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Events Industry Market size is projected to grow by USD 614.33 billion with a CAGR of 10.59% during the forecast period 2021 to 2026.
This report extensively covers the events industry market segmentation by type (corporate events and seminars, music concert, festival, sports, and others) and geography (Europe, North America, APAC, the Middle East and Africa, and South America).
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The rise in the number of corporate events is notably driving the events industry market growth, although factors such as the emerging threats from open-source virtual event solutions may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the events industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
The rise in the number of corporate events is notably driving the events industry market growth. The increasing number of corporate events such as conferences, training programs, seminars, and fundraisers has been driving the global events industry market in recent years. This trend is expected to continue during the forecast period. Corporate events are conducted by organizations for employees, business partners, and current and future clients. Events are also organized for lead nurturing and lead generation, launching or marketing new products, and celebrating the success of products and services. Training and internal team meetings will emerge as one of the predominant areas for growth during the forecast period due to budget constraints involved in individual and face-to-face discussions. Thus, organizations use corporate events to ensure efficiency and cost-effectiveness, save advertising costs, and help them reach out to many viewers. These factors will drive the growth of the global events industry market during the forecast period.
The growing popularity of online events in the education sector is the primary trend driving the events industry market growth. The usage of virtual classrooms to impart education is becoming popular, even in traditional educational institutions. This type of training provides study sessions to students at any time and from anywhere. In addition, students get free educational sessions that aid in reducing expenses and improving their knowledge. Virtual events ensure access to learning from qualified staff members, transcending geographical boundaries. For instance, virtual events can use game dynamics to inculcate interest among students and improve their attention span along with time management skills. Moreover, virtual conferencing has improved the interactions between the students and the faculty members while connecting event profiles with social media profiles. This, in turn, will help faculty and students to connect with each other on a real-time basis. Online classes are an invaluable tool for continuous education, which has been found to be more convenient for students. For instance, Cisco WebEx Training Center helps in overcoming the online instructional challenges of keeping students engaged during class. Instructors can teach online by using high-definition videos for face-to-face interaction. Some features of the Cisco WebEx Training Center are audio, video, data sharing, and breakout sessions to create collaborative and individualized learning experiences. These trends will propel the growth of the global events industry market during the forecast period.
The emerging threat from open-source virtual event solutions is the major challenge impeding the events industry market growth. Open-source solutions offer solid competition to commercial enterprise virtual events. The open-source software can be downloaded and run on all platforms. As the purchasing and licensing costs for commercial virtual events are high, several micro and small-scale enterprises and individual users opt for open-source products, which are freely available on the Internet. The availability of open-source virtual events is a major challenge for propriety global events industry market vendors. The basic and common features provided in propriety virtual events are available in most open-source virtual events. Individual users, who are planning to host small-scale events, prefer open-source virtual events due to their cost-effectiveness. Thus, the presence of open-source virtual event solutions poses a threat to the market. This will slightly hinder the growth of the global events industry market during the forecast period.
This events industry market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the events industry market encompasses successful business strategies deployed by the key vendors. The events industry market is fragmented, and the vendors are deploying growth strategies such as product or service extensions, technological innovations, and M&A to compete in the market.
accessdmc.com - The company offers event services such as event designs and event production.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report events industry market contains comprehensive market knowledge and an in-depth vendor landscape add-on to an analysis of the key vendors.
Our report provides extensive information on the value chain analysis for the events industry market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
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34% of the market’s growth will originate from Europe during the forecast period. Germany and UK are the key markets for the events industry market in Europe. Market growth in this region will be faster than the growth of the market in other regions.
The adoption of video conferencing services will facilitate the events industry market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
Virtual events and business activities surged in Europe in 2020 due to the COVID-19 pandemic and the restrictions imposed by regulatory authorities on organizing physical events. This temporary surge during 2020-2021 declined in the post-pandemic period in 2022, thereby leading to normal market conditions due to the lack of demand for virtual events and the commencement of physical public events in the region. The market in focus witnessed growth in 2021, with most of the non-essential businesses resuming normal operations. In addition, with the initiation of vaccination drives, EDM festivals such as Tomorrowland were rescheduled to be held in 2021. All these factors positively impacted the regional market in focus in 2021. Therefore, the global events industry market in Europe is expected to witness moderate growth during the forecast period.
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The events industry market share growth in the corporate events and seminar segment will be significant during the forecast period. Complete digitization of core event management processes, the adoption of customer-centric models, and increased organizing of events such as product launches, conferences, seminars, company outings, dinners, and team-building events are the primary factors driving this segment. The corporate events and seminars segment involves end-users such as private organizations and businesses, corporations, trading associations, educational institutions, and political parties.
This report provides an accurate prediction of the contribution of all the segments to the growth of the events industry market size and actionable market insights on the post-COVID-19 impact on each segment.
Events Industry Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.59% |
Market growth 2022-2026 |
USD 614.33 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.6 |
Regional analysis |
Europe, North America, APAC, the Middle East and Africa, and South America |
Performing market contribution |
Europe at 34% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Access Destination Services, Anschutz Entertainment Group Inc., ATPI Ltd., BCD Travel BV, Capita Plc, CL Events, Clarion Events Ltd., Cvent Inc., DRP Holdings Ltd., Entertaining Asia Ltd., Event Rhythm, Group Seven Events Ltd., Live Nation Entertainment Inc., Outback Concerts LLC, Questex Media Group LLC, Reed Exhibitions Ltd., Riviera Events, The Freeman Co., Versatile Event Management, and Viagogo Entertainment Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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