Events Industry Market Dynamics and Analysis 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
Market Size Value in US$ 958.54 Billion in 2021 Market Size Value by US$ 1,965.99 Billion by 2028 Growth rate CAGR of 11.1% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Event Industry Market: Strategic Insights
| Market Size Value in | US$ 958.54 Billion in 2021 |
| Market Size Value by | US$ 1,965.99 Billion by 2028 |
| Growth rate | CAGR of 11.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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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 Report Scope
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Event Type, Revenue Source, Type, Organizer, Application, and Enterprise Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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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 market players.
Some of the customization options available based on the request are additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
Building brand awareness & credibility and increasing online & hybrid events are the major factors that drive the global Event Industry market.
The global Event Industry market was estimated to grow at a CAGR of 11.5% during 2023 - 2031.
The rise in the number of corporate events and the growing popularity of online events are the major trends in the market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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