Technological Advancements in Events Planning to Provide Growth Opportunities for Events Industry Market
According to our new research study, titled “Events Industry Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Event Type, Revenue Source, Type, Organizer, Application, Enterprise Size, and Geography,” the events industry market share is projected to reach US$ 1,965.99 billion by 2028 from US$ 958.54 billion in 2021. The events industry market size is estimated to grow at a CAGR of 11.1% from 2022 to 2028.
Over the last 50 years, the relevance and popularity of sports have given rise to a new business, the sports industry. Much of the success of fantasy sports is due to effective customer relationship management (CRM). Customer loyalty and retention increase if a supplier can give rapid, accurate, and informative information to its customers. Professional sports organizations cannot run successfully without funds earned from commercial operations, major sporting events have become an essential component of global business, and sports sponsorship has expanded. Sports organizations rely on the sale of telecasting/broadcasting rights, sponsorship money, and ticket sales to organize sporting events.
Events Industry Market – by Geography
Event Industry Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Event Type (Virtual, Hybrid, and Physical), Revenue Source (Ticket Sale, Sponsorship, and Others), Type (Music Concert, Festivals, Sports, Exhibitions and Conferences, Corporate Events and Seminars, and Others), Organizer (Corporate, Sports, Education, Entertainment, Association, and Others), Application (B2B and B2C), and Enterprise Size (Small and Medium Enterprises and Large Enterprises), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Events Industry Market Dynamics and Analysis by 2031
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Source: The Insight Partners Analysis
Sports have become more commercialized, generating more promotion and sponsorship. Businesses that participate in sponsorship programs gain recognition for their brands and expand their footprints. On the other hand, sponsoring firms get both concrete and intangible advantages, such as increased brand exposure and presenting a favorable picture of the company to stakeholders in the events industry market.
Events industry market analysis by event type, the events industry market is segmented into virtual, hybrid, and physical. Events industry market analysis by application, the market is segmented into B2B and B2C. Events industry market analysis by enterprise size, the market is segmented into small and medium enterprises and large enterprises. Based on revenue sources, the events industry market is segmented into ticket sale, sponsorship, and others. Based on organizer, the market is segmented into corporate, sports, education, entertainment, and others. Based on type, the market is segmented into music concert, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. Based on geography, the global events industry market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Events Industry Market Growth
According to the latest situation report from the World Health Organization (WHO), the US, Brazil, India, Russia, South Africa, Spain, the UK, Germany, and France are some of the worst affected countries due to the COVID-19 outbreak. The COVID-19 crisis impacted industries worldwide, with 2020 and 2021 being the worst years for the global economy. The pandemic created challenges for medical institutions, healthcare, manufacturing unit, commercial office premises, shopping complexes, and airports worldwide, which led to the need for intervention of the governments and market players in public healthcare emergencies and their assistance in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses during the forecast period.
Access Destination Services; Anschutz Entertainment Group; ATPI Ltd.; BCD Meetings & Events; Cvent Inc.; Entertaining Asia; Live Nation Worldwide, Inc.; Pollstar; Riviera Events; and StubHub are the major companies operating in the events industry market.
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