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.
The Music Concert segment would witness the fastest growth, registering a CAGR of 9.2% during the forecast period.
By revenue source, the sponsorship segment held the major share of the market in the 2022. This is attributed to unlimited opportunities the organizers find to broaden their competitive advantage. Moreover, sponsoring an event increases reach among potential buyers and customers, thereby boosting the growth of the events industry.
By Revenue Source
The sonsorship segment would witness the fastest growth, registering a CAGR of 9.0% during the forecast period.
By organizer, the entertainment segment held the major share of the market in 2022 and is expected to maintain its dominance during the forecast period. The desire for exclusive and unique experiences has become a major driving force in the entertainment industry. Attendees are seeking events that offer something different, memorable, and unavailable in their everyday lives. Moreover, Uniqueness plays a significant role in attracting audiences. Entertainment events that feature one-of-a-kind performances, collaborations, or unconventional formats can generate excitement and intrigue.
The Entertainment segment would witness the fastest growth, registering a CAGR of 9.2% during the forecast period.
By age group, the 21-40 years segment is held the major share of the market in the 2022 owing to growing interest toward entrepreneur & business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings.
By Age Group
The 21 to 40 Years segment would witness the fastest growth, registering a CAGR of 9.1% during the forecast period.
Region-wise, Asia was the largest market in 2022 and held the major market share of the market. Europe region has been extremely successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences being in the region.
The Middle America region would witness the fastest growth, registering a CAGR of 11.3% during the forecast period.
The players in the Asia, SCAN, and Middle America events industry market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.
Some of the key players profiled in the Asia, SCAN, and Middle America events industry market analysis include ATPI Ltd., BCD Group, Cvent Holding Corp., Live Nation Entertainment, Inc., Capita plc, Entertaining Asia, Questex, LLC, Riviera Events, Viagogo Entertainment Inc, and Reed Exhibitions Limited.
Recent Acquisition in the Asia, SCAN, and Middle America Events Industry Market
- In March 2023, Cvent Holding Corp. was acquired by Blackstone. With this acquisition, it will incorporate new expertise in events and hospitality industry.
- In January 2022, Reed Exhibitions Limited acquired 3rd Street Group Ltd, which is a data and analytics events company. This acquisition expanded its current portfolio and strengthened its business position in the events industry.
- In December 2021, Live Nation Entertainment Inc. acquired OCESA Entretenimiento, a leading promoter in Latin America. With this partnership, it will expand its business presence in Latin America.
- In April 2021, Reed Sinopharm Exhibitions which is a joint venture between RX Global and the Sinopharm Group has acquired China Hospital Construction Conference. This acquisition will expand its presence in China and will further its portfolio.
Recent Partnership in the Asia, SCAN, and Middle America Events Industry Market
- In April 2023, Live Nation Entertainment, Inc. partnered with PayPal Holdings, Inc. With this partnership, it will enable users to buy tickets in a more flexible way.
- In April 2023, Cvent Holding Corp. partnered with Jifflenow, which is a B2B meeting scheduling platform. With this partnership, it will focus on enhancing its booking system for in-person meetings at corporate events. and will further boost its position in the events industry market.
- In January 2023, Cvent Holding Corp. partnered with MeetingPackage, which is a travel and hospitality company. With this partnership, it will allow its customers to book simple meetings directly on the Cvent platform.
- In November 2022, Cvent Holding Corp. partnered with Zoom Video Communications, Inc. With this partnership, it will provide more impactful end-to-end hybrid experience.
Recent Expansion in the Asia, SCAN, and Middle America Events Industry Market
- In February 2023, BCD Group opened a new office in Panama City, Panama to expand its business presenc Asia, SCAN, Middle America Events Industry Market Asia, SCAN, Middle America Events Industry Market Share e in Latin America.
- In November 2022, Questex, LLC expanded its business presence for its brand Hotec in EMEA, this is expected to expand its consumer base in meeting, networking, and events segment.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides a quantitative analysis of the current Asia, SCAN, Middle America events industry market trends, estimations, and dynamics of the market size from 2022 to 2032 to identify the prevailing opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing Asia, SCAN, Middle America Events Industry Market opportunities.
Asia, SCAN, Middle America Events Industry Market Report Highlights
By Revenue Source
By Age Group
Key Market Players
Cvent Holding Corp., Viagogo Entertainment Inc, Reed Exhibitions Limited., Questex LLC, ATPI Ltd., Entertaining Asia, BCD Group, Riviera Events, Capita plc, Live Nation Entertainment Inc.
According to the perspective of the top-level CXOs, the events industry is growing at a significant pace, and is anticipated to continue this trend in the coming years. Events are playing a vital role in revenue generation and brand equations for corporates and associations. It has been witnessed that events of the recent years are equally interesting than the past decade, driving shifts in choice and pressurizing event planners and owners. This industry has witnessed the entry of new and independent players who are leveraging technology to gain a competitive advantage in today’s consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, the focus of companies is to enhance attendee experience and witness successful completion of an event without any hindrance.