Events Industry Market to Reach $2,046.7 Billion, Globally, by 2032 at 6.4% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Events Industry Market by Type (Music Concerts, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminar and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), Organizer (Corporate, Sports, Education, Entertainment, and Others) and Age Group (Below 20 years, 21–40 years, and Above 40 years): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, global events industry by type market was valued at $994.7 billion in 2022, and is projected to reach $2,046.7 billion by 2032, registering a CAGR of 6.4% from 2023 to 2032.
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Prime determinants of growth
The increase in demand for personalized and immersive experiences has been a significant driver, with consumers seeking unique and memorable events. Technological advancements, particularly in virtual and hybrid events, have expanded the industry's reach and accessibility, attracting a global audience. Corporate events, including conferences, seminars, and product launches, have become essential for business marketing and networking, further fueling events industry market growth. In addition, the rise in social and cultural events, such as festivals, weddings, and concerts, reflects growing consumer disposable income and a desire for social engagement. Governments and tourism boards have also played a crucial role, recognizing the economic benefits of hosting large-scale events, leading to investments in infrastructure and promotion. Furthermore, the increasing trend toward sustainability in event planning has attracted environmentally conscious consumers, driving innovation in the events industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $994.7 Billion |
| Market Size in 2032 | $2,046.7 Billion |
| CAGR | 6.4% |
| No. of Pages in Report | 417 |
| Segments covered | Type, Revenue Source, Organizer, Age Group, and Region. |
| Drivers | Increase in sponsorship for events Rise in interest among youth in entrepreneur & business seminars Rise in disposable income |
| Opportunities | Technological advancements |
| Restraints | High operational cost involved in organizing events Entry barriers due to presence of existing giant players |
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The corporate events and seminars segment to maintain its leadership status throughout the forecast period
Based on type, the corporate events and seminars segment held the highest market share in 2022, accounting for more than one-fourth of the global events industry market revenue and is estimated to maintain its leadership status throughout the forecast period. The corporate events and seminars segment held the highest market share in the global events industry owing to their critical role in business operations. Companies have increasingly relied on these events for networking, brand promotion, and knowledge sharing. Corporate events provide a platform for launching products, engaging with clients, and building partnerships. The rise of global business operations has also led to a surge in international conferences and seminars, contributing to the segment's dominance. Additionally, the increasing focus on employee training, development, and motivation through seminars has driven demand, which has thus made it the most significant segment in the events industry.
The sponsorship segment to maintain its leadership status throughout the forecast period
Based on revenue source, the sponsorship segment held the highest market share in 2022, accounting for nearly half of the global events industry market and is estimated to maintain its leadership status throughout the forecast period. The sponsorship segment held the highest market share in the events industry owing to its ability to provide brands with direct access to targeted audiences. Sponsors benefit from enhanced brand visibility and engagement by associating with popular events, which boosts their market presence. The growing trend of experiential marketing, where brands create memorable experiences for consumers, has also increased sponsorship investments. Moreover, sponsors often secure exclusive rights and benefits, such as branding opportunities and product placements, making it a highly attractive revenue source for events. This direct connection to consumers drives higher returns on investment, strengthening the dominance of the sponsorship segment.
The entertainment segment to maintain its leadership status throughout the forecast period
Based on organizer, entertainment segment held the highest market share in 2022, accounting for more than one-fourth of the global events industry market and is estimated to maintain its leadership status throughout the forecast period. The entertainment segment held the highest market share among event organizers owing to the widespread appeal and demand for live performances, concerts, and festivals. These events attract large audiences, offering diverse experiences that cater to various age groups and preferences. The rise of celebrity culture and social media has boosted the popularity of entertainment events, which has made them highly marketable. In addition, advancements in event technology, such as high-quality sound and visual effects, have enhanced the overall experience, driving higher attendance. Organizers have capitalized on this demand, making entertainment events a dominant force in the events industry.
The 21-40 years segment to maintain its leadership status throughout the forecast period
Based on age group, the 21-40 years segment held the highest market share in 2022, accounting for more than two-fifths of the global events industry market and is estimated to maintain its leadership status throughout the forecast period. This demographic, often characterized by career advancement and social engagement, has a higher disposable income and a strong inclination towards experiential and personalized events. Their tech-savviness also drives demand for innovative event formats like virtual and hybrid events. Moreover, this age group tends to prioritize networking opportunities and social experiences, making them key participants in events that cater to both professional and leisure interests.
North America to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. Germany and Spain are expected to experience the highest increase in activity, with various types of meetings witnessing growth in both numbers and attendees. Companies in the region have become more prudent with their spending, which thus leads to a demand for events within closer proximity and at mid-scale venues such as conferences, seminars, and festivals. Europe has been successful in attracting international association conferences, with over half of the top destinations for such conferences located in the region. The events industry in Europe experiences further growth due to the increase in adoption of smart devices and internet usage, which resulted in a gradual rise in online bookings for music concerts, sports events, and other gatherings. Moreover, owing to the substantial impact on the GDP of western European countries such as the UK, Germany, the Netherlands, Belgium, and Czechia, European governments actively support and promote the events sector.
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Leading Market Players: -
- Access Destination Services
- BCD GROUP (BCD MEETINGS & EVENTS)
- ATPI Ltd.
- Riviera Events
- Entertaining Asia
- Live Nation Worldwide Inc.
- StubHub
- Anschutz Entertainment Group
- Pollstar
- Cvent Inc.
- Capita Plc.
- Reed Exhibitions
- Questex LLC
- Outback Concerts
- The Freeman Company
- Penguins Limited
- CL Events
- Seven Events Ltd.
- Clarion Events Ltd.
- Versatile Event Management
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report.
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