New York, USA, June 28, 2022 (GLOBE NEWSWIRE) — According to a recently published report by Research Dive, the global events industry should collect a revenues of $1,134.5 million and grow to a Healthy CAGR of 23.1% during the analysis period 2021-2028.
According to our analysts, with the increase in event sponsorships, the global event industry is expected to witness significant growth throughout the forecast period. Sponsorships allow various companies to advertise their products and enthrall a large consumer base. Growing number of numerous leading companies who are sponsoring various events such as music concerts, sporting events to boost their sales is further expected to boost the market growth over the estimated period. Furthermore, increasing virtual events due to the pandemic and its consequences such as ban on public gatherings, travel restrictions and many more are expected to enhance the market growth by creating huge investment opportunities. However, high operational costs such as on-site event expenses, venue booking costs, presentation costs, catering and catering costs may hamper the growth of the events industry during the period. analysis.
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Key segments of the events industry market
The report has categorized the market into segments i.e. type, revenue source, organizer, age group and region.
Type: Top-grossing corporate events and seminars sub-segment
The corporate events and seminars sub-segment is expected to generate revenue of $413.7 million during the forecast period. Most of the time, corporate events and seminars include discussions and interactions between participants. Nowadays, due to the outbreak of novel coronavirus pandemic, there is an increase in virtual events and seminars to limit the spread of deadly infections. Furthermore, the increasing development of several communication platforms like Zoom for the smooth running of virtual seminars and events is expected to further amplify the growth of the events industry market sub-segment during the forecast period.
Source of income: the sponsorship sub-segment will be the most lucrative
The sponsorship sub-segment is expected to generate revenue of $710.7 million over the analysis period. Through referrals, many leading organizations can increase their brand visibility by incentivizing customers to build a solid base and also reaching out to potential customers to increase sales. These benefits are further expected to support the growth of the event industry market sub-segment over the estimated period.
Organiser: entertainment sub-segment to hold the maximum event industry market share
The entertainment sub-segment is expected to generate revenue of $27,286.1 million over the analysis period. In particular, entertainment events play a vital role in reducing stress, rejuvenating mood, discovering new music and providing unique experiences. Currently, due to the pandemic, many companies are turning to the virtual way of hosting events to entertain people. Growing growth of various online platforms like Netflix, Amazon Prime, and others is expected to drive the market sub-segment throughout the forecast period.
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Age Group: The 21-40 sub-segment holds the largest events industry market share
The 21 to 40 year old sub-segment is expected to generate $679.0 million in revenue over the analysis period. This particular age group shows more involvement and participation in various events like music concerts, sporting events, exhibitions, festivals and others. In addition, the increasing participation of this age group in entertainment events is also expected to drive the growth of market events industry sub-market segment over the analysis period.
Region: The Asia-Pacific region will have vast growth opportunities
The Asia-Pacific region is expected to generate revenue of $475.0 million over the estimated period. This is mainly due to the development of economic growth, government involvement in many events such as sports, music, exhibitions and rapid digitalization, as well as other technological developments in this region. . Furthermore, the widespread adoption of virtual events in many leading companies is further expected to drive the growth of the regional market over the analysis period.
Impact of Covid-19 on the Events Industry Market
Along with several other industries, the event industry has also had a negative impact due to the rise of the Covid-19 pandemic. Strict lockdowns, travel restrictions, restrictions on social gatherings and adhering to Covid-19 protocol are some major factors that have reduced the feasibility of physically hosting events. However, this has further led to several technological advancements and initiatives to conduct various official, educational, entertainment and various other events virtually, which are further expected to drive the growth of the events industry market over the period of ‘to analyse.
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Event Industry Market Key Players
Major market players include
- CL Events
- BCD Meetings and Events
- Cvent, Inc.
- Clarion Events Ltd
- DRPG Group
- The ATPI group
- Entertain Asia
- Anschutz Entertainment Group
- ACCESS Destination Services, LLC and many others.
These players are extensively working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to enhance the market growth. – Inquire here for Key Business Development Strategy Report
For instance, in 2019, Space Base, a global booking platform specifically for workshop venues and meeting rooms, announced the purchase of Okanda, which is a German meeting room and hotel booking platform to expand its reach across the ‘Europe. With this acquisition, these two companies were able to manage more than 300 meeting rooms and event venues. Additionally, their range of services and management has reached from the Staples Center in Los Angeles to the sports arenas in London.
In addition, the report also presents various important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments.
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