Global Events Market Size to grow by USD 2790.2 billion in 2030.
June-2022
Information-Technology-Communication-IoT
Global
Press Release
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.
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.
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.
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.
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.
KEY INDUSTRY DEVELOPMENTS:
In 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.
Read More Details On This Report: https://extrapolate.com/Information-Technology-Communication-IoT/events-market/25798