The Global Events Industry Market was at US$ 1,190.4 Bn in 2022 and is growing to approx US$ 1,752.9 Bn by 2032, with a CAGR growth of 12% between 2023 and 2032

AUSTIN, TEXAS, UNITED STATES, November 16, 2023 /EINPresswire.com/ -- According to the study, The Global Events Industry Market was estimated at USD 1,190.4 Billion in 2022 and is anticipated to reach around USD 1,752.9 Billion by 2032, growing at a CAGR of roughly 12% between 2023 and 2032.

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Global Events Industry Market: Overview

The events industry market refers to the sector encompassing the planning, organization, and management of various types of events. It includes a wide range of events such as conferences, trade shows, exhibitions, corporate meetings, weddings, music concerts, sports events, festivals, and more.

The market encompasses multiple segments, including event planning and management services, venue management, event technology solutions, event marketing and promotion, event registration and ticketing services, and other related services. The events industry market serves as a platform for individuals, organizations, and businesses to host events that bring people together for various purposes, such as networking, knowledge sharing, entertainment, celebration, product launches, and business transactions.

Global Events Industry Market: Growth Drivers

Events Industry Market: Growth Factors and Dynamics

Evolving Consumer Expectations: Consumer expectations in the events industry are continuously evolving. Attendees seek unique and immersive experiences, personalized interactions, and meaningful engagement. Event organizers need to innovate and incorporate elements like technology integration, experiential marketing, and customization to meet these changing expectations.

Digital Transformation: Digital transformation has significantly impacted the events industry. Online ticketing platforms, event management software, virtual and hybrid event solutions, and social media promotion have reshaped the way events are planned, executed, and experienced. Embracing digital tools and platforms is crucial for event organizers to enhance efficiency, reach wider audiences, and deliver engaging experiences.

Rise of Experiential Events: Experiential events have gained prominence in the industry. Attendees seek immersive and memorable experiences that go beyond traditional event formats. Event organizers are focusing on incorporating interactive elements, unique themes, live performances, and sensory experiences to create lasting impressions and increase attendee satisfaction.

Sustainability and Social Responsibility: Environmental sustainability and social responsibility have become significant considerations in the events industry. Event organizers are adopting sustainable practices, reducing waste, minimizing carbon footprints, and promoting ethical sourcing. Incorporating social impact initiatives and supporting local communities are also key factors in event planning and execution.

Integration of Technology: Technology plays a crucial role in enhancing event experiences. Event organizers are leveraging technologies like event apps, live streaming, augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) to enhance engagement, provide personalized experiences, and facilitate seamless event execution.

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Key Insights:

A) As per the analysis shared by our research analyst, the Global Events Industry Market is estimated to grow annually at a CAGR of around 12% over the forecast period (2023-2032).
B) In terms of revenue, the Global Events Industry Market size was valued at around USD 1,190.4 Billion in 2023 and is projected to reach USD 1,752.9 Billion by 2032. Due to a variety of driving factors, the Market is predicted to rise at a significant rate.
C) Informa PLC and UBM: In 2018, Informa PLC, a multinational events and publishing company, acquired UBM, a leading global business-to-business events organizer. This merger created one of the largest event management companies globally, expanding Informa’s portfolio and market presence across various industry sectors.
D) GL Events and AsiaWorld-Expo: GL Events, a global provider of integrated event solutions, acquired a majority stake in AsiaWorld-Expo, a leading exhibition and events venue in Hong Kong, in 2020. This acquisition expanded GL Events’ presence in the Asian market and provided access to a prominent venue for hosting large-scale events.
E) Shift to Virtual and Hybrid Events: To adapt to the restrictions, many events transitioned to virtual or hybrid formats. Virtual events allowed attendees to participate remotely through live streaming platforms, webinars, and virtual conferences. Hybrid events combined in-person and virtual elements to cater to both local and remote participants. The adoption of virtual and hybrid events provided alternative revenue streams and kept the industry active during the pandemic.
F) Health and Safety Measures: Health and safety became paramount concerns for the events industry. Event organizers had to implement stringent health protocols, including temperature checks, sanitization stations, physical distancing measures, and mandatory mask-wearing. These measures added additional costs and logistical challenges for event planning and execution.

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Regional Landscape

North America: North America holds a significant share of the events industry market. The region is known for hosting a wide range of events, including trade shows, conferences, music festivals, and sports events. Major cities like New York, Las Vegas, and Los Angeles serve as prominent event destinations. The presence of a large number of corporations, strong infrastructure, and high consumer spending contributes to the growth of the events industry in this region.

Europe: Europe is another key region in the events industry market. Countries such as the UK, Germany, France, and Spain are known for hosting major international events, conferences, and exhibitions. The region benefits from a rich cultural heritage, historical venues, and a strong emphasis on business networking events. Additionally, popular music festivals and sporting events draw large crowds and contribute to the overall growth of the events industry in Europe.

Asia Pacific: The Asia Pacific region is experiencing rapid growth in the events industry. Countries like China, Japan, India, and Singapore are emerging as key event destinations. Rising disposable incomes, urbanization, and increasing interest in experiential events contribute to the growth of the market in this region. Additionally, the growing popularity of corporate events, trade shows, and technology conferences in countries like China and India drives market expansion.

Latin America: Latin America offers significant growth potential in the events industry market. Brazil, Mexico, and Argentina are the major contributors to this region. Cultural festivals, music events, and sports tournaments like the FIFA World Cup and Copa America attract both domestic and international attendees. The region’s vibrant culture, scenic locations, and growing tourism industry contribute to the development of the events industry.

Middle East and Africa: The Middle East and Africa region are witnessing increased investments in the events industry. Dubai, Abu Dhabi, and Doha are popular event destinations known for hosting international conferences, exhibitions, and sports events. The region’s focus on infrastructure development, business tourism, and the rise of mega-events like World Expos contribute to the growth of the events industry.

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Key Players

Cvent
Eventbrite
Informa PLC
Reed Exhibitions
Freeman
Marriott International
GL Events
Event Farm
Others

The Global Events Industry Market is segmented as follows:

By Type

Music Concert
Festivals
Sports
Exhibitions and Conferences
Corporate Events and Seminars
Others

By Revenue Source

Ticket Sale
Sponsorship
Others

By Organizer

Corporate
Sports
Education
Entertainment
Others

By Age Group

Below 20 Years
21-40 Years
Above 40 Years

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
Global India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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