Events Industry Market to Capture a CAGR of 11.80% Between 2023 and 2032 While Touching Approximately USD 3286.8 Billion by 2032 – Report by Market Research Future (MRFR)
New York, USA, Sept. 06, 2023 (GLOBE NEWSWIRE) —
Events Industry Market Overview:
According to Market Research Future, “
Events Industry Market
Research Report Information By Type, By Revenue Source, By Organizer, By Age Group, and By Region –Market Forecast Till 2032”
, the market is projected to grow up to USD 3286.8 Billion by 2032, exhibiting a CAGR of 11.80% during the forecast period (2023 – 2032).
Market Scope:
Public gatherings of popular art at a predetermined time are referred to as events. Organizing an event can be done for a variety of reasons, including business profit enhancement, celebration, entertainment, and community causes. Conferences and exhibitions, corporate events and seminars, promotion and fundraising, music and art performances, athletics, festivals, trade shows, and product launches are the most popular types of events. Corporate organizations, public organizations, and non-governmental organizations (NGOs) are the most important market participants within the events industry.
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Report Scope:
|
Report Attribute |
Details |
| Market Size 2032 | USD 3286.8 Billion |
| CAGR | 11.80% (2023 to 2032) |
| Base Year | 2022 |
| Forecast Period | 2023–2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Revenue Source, Organizer, Age Group, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for experiential marketing |
Competitive Dynamics:
Key Companies in the Events Industry market include:
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
- Among others.
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Market USP:
Market Drivers
The growing demand for experiential marketing has had a significant impact on the events industry, altering the way brands interact with their target consumers. Experiential marketing is the creation of immersive and interactive brand experiences that leave an enduring impression on consumers. It is also known as engagement or live marketing. This strategy has grown in prominence as a result of its efficacy in increasing brand loyalty, fostering emotional connections, and altering consumer behavior. Event organizers and marketers are increasingly incorporating experiential marketing techniques into events to meet the growing demand from both companies and consumers.
Through experiential marketing, brands can present their products in an engaging and interactive manner. Brands have the option of allowing consumers experience the benefits and characteristics of their products, as opposed to simply providing information about them. This strategy helps to establish trust and credibility because consumers are more likely to believe in a product’s value and quality after experiencing it for themselves.
Additionally, experiential marketing encourages social networking and word-of-mouth marketing. Individuals are more likely to share their positive and memorable experiences at an event on social media platforms such as Facebook, Instagram, and Twitter. This user-generated content is a potent weapon for brands because it reaches a larger audience and is perceived as more authentic than traditional advertising. A marketing campaign for an experience can significantly enhance its impact and effectiveness by going viral on social media. Thus, propelling market revenue in the Events Industry.
Market Restraints
However, higher entry barriers and the presence of alternatives are two of the market’s most significant challenges.
COVID-19 Analysis:
The coronavirus outbreak had a significant impact on live events in 2020, from concerts to key sports competitions. As venues were forced to close their doors to the public, many event professionals were out of work until it was safe for audiences to reassemble. However, the pandemic also influenced a digital transformation in the industry, with live events being replaced by virtual ones and artists connecting with fans via live broadcasts. The introduction of new pay-per-view (PPV) concert participants and advancements in digital technology signaled the emergence of additional opportunities for alternative event experiences. Post-pandemic, the market is revealing new opportunities.
Market Segmentation:
Type
In 2022, the segment of corporate events and seminars dominated the market. The need for continuous skill development and education drives the segment. Participating in seminars, workshops, and conferences enables professionals to remain abreast of the most recent market trends, best practices, and innovations.
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Revenue Source
In 2022, the sponsorship category generated the most revenue. Sponsors desire brand exposure and visibility within a specific target market that corresponds with their advertising goals. Sponsors of events have the opportunity to showcase their company, products, or services in a timely and engaging setting.
Organizer
In 2022, the amusement sector dominated the market. Due to the increasing prevalence of video games and esports, gaming events have become an integral part of the entertainment industry. agreements, expos, and esports competitions attract gaming enthusiasts, business executives, and players from all over the globe.
Age Group
In 2022, the 21-40 age group dominated the market. This age group seeks out unique and memorable experiences that they can share with their peers and on social media, placing a higher value on experiences than on material possessions. This demographic is more likely to attend and partake in events with immersive, interactive, and experience elements.
Regional Analysis:
Western Europe Taking place This market was dominated by the industry market (45.80%) in 2022. Music festivals, art exhibitions, historical reenactments, and traditional celebrations all benefit from Europe’s rich cultural heritage. Due to its extensive history and extensive artistic legacy, the continent functions as a global cultural hub. In addition, the German Events Industry market held the highest market share, whereas the British Events Industry market was the fastest-growing market in Europe.
The Asia-Pacific Events Industry holds the second-largest share of the industry. In the Asia-Pacific region, which is extremely diverse, there are numerous cultures, languages, and customs. Numerous events, such as religious celebrations, cultural fairs, and rituals, demonstrate this diversity. In addition, China’s Events Industry market held the greatest market share, while India’s Events Industry market had the highest growth rate in the Asia-Pacific region.
From 2023 to 2032, the North American Events Industry Market is anticipated to grow at the highest CAGR. North America hosts numerous industry-specific events, such as technology conferences in Silicon Valley, film festivals in Hollywood, and gaming expos in Los Angeles. Strong industry concentrations in the region provide favorable circumstances for specialized events. In addition, the U.S. Events Industry market held the largest market share, while the Canadian Events Industry market was the fastest-growing market in North America.
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