEVELOPMENTS:
October 2020, Hubilo launched numerous features to improve user experiences, including Meeting Feedback, Session Restriction – User Group Support, and Countdown Timer. Attendees can give feedback on the meeting by evaluating their experiences and adding a brief description. On the dashboards of virtual event platforms, event organizers have the option of making sessions available to a specific user group. Attendees are limited to 15/30 minute sessions. Attendees' modals will close after the given period, but users can restart and meetings will continue for another 15 minutes.
March 2021, Cvent teamed with Accor to introduce a leisure request for proposal solution making it easier to track the formation of leisure contracts from beginning to end. This integration would benefit hotels and sales teams by providing a 360-degree view of sales activity, allowing them to give better service to B2B customers.
LIST OF KEY COMPANIES PROFILED:
- Access Destination Services.
- BCD Meetings & Events
- ATPI Ltd.
- Riviera Events
- Entertaining Asia
- Live Nation.
- AEG Worldwide
- Pollstar c/o Oak View Group, LLC
- Cvent Inc.
- Capita plc.
- Reed Exhibitions Limited
By Event Type
- Virtual Event
- Traditional Event
- Music Concert
- Exhibitions and Conferences
- Corporate Events and Seminars
By Revenue Source
- Ticket Sale
By Age Group
- Below 20 Years
- 21-40 Years
- Above 40 Years
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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