Asia, SCAN, Middle America Events Industry Market Share, Size 2032

The global Asia, SCAN, Middle America events industry market size was valued at $281.9 billion in 2022 and is projected to reach $740.2 billion by 2032, registering a CAGR of 8.8% from 2023 to 2032.

Events refer to public gathering of populace at a determined time and place for a purpose. The purpose for staging an event can be to increase business profitability, celebratory, entertainment, and community causes. The most popular events include conferences & exhibitions, corporate events & seminars, promotion & fundraising, music & art performances, sports, festival, trade shows, and product launch. The key stakeholders within the events industry are corporate organizations, public organizations & NGOs, and similar others.

The event industry market is a dynamic and diverse sector that caters to both private and public events across various industries and sectors. It involves event planning companies, event venues, suppliers, vendors, service providers, and other related businesses. These entities collaborate to deliver memorable and impactful experiences for attendees, whether they are individuals, businesses, or organizations.

With rise in awareness about products and services offered by various companies, the leading players operating in myriad industries sponsor events such as music concerts and sports events. Sponsorship is given to provide material support to an event or an organization. In addition, sponsorship enables the leading players to advertise their products and reach a wide range of consumer base, thereby, fueling the adoption of their products. Moreover, it helps to focus on consumer preference and to foster brand loyalty. Furthermore, it draws attention of the existing & potential customers of a brand or company and creates a positive impact on them, thereby leading to increased brand loyalty. Sponsors further check the past proven records of a particular event as well as the probability of success of the event before they sponsor an event, as they invest in a plan, and expect positive return on the investment. The most common sponsorship can be seen in the field of sports and entertainment, ranging from local to regional and international events.

Improvement in economic condition and upsurge in disposable income are significant factors that propel the growth of the events industry. After the 2009 economic crisis in Europe and China, the global economy witnessed a standstill.

Furthermore, there has been a substantial surge in disposable income among individuals in North America and the Asia region. This rise in disposable income serves as a prominent catalyst for the industry, as urban consumers with medium to high incomes are transitioning their preferences from essential products and services toward entertainment and enhanced experiential offerings. This trend boosts the growth of the events industry, thus enhancing their service offering across various segments at a global level.

Advancements such as online booking, phone calls, emails, and video conferences have made communication and transactions significantly cost-effective and easy in real time. Apart from the change in approach and purpose in event management; technology has been a key turning point in the evolutionary process of event management. In addition, digital evolution has introduced various creative ways to reach a wide customer base for events. Smartphones, desktop apps, and mobile apps have made events efficient and manageable. It has helped people get all tasks organized, managed, and executed without losing much time and effort. Furthermore, events can now be conducted online through webinars and video conferences, which is expected to offer remunerative opportunities for market expansion during the forecast period.

Traditional events are no longer sufficient; instead, event organizers seek innovative ways to create memorable and personalized experiences that leave a lasting impression. This demand for uniqueness and immersion has led to the rise of experiential events, where attendees actively participate and engage with the event elements, rather than being passive observers. Experiential events employ various strategies such as interactive technology, sensory elements, gamification, and immersive environments to create an engaging and participatory atmosphere. For example, virtual reality (VR) and augmented reality (AR) technologies are being integrated into events to provide attendees with immersive and interactive experiences. These technologies allow participants to explore virtual worlds, interact with digital elements, and have unique & personalized interactions, enhancing their overall event experience.

Virtual and hybrid events contribute to sustainability efforts by reducing carbon emissions associated with travel and the physical infrastructure required for in-person events. By embracing virtual and hybrid formats, event organizers can align with the surge in demand for eco-friendly practices and position themselves as environmentally responsible. This opportunity allows the event industry to make a positive impact on the environment and appeal to attendees who prioritize sustainability.

The event industry is fragmented, owing to the presence of several small to medium-sized players as well as large enterprises. Thus, new players entering the market find it challenging to sustain the competitive environment. High infrastructure costs and fierce competition in the European market act as a strong entry barrier for new entrants. Furthermore, the high cost of resource management along with economic slowdown in top European countries is anticipated to reduce the overall investment opportunity. These factors collectively hamper market growth during the forecast period.

The Asia, SCAN, Middle America events market is segmented into type, revenue source, organizer, age group, and region. On the basis of type, the market is divided into music concert, festivals, sports, exhibitions & conferences, corporate events & seminars, and others. By revenue source, the market is classified into ticket sale, sponsorship, and others. By organizer, the market is categorized into corporate, sports, education, entertainment, and others. By age group, the market is segregated into below 20 years, 21-40 years, and above 40 years. Region-wise, the market is analyzed across Asia (China, India, Japan, Malaysia, Singapore, Philippines, Indonesia, South Korea, and Rest of Asia), SCAN (Denmark, Norway, and Sweden), and Middle America (Mexico, Colombia, Guatemala, and rest of Middle America)

By type, the corporate events & seminars segment held the major share of the market in 2022, owing to the rise in number of companies and frequent seminars & events conducted by them. In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees.